PNWU’s Human Resources team is available to help new and prospective employees understand their options. Contact us at hr@pnwu.edu.
Most benefits are available the first of the month following date of hire for eligible employees .5 FTE (full-time equivalent) or greater. Full-time status is defined as working .7 FTE or greater.
403b Plan Structure
- Centralized participant account access
- Consolidated and transparent account performance reporting
- Enhanced investment options expanded to multiple, high-quality investment companies
- A robust suite of retirement planning and education tools to aid participants in their personal retirement journey
- The opportunity to elect contributions as designated ROTH contributions
- Reduced vesting period for employer contributions
Contributions
- Participant: Participants .5 FTE or greater may elect to defer up to 100% of gross wages not to exceed $22,500 if under age 50 and $30,000 if age 50 or older which includes the additional $7,500 in catch-up contributions. Both limitations apply to 2023 annual deferral amounts.
- Employer: Employer contributions will come in the form of both matching and non-elective contributions.
- Match: It is the intention of PNWU to match participant deferrals 100% up to 5% of compensation. Matching deposits will be made each payroll period.
- Non-Elective: It is the intention of PNWU to make an additional employer contribution equal to 4% of eligible compensation for all eligible employees. The non-elective contribution does NOT require participation in the 403(b) plan and is not coordinated with the match. The non-elective contribution is made once per year, in September.
- Both the matching and non-elective employer contributions are discretionary and are dependent upon the financial health of the University.
- For example: If Participant A defers between 1% and 5% of their compensation, PNWU intends to match those contributions 100%, contributing an equal % of Participant A’s compensation, up to 5%. If Participant A defers 6% or more, the employer match would remain at 5% of Participant A’s compensation. However, the employer non-elective contribution is not dependent upon Participant A’s deferral rate and Participant A would receive 4% of compensation as discretionary so long as they are eligible to participate in the contribution.
PNWU 403(b) Employer Match and Profit-Share Contribution Illustration
| Participant Deferral | Employer Match: 100% up to 5% |
Employer Profit Sharing: 3% | Total Contribution (all sources): as a % of Compensation |
| 1% | 1% | 4% | 6% |
| 2% | 2% | 4% | 8% |
| 3% | 3% | 4% | 10% |
| 4% | 4% | 4% | 12% |
| 5% | 5% | 4% | 14% |
| 6% | 5% | 4% | 15% |
| 7% | 5% | 4% | 16% |
*Note: illustration is hypothetical in nature and is not a guarantee of employer contributions which are discretionary in nature.
Eligibility
- Employee Deferrals: 1st day of employment for those .5 FTE and greater
- Employer Matching: Employee must be age 21 or older and .5 FTE or greater
- Employer Profit-Share: Employee must be at least 21 years old AND employed for six consecutive months with a minimum of 500 hours of service
Vesting
- Employee Deferrals: Participants will always be 100% vested in salary deferrals
- Employer Matching: Participants will become 100% vested in employer matching contributions at the completion of three-years of service
- Employer Profit-Sharing: Participants will become 100% vested in employer profit-sharing contributions at the completion of three-years of service
Vesting schedule is as follows:
| Years of Service | Vested % |
| 1 | 0% |
| 2 | 0% |
| 3 | 100% |
Enrollment
The PNWU 403(b) retirement benefit includes an automatic enrollment and escalation feature. The automatic enrollment feature provides for automatic salary deferral savings at 5% of an eligible participants’ compensation beginning on the first pay period following 60 days of employment and applies only to those individuals who do not affirmatively elect to participate in the 403(b) or decline to participate. Further, the initial deferral percentage (5%) will be increased by 1% each subsequent year until the respective participants’ deferral rate reaches 10% of compensation. As with the initial deferral rate, this feature will only apply to individuals who do not affirmatively elect to participate in the 403(b) or decline to participate. If automatically enrolled, each participants’ deferrals will be placed into an account in their name and invested into a default investment which will be linked to their current and normal retirement age. Participants will have access to and may change deferral rates and investment elections at any time.
Full-time employees (faculty do not accrue vacation time) earn vacation time equal to approx. 13 hours per month 160 hours a year, and sick time equal to eight hours per month. Part-time employees .5 FTE to .69 FTE earn half the accrual of full-time employees. Employees less than .5 FTE earn 1 hour of sick time for every 40 hours of work.
Employees can request a one-time cash out of up to 40 hours of vacation per year, maximum $2500.
After a year, any employee .5 FTE or greater may apply for available funds of up to 60% of tuition and fees for bachelor’s, master’s, and doctorates. Other programs may be approved on a case-by-case basis.
Each department also sets aside professional development and travel funds.
As a non-profit osteopathic medical school, PNWU cares about the whole person. We offer several defined wellness benefits, as well as employee-led wellness activities such as yoga lunch hours, themed BBQs, and the occasional basketball and soccer pick-up games.
Fitness Memberships
Faculty and staff, .5 FTE or greater, who attend a club, class or program dedicated to fitness or health receive up to $25/month reimbursement.
Counseling
Employees at .5 FTE or greater and their families are eligible for free confidential counseling equal to three in-person visits per issue, per year, per individual. Unlimited toll-free phone access and online resources are also available.
Eleven holidays, plus a winter break between Christmas and New Year’s.
All benefit eligible employees receive holiday pay pro-rated for .5 to 1.0 FTE.
- New Year’s Day
- Martin Luther King Jr
- President’s Day
- Memorial Day
- Juneteenth
- Independence Day
- Labor Day
- Veterans Day
- Thanksgiving
- Day After Thanksgiving
- Christmas Day
Winter Break between Christmas and New Year’s, at the president’s discretion
Life insurance and long term disability is provided to eligible employees at no cost.
Life Insurance
- Life insurance benefit: 1x base annual earnings, max issue of $100,000
- Accidental death & dismemberment” 1x base annual earnings
Benefit reduction schedule: 35% at age 70; 50% at age 75; benefit terminates at retirement
Accelerated benefit provision: 80% of benefit
Long-Term Disability
| Monthly Benefit | 60% of basic monthly earnings |
| Max Monthly Benefit | $6,000 |
| Min Monthly Benefit | greater of $100 or 10% |
| Elimination Period | 90 days |
| Benefit Duration | to age 65 SSNRA |
| Definition of Disability | own occupation for the benefit duration |
| Definition of Earnings | base monthly earnings + commissions |
| Pre-Existing Condition Limit | 3 month look back/12 month wait |
| Survivor Benefit | 3 months |
| 23-Month Benefit Limit | applies to mental illness, chemical dependency, and self-reported conditions |
| Partial Disability | Included |
Supplemental Life/AD&D (Employee-paid)
Supplemental coverage may be purchased through Sun Life Assurance Company of Canada for yourself and your eligible family members.
|
Benefit Option |
Guaranteed Issue1 |
|
| Employee | $500,000 or 5 times annual earnings, whichever is less. | $100,000 |
| Spouse/RDP | $150,000 | $30,000 |
| Child(ren) | $10,000 | Up to the maximum benefit |
- During your initial eligibility period only, you can receive coverage up to the Guaranteed Issue amounts without having to provide Evidence of Insurability (EOI, or information about your health). Coverage amounts that require EOI will not be effective unless approved by the insurance carrier.
See our Voluntary Life Insurance 2023-2024 Guide for detailed information on Supplemental Life/AD&D
Preferred Provider Organization (PPO) and Health Savings Account (HSA) plans available. Vision and dental plans for employees and families are also available.
See our 2023-2024 Benefits Guide for detailed information on our plans.