Retirement Benefits

IMPORTANT INFORMATION!
To keepÌýin line with industry standards, we are enhancing the administration of the 403(b) Retirement Savings Plan. Beginning on 12/1 employees will need to access their accounts through to make changes to their contributions for the remainder of 2023 and for 2024. If you have any questions, pleaseÌýcontactÌýbenefits@bates.edu.
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ÀÖ²¥´«Ã½ College maintains two separate plans providing retirement benefits, the ÀÖ²¥´«Ã½ College Money Purchase Pension Plan (ÀÖ²¥´«Ã½ College Pension Plan) and the ÀÖ²¥´«Ã½ College 403(b) Retirement Plan (ÀÖ²¥´«Ã½ College Savings Plan). To participate in the ÀÖ²¥´«Ã½ College Pension Plan, or receive a college matching contribution from the ÀÖ²¥´«Ã½ College Savings Plan, the employee must be classified in a benefit status of half-time or more. All employees regardless of their status can contribute to the ÀÖ²¥´«Ã½ College Savings Plan. If a non-benefit eligible employee exceeds 1000 hours in an employment year, he or she will become eligible to participate in both the ÀÖ²¥´«Ã½ College Pension Plan and receive a college matching contribution on the first of the month following the anniversary of their employment year.

You may continue to contribute to your 403(b) Plan on a tax-deferred basis.Ìý You may also be eligible to contribute to an Individual Retirement Account (IRA).Ìý You may want to talk with a representative from TIAA to understand the characteristics of different plans (i.e. 403(b), IRA, Roth IRA,Ìý etc).ÌýÌý

Click on the links below to find out more about our retirement benefit plan.

Latest update: 07/09/21