Anyone who enjoys getting 100% instant return on their invested dollar is excited about getting a company match. However, the information on how exactly the employer match works is not easy to obtain, especially for a large organization like UAHN or BUMC. Adding additional complexity is the transition from UAHN to BUMC employees.
I spent 30+ hours trying to get the answers to my following questions about the up and coming Banner employee match for our 401k. Much of this was spent finding the right person who really knows what they are talking about, in this case, it’s Jan White at Banner Health (System Coordinator for the Retirement Plans who has been with Banner for 43 years now.)
Another part of this pursuit for answers is to persist and not mind repeating myself, asking the same questions in different ways to get clarifications. Since it took me numerous emails and phone calls over several months just to get to the right contact person, Jan White, I complied a Q&A for you all so that you don’t have to waste your time.
This Q&A is long, so there will be part I, II, and III. Check back next 2 weeks for Part II and III.
What is the date that residents/fellows transition to Banner employees & become eligible for the BUMC employer 401k match?
July 1st, 2016.
Starting 7/1/2016, how will we qualify for Banner match our retirement contribution?
You will be entitled to a match from Banner Health as long as you have been employed with UAHN for at least one year by July, 2016.
So if you are a pgy1 who is staring with Banner 7/1/2016, you will need to wait a year. But if you have been employed by UAHN for > 1 year prior to 7/1/2016, Banner will match your contribution starting the first paycheck of July 2016.
For those who started working at UA/banner later than 7/1/2015, how long do they have to wait until they can get the 4% banner match?
The company match begins the first pay period following your 1 year anniversary.
When we transition from UAHN to Banner employees, can I continue to contribute to my current 403b Roth & still get the Banner match?
Banner only offers the 403b/403r to registry staff. Banner does not match either the 403b or 403r plans. All other employees are eligible for the 401k/401r plans only and Banner only matches the first 4% of contribution to the 401k (pre-tax portion, not the post tax 401r portion). In other words, Banner does not match 401r (Roth).
Who are the registry staff? Are all residents/fellows NON-registry staff? Will residents/fellows be qualified for 403b/403 roth at any point?
Registry is generally nurses who serve all and may or may not work very often depending on staffing needs. Yes, I [Jan] do not know of any resident that would be in a registry position. No you would not be eligible at any time for the 403b/403r.
There are 2 more posts re the Banner Match coming up in the next few weeks. Stay tuned.
All I ask is if you find out anything else about benefits, please comment below so all of us can “benefit” from your quest for knowledge.
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