Bates College 403(b) Retirement Plan
Effective May 1, 2013 the possible college matching contribution will increase from the current maximum of 1% to a new maximum of 3%.
The college will match 1/2 of your contribution up to the maximum 3% (that is if you contribute 6% the college will contribute 3%).
The Bates College 403(b) Retirement 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 403(b) Retirement Plan; to participate employees must complete the appropriate on-line enrollment at www.tiaa-cref.org/bates and sign and return a Salary Reduction Agreement to Human Resources.
If you fail to enroll online and make investment elections your contributions will be defaulted into the Lifecycle Fund that most closely matches your expected retirement date at age 65. See the below links to the Lifecycle Funds and the Qualified Default Investment Notice below for more information.
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 percent of their earnings or a flat dollar amount (election of a flat dollar amount must exceed 6% of eligible earnings – see salary reduction agreement for instructions). The amount that an employee may contribute to the Bates College Savings Plan is limited each year by law.
As an incentive to encourage you to save for retirement, the college matches eligible employee’s contributions by 1/2 up to a maximum college matching contribution of 3% of your salary (i.e. if you contribute 6% the college will contribute 3%).
To be eligible for the match, the employee must be enrolled in and contributing to the Bates College 403(b) Retirement Plan. Eligible participation starts on the first of the month following one full calendar month of employment.
Contact Human Resource or click on the below links for more information on the Bates College 403(b) Retirement Plan:
- View an online enrollment demo
- New Investment Fund Line Up effective May 1, 2013
- TIAA Lifecycle Funds
- Qualified Default Investment Alternative Notice
- Summary Plan Description
- Summary Annual Reports
Latest update: 03/25/13