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 the first six months of the year (Jan. 1 – June 30) and a five percent contribution at the end of the second six months of the year (July 1 – Dec. 31).
Employees are eligible for the contribution if they complete 1,000 hours of service to the university during 2021 and otherwise meet the plan requirements. Employees need not be employed with the university at the end of 2021 to receive the contribution.
Q) When will I see the employer contribution on my earning statement?
Non-exempt employees can except to see the employer contribution on their July 23, 2021 earning statement. You are non-exempt employee if you are paid on the 10th and 25th of the month.
Exempt employees can expect to see the employer contribution on their July 30, 2021 earning statement. You are an exempt employee if you are paid on the 15th 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 earning statement.
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 receive a contribution equal to 5% of your regular pay earned during 2021. You do not need to be employed when the contribution is funded.
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 mid-year, 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.
Q) What are considered eligible earnings?
|
Eligible Earning |
Associated Pay Code |
|
Bereavement |
BR |
|
Community Service Leave |
CSL |
|
Family Medical Leave |
FML |
|
Holiday Pay |
HP |
|
Jury Duty |
JD |
|
Personal (Union Only) |
PH |
|
Regular Earnings |
RE |
|
Reserve Sick |
RS |
|
Sick |
SP |
|
Short Term Disability |
STD |
|
Regular Summer W/ Benefits |
SUB |
|
Vacation |
VP |
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 through June 30, 2021 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 through June 30, 2021 and multipling the total by five percent. Examples and instructions are listed below:
Non-Exempt Earning Statement Example
Exempt Earning Statement Example
What are considered eligible earnings?
|
Eligible Earning |
Associated Pay Code |
|
Bereavement |
BR |
|
Community Service Leave |
CSL |
|
Family Medical Leave |
FML |
|
Holiday Pay |
HP |
|
Jury Duty |
JD |
|
Personal (Union Only) |
PH |
|
Regular Earnings |
RE |
|
Reserve Sick |
RS |
|
Sick |
SP |
|
Short Term Disability |
STD |
|
Regular Summer W/ Benefits |
SUB |
|
Vacation |
VP |
Additional plan information beyond the highlights shown below may be found in the official plan summary. Under all circumstances, the plan summary will take precedence over information contained on this website.
| Who’s eligible to contribute | -All employees, except student workers, leased employees and participants in a religious order plan |
|---|---|
| Contribution percentage | - You elect any percent of your before-tax eligible pay - May enroll, disenroll or change your contribution at any time |
| Maximum contribution | - $19,500 for 2020 - $6,500 catch-up contribution for 2020 if age 50 or older - Up to $3,000 additional, if employed by SU 15 years or more |
| Waiting period | - You may enroll immediately |
| Vesting | - Your contributions are always 100% vested |
| Investment choices | - A diverse set of mutual fund choices encompassing stocks, bonds, domestic/international, index and actively managed, target date, socially responsible investments, short-term and fixed return funds - You can change investment allocations at any time |
| Access to your contributions while employed - Loans |
- Available for general purposes For 2020, additional loan options may be available due to the pandemic |
| Access to your contributions while employed - Withdrawals |
- May withdraw funds for any reason if age 59-1/2 or older For 2020, additional withdrawal options may be available due to the pandemic |
| Access to your contributions after employment has ended | - Roll over funds to new employer - Leave funds in account - Request payment |
| Who's eligible | - Employees (except student workers, leased employees and participants in a religious order's plan) who have completed the eligibility period |
|---|---|
| Participation date | -The first of the month coincident with or immediately following completion of the Year of Service eligibility requirement |
| University contributions | - The university may make contributions to your retirement account as a percentage of your eligible pay. - Allocation condition – amounts contributed to your account within a calendar year will be forfeited if you work less than 1,000 hours in that year (unless your employment separation was due to normal retirement, death or Disability) |
| Vesting | - 100% vested immediately |
| Investment choices | - One election applies to all types of plan contributions. Same investment choices as for your own contributions. |
| Access to University contributions while employed - Loans |
- For post-secondary educational expenses or principal home purchase only |
| Access to University contributions while employed - withdrawals |
Not available unless you are a faculty member who is participating in phased retirement |
| Access to University contributions after employment has ended | - Roll over funds to new employer - Leave funds in account - Request payment |