Retirement Plan - 401(a)
University maintains the Seattle Pacific University Defined Contribution
Retirement Plan to provide benefits in the event of your retirement,
death or Disability or if you terminate employment prior to your Normal
The Plan is a defined
contribution money purchase pension plan that is intended to be qualified
under Internal Revenue Code Section 401(a). University contributions
to the Plan are fixed as a percentage of employee compensation. Because
the Plan is a defined contribution plan, you will not receive a set
dollar amount of retirement benefits. Rather, your actual retirement
benefits will depend on the value of your vested Account balance at
the time your employment with the University terminates. Your vested
Account balance will reflect any annual allocations to your Account,
the length of time you are employed by the University and the investment
performance of your Account.
Click on the link
to access an online copy of the Summary Plan Description or call the
Office of Human Resources at (206) 281-2809 to receive a printed copy.
The University has an
agreement with Transamerica Retirement Solutions (Transamerica) whereby Transamerica receives, invests, and reports on the funds sent to them on behalf
of eligible employees. Employees have several investment options within
the SPU monitored core lineup of funds available at Transamerica. The Office of Human Resources
will provide information about these options but the participating employee
directs all investment choices with Transamerica.
If you are employed
by the University, you will be eligible to participate in the Plan at
the time described below, unless you are an adjunct faculty member,
a student enrolled at the University or a Leased Employee. Adjunct faculty,
students and Leased Employees are not eligible to participate in the
If you are an eligible
employee, you will begin participating in the Plan on the Entry Date
immediately following the date on which you complete one Year of Service,
provided you are at least age 21 as of that date, and you have completed 1,000 hours of service during your initial 12 months as an employee. Entry Dates are July
1, October 1, January 1 and April 1.
Your vested percentage
is the portion of your Accounts that you own. It is nonforfeitable.
You become 100% vested in your Retirement Account if you are employed
by the University upon the first to occur of:
- your completion
of six Years of Service,
- your attainment
of Normal Retirement Age,
- your death,
- your Disability.
Prior to the time
that you become 100% vested in your Retirement Account, your vested
percentage in that Account is based on your Years of Service and is
determined under the following schedule:
of years of service
or more years
Upon your termination
of employment for any reason, other than death, you will be entitled
to receive your vested Account balances.