Bates College 403(b) Retirement Plan

The Bates College 403(b) Retirement Plan (Savings Plan) is a 403(b) Tax Deferred Annuity plan, which provides employees with an additional opportunity to secure future financial security for retirement.  All employees are eligible to participate in the Bates College Savings Plan; to participate employees must complete the appropriate on-line enrollment and sign and return a Salary Reduction Agreement to Human Resources.

Because contributions to a 403(b) plan are automatically deducted from an employee’s pay before federal and state tax withholdings are calculated, the employee saves tax dollars now by having their current taxable income amount reduced.  These contributions are not exempt from Social Security or Medicare Taxes.  Employees can elect either a flat dollar amount or a percent of their earnings.  Enrollment instructions can be obtained from the Human Resources Office.

The amount that an employee may contribute to the Bates College Savings Plan is limited each year by law.  For the current amount that can be contributed into an individual employee’s account, please call the Human Resources Department.

As an incentive to participate in the Bates College Savings Plan, the College matches eligible employee’s contributions up to 1% of the employee’s salary.

To be eligible for the match, the employee must be enrolled in and contributing to the Bates College Savings Plan.  Eligible participation starts on the first of the month following one full calendar month of employment.

Complete details of the Bates College Savings Plan are described in a Summary Plan Description provided to eligible employees.  Contact the Human Resources Department for more information about the Bates College Savings Plan.

To view a copy of the Summary Annual Report click here.

Source: Bates College Employee Handbook.

Latest update: 02/12/12