Contribution Account: Beginning at age 35 and following
completion of one year of employment, Seattle Pacific University
contributes the same monthly amount to all eligible participant accounts.
Contributions continue for up to 25 years. Effective 7/1/2012 the amount is $78.75/mo (up to $945 per year!). Employer contributions, earnings and distributions are completely
tax free. You must call 1-866-Emeriti to assign eligible
dependents to your account.
Contribution Account: Eligible
employees may elect voluntary contributions to an employee savings
- Employee contributions are made on an after-tax basis
via payroll deductions.
- There is no limit to the amount you
can contribute to your employee contribution account.
may continue contributions following retirement or termination
- Earnings and distributions are tax free.
- To enroll in Employee contributions via payroll deduction, contact HR at (206)281-2676.
The above accounts may be used to pay for retiree health insurance premiums
offered through Emeriti (see below) and/or reimburse participants for qualified out-of-pocket
medical expenses in retirement. Additionally, insurance premiums for Medicare Part B, COBRA and long-term care insurance, may also be reimbursed with proper documentation.
Accounts valued at less than $5,000 may be used immediately to reimburse qualified medical expenses upon termination of employment. Accounts valued at $5,000 and above may be used to reimburse qualified medical expenses up to $5,000. The remaining balance may be used only after attaining age 55.
You may also continue to make contributions into your account after termination.
who retire from SPU at age 60 or more with at least seven (7) years of continuous
service or age 65 or more with at least five (5) years of continuous service
are eligible for coverage under the Emeriti insurance. This
program provides access to Medicare supplement and dental programs
that are specifically designed to meet the insurance needs of
retirees, beginning age 65 and above, with no health underwriting
requirements. A pre-65 medical insurance program is also available
to spouses and dependents of eligible retirees. Aetna Life Insurance
Company is the provider of these insurance plans.
Important: If you meet the retirement definition above, and do not select at least the lowest level of benefit eligibility (such as the least expensive Medicare Part D prescription plan) when you are first able to do so, you will lose your ability to select from any of the health insurances through Emeriti in the future (future annual enrollments).