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.
All Baylor Scott & White employees, including PRNs, are eligible to participate immediately (many employers make you wait six months to one year).
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.
Baylor Scott & White will match your 401(k) contributions dollar for dollar, up to the first 5% of your eligible pay.
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.
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:
Once you are 100% vested, you will always remain 100% vested in the Plan.
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.
* All limits are based on 2015 guidelines. The online Summary Plan Description will be updated if the Internal Revenue Service announces new limits.
Prior to retirement, you can access your money through loans or withdrawals.
Visit the Your Benefits tab in HRWorkWays via myBaylor.com for full details, including taxes and penalties for withdrawals.
Some of the great features of our 401(k) plan include:
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.
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 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.
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.
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.