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For help with enrollment, contact the HR Center at 877-44MYJOB

Build the savings you need for retirement.

The 401(k) plan is designed to help people save money for their retirement years. It’s a special type of savings plan with features that can help your savings grow.

  • You choose a percentage of your income to be withdrawn from your paycheck, either pre-tax or after-tax, and deposited into a 401(k) account.
  • Baylor Scott & White matches a portion of the amount you contribute.
  • The money in your account is invested in the funds of your choice within the Plan, giving your balance a chance to grow on a tax-deferred basis.

Eligibility

All Baylor Scott & White employees, including PRNs, are eligible to participate immediately (many employers make you wait six months to one year).

Investor Basics

If you are a first-time investor, visit the 401(k) at Your Benefits tab in HRWorkWays via myBaylor.com. You’ll find a presentation that explains investing basics, such as the difference between stocks and bonds.

Company Match

Baylor Scott & White will match your 401(k) contributions dollar for dollar, up to the first 5% of your eligible pay.

Vesting

Vesting is the amount of company match you get to keep when you leave Baylor Scott & White. See the chart below for the vesting schedule. The money you contribute is always yours.

Years of ServiceVesting Percentage
Hired Prior to January 1, 2015 and not working after
January 1, 2015
New Vesting Percentage
Effective January 1, 2015​
Less than 2 years0%​0%
2 but less than 3 years25%​0%
3 but less than 4 years50%​100%
4 but less than 5 years75%

​100%

5 or more years100%​100%

If you were hired prior to January 1, 2015 and continue employment after January 1, 2015, the “new” vesting schedule will apply on and after January 1, 2015, although you will never have a vesting percentage less than your vesting percentage on December 31, 2014.

Here are a couple of examples:

  1. If you begin employment on March 1, 2014, you will be 0% vested until March 1, 2017. On that date, you will become 100% vested.
  2. If your employment began on December 1, 2012, you become 25% vested on December 1, 2014 and 100% vested on December 1, 2015.

Once you are 100% vested, you will always remain 100% vested in the Plan.

Contributions

You may contribute 1%-50% of your eligible pay on a pre-tax and after-tax basis. Baylor Scott & White matches your contribution, dollar-for-dollar up to a maximum of 5% of your base pay each pay period. If you make a catch-up contribution, you will not receive a matching contribution on this amount.

Contribution limits*

  • Pre-tax employee contributions are limited to $18,000.
  • You can contribute on an after-tax basis only after you have reached the pre-tax limit.
  • If you are age 50 or over, you can contribute an additional $6,000 pre-tax.
  • Total contributions combined are limited to $53,000 (including Company Match).
  • The maximum recognizable compensation is $265,000.
  • The definition for a “Highly Compensated” plan participant is a person who earned $120,000 or more during 2015.

* All limits are based on 2015 guidelines. The online Summary Plan Description will be updated if the Internal Revenue Service announces new limits.

Loans and Withdrawals

Prior to retirement, you can access your money through loans or withdrawals.

  • Loans:
    • Limited to one residential and one general purpose loan at any time
    • Loan repayments are payroll deducted
  • Withdrawals can be made under these circumstances:
    • Due to hardship (your individual and Baylor Scott & White matching contributions will also cease for six months)
    • From after-tax contributions you made
    • From money you rolled over to the Baylor Scott & White plan from another plan
    • At age 59 ½

Visit the Your Benefits tab in HRWorkWays via myBaylor.com for full details, including taxes and penalties for withdrawals.

Investment Options and Features

Some of the great features of our 401(k) plan include:

  • A large variety of investment fund options
  • Self-managed accounts
  • The ability to create your own investment mix or select from funds targeted specifically for your age
  • The ability to view your investments online and make daily investment changes.

Target Date Funds

Target Date Funds will allow you to select a fund based on your target retirement date. They are available in five-year increments. If you expect to retire in the year 2019, you might select the 2020 Fund. The fund automatically redistributes your investments over time.

For example, the fund might invest heavily in stocks early in your career, and then gradually move to more conservative investments, such as bonds, as you approach retirement.

Rollovers

You may roll money into your Baylor Scott & White 401(k) from another qualified plan without incurring a tax penalty. More information is available in the Plan's Summary Plan Description.

Financial Engines

Financial Engines offers objective investment advice to employees who participate in retirement plans at many of America’s largest companies. They do not sell investments and do not receive commissions. Baylor Scott & White chose Financial Engines to help employees with their retirement planning. You can take advantage of the service in two ways: the free Financial Engines online advisor or by having Financial Engines professionally manage your account for a fee. If you want advice over the phone, you can use the Financial Engines Advisor at 1-800-601-5957. To access Financial Engines, go to the Your Benefits tab in HRWorkWays via myBaylor.com and click on Manage Your Savings & Retirement Benefits. From the Welcome Box, select button number 3 and click Get Advice.

More Information

Detailed information about the 401(k) plan funds offered and available services can be found on the Your Benefits tab in HRWorkWays via myBaylor.com or call the HR Center at 1-877-446-9562. The Summary Plan Description is also available under the Your Benefits tab in HRWorkWays. In the Savings and Retirement section, select “Manage your Savings Benefits.” Under the Savings and Retirement menu, select Plan Information and News.

To Enroll

You can enroll in the 401(k) plan at anytime. To get started, go to the Your Benefits tab in HRWorkWays via myBaylor.com. You may also call the HR Center at 1-877-446-9562.

© Baylor Scott & White Health