Retirement Plan

Fiscal year: At Seattle University the fiscal year corresponds to the academic year and runs from July 1 of the current year to June 30 of the following year.

Plan year: Benefits are aligned with a plan year which means they are in effect from January 1 of the current year to December 31 of the same year.

Retirement Plan: The Seattle University Employees Retirement Plan (the "Plan") has been adopted by Seattle University (“Employer”) to provide you with the opportunity to save for retirement on a tax-advantaged basis and to provide additional income for retirement. This Plan is a type of retirement plan commonly referred to as a 403(b) plan or Tax Sheltered Annuity (“TSA”). Please see the Summary Plan Document for more details.

As previously announced, the university will fund a five percent retirement contribution at two points in 2021. Eligible plan participants will receive a five percent contribution at the end of July for eligible earnings within the first six months of the year (Jan. 1 – June 30) and a five percent contribution for eligible earnings within the second six months of the year (July 1 – Dec. 31) by December 31.

Faculty and staff have earned the contribution if they complete 1,000 hours of service to the university during 2021 and otherwise meet the plan requirements. Faculty and staff need not be employed with the university when contributions are made on their behalf.

Q) When will I see the employer contribution on my earning statement?

Non-exempt employees will see the employer contribution on their July 23, 2021 and December 17, 2021 earnings statements. You are a non-exempt employee if you are typically paid on the 10^th and 25^th of the month.

Exempt employees can expect to see the employer contribution on their July 30, 2021 and December 17, 2021 earnings statements. You are an exempt employee if you are typically paid on the 15^th and last day of the month.

If you are a faculty member that is paid over 10 months, you will see the employer contribution on your September 15, 2021 and December 17, 2021 earnings statement.

Plan participants can verify their contributions have been deposited at Fidelity by logging into the Fidelity website.

Q) What if I end employment in 2021? Do I need to be employed at the university in December 2021 to receive the employer contribution?

If you work 1,000 hours during the year and have met the normal eligibility requirements for the plan, you will have earned a contribution equal to 5% of your regular pay earned during 2021. You do not need to be employed to earn the contribution.  Former employees who have not been credited with 1,000+ work hours will forfeit their 2021 university contributions.

Q) How do I know if I am eligible to receive the employer contribution?

If you are an eligible employee and have met the eligibility requirement of completing one year of service and have been credited with at least 1,000 hours of service, you will be eligible to receive the employer contribution.

If you have not been credited with 1,000 hours of service by the end of the your first twelve consecutive months of employment, you will have met the eligibility requirement once you complete 1,000 hours of service during any subsequent twelve-month period beginning on the anniversary of your employment date.

Q) What if I became eligible for the employer contribution mid-year in 2021?

If you become eligible for the employer contribution after January 1, you will receive an employer contribution from the first of the month that you became eligible. For example, if you became eligible on March 1 you will receive an employer contribution in July for the period of March 1 through June 30 and again in December for the period of July 1 through December 31.

Q) What are considered eligible earnings?

Q) How do I calculate the five percent contribution, based on my eligible earnings?

You can calculate your employer contribution by adding your eligible earnings together and multiply the total by five percent. 

Q) Do I still need to work 1000 hours to earn the employer contribution at the end of the year?

Yes, all eligible employees will need to satisfy the 1,000 hours of service requirement in 2021 to earn employer contributions received during the year.

Q) Where can I learn more about the retirement plan?

You can learn more about the SU retirement plan by reading the Summary Plan Description or contacting Human Resources.

How do I calculate the five percent contribution, based on my eligible earnings?

You can calculate your employer contribution by adding your eligible earnings together and multiplying the total by five percent. Examples and instructions are listed below:

December 2021 Earnings Statement Example

• Login to MySeattleU and download your December 17 (year-end) earnings statement. 
• Add your eligible earnings in the year-to-date column together. 
• Multiply the total by five percent. This should match the employer contribution listed on your earnings statement.

What are considered eligible earnings?