Retirement Program Changes Effective May 1, 2013
As a result of an 18 month review of the Benefits Task Force the following changes to the Bates Retirement Plans will become effective May 1, 2013.
- An Employee Retirement Investment Committee was formed and has taken this opportunity to review and improve the quality of the plans’ investment menu. By introducing these new investment options, we are also able to comply more effectively with the new federal regulations regarding increased oversight and reporting.
- The match you may receive from the 403(b) plan will increase from the current 1% to 3%. The college will match one half of your personal contribution dollars to a maximum college matching contribution of 3%. That is, if you contribute 6% of your salary, the college will contribute 3%.You are eligible to receive employer matching contributions on the first of the month after you have completed one month of service.
- College contributions will be uniform across all salary levels. The Bates Pension Plan contribution will now be a flat 9% over all salary levels.For employees hired on or after May 1, 2013, you are eligible to participate on the first of the month following one year of employment.
Click on the links below to find out more about our retirement benefits.
- Bates TIAA-CREF Microsite
- Transition Meetings and Resources
- Transition Guide
- New Funds Effective May 1, 2013
- Bates College Pension Plan
- Bates College 403(b) Retirement Plan
- Salary Reduction Agreement
Latest update: 03/25/13