Employee Retirement Contribution: update

By Curt Bailey, President & CEO

As you may recall, Bloodworks suspended company retirement contributions for employees at all levels of the organization for three months beginning in June of 2020.  Earlier this year (on 6/18/21), we were pleased to provide a one-time discretionary contribution of 1% to all employees who were eligible for company contributions, based on their earnings from 5/31/20 to 5/29/21.  That contribution served to offset the three months of suspended contributions for employees with less than five years of retirement-plan-eligible employment (who receive company retirement plan contributions equal to 4% of their retirement matching eligible earnings). 

However, that did not fully offset the suspended contributions for our employees with five to less than ten years of retirement-plan-eligible employment (who receive company contributions of 6%) or for our employees with ten or more years (who receive company contributions of 9%).*  The Executive Team decided, and received full concurrence from the Board of Trustees, to provide an additional contribution intended to offset the remaining suspended contributions to these longer serving employees, and we will do so on our next payday, 9/10/21.

If you are a retirement plan participant with five or more years of plan participation, look for an email from me in a few days that will confirm the details of your additional contribution.

The Board and Executive Team are very pleased to be taking this step that affirms how proud we are of the efforts all Bloodworks employees have made throughout a global pandemic to continue our mission to serve our communities with lifesaving blood.