Q&A: UPMC savings plan employer match

Are you missing out on free money? You are if you aren’t taking advantage of the employer match offered as part of the UPMC Savings Plan.

1. What is a match?
Employer match is the amount that UPMC contributes, in proportion to your contribution, into your UPMC Savings Plan account. The match is free money from UPMC that immediately boosts the amount contributed to your Savings Plan account.

2. How does it work?
Once you become eligible for matching contributions, UPMC contributes 50 cents for each dollar you save, up to the Savings Plan maximums, depending on your employment location. 

Take this example for a staff member who decides to begin contributing to the Savings Plan:

Your biweekly pay is $900, and you contribute 4 percent, or $36, to the Savings Plan. UPMC will match 50 cents on each dollar, or $18. So for this paycheck, your Savings Plan account has grown by $54, although you contributed only $36. Over the course of a year, or 26 pays, UPMC’s contribution would be $468.

3.  How often do I get the match?
Once eligible, employer match is calculated and contributed each pay in which you make contributions to your Savings Plan account through payroll deduction.

4.  When am I eligible for the match?
You become eligible to receive employer match on the Jan. 1 or July 1 after 1,000 hours of service and attaining age 21.

5.  When am I vested in the employer match?
You’re fully vested, which means you have full ownership rights, after you complete three years of service. You are always vested in your pretax and after-tax contributions.

6.  Can I control how my match is invested?
Yes. The plan offers a wide range of investment options for your contributions and UPMC’s matching contributions.

7.  How can I enroll in the Savings Plan?
Eligible staff members may enroll in the Savings Plan at any time during the year. To enroll or for additional information, log on to Your Benefits Resources through My HUB, visit http://resources.hewitt.com/upmc, or call the UPMC Retirement Line toll-free at 1-877-206-8264.

8.  After I am enrolled, where can I see my account — both my contributions and the employer matching contributions?
You can view your retirement account information through Your Benefits Resources on My HUB or online at http://resources.hewitt.com/upmc. You can view your per pay contribution and employer match through My HUB. The View Benefit Information option is listed under My Benefits; then select Savings Summary and Savings Plan Contributions.

Return to list of stories in this issue