Bates College Money Purchase Pension Plan
Bates College Money Purchase Pension Plan
The pension plan is a 401(a) defined contribution plan. Under this plan, employees are guaranteed a defined contribution into the plan and the employee directs the investment of his or her contributions. Effective May 1, 2013 the college contribution is 9% of your eligible wages (base salary plus overtime and shift differential).
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.
Prior to May 1, 2013 the college contributed on a calendar year basis, 6.7% on the first $16,850 of base earnings and 11% thereafter. Every January the 6.7% rate resumes until earnings exceed $16,850. Employees were eligible on the first of the month following one full calendar month of employment.
To set up your investment elections and designate your beneficiaries you must enroll online at www.tiaa-cref.org/bates . If you fail to 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.
Contact the Human Resources Department or click on the below links for more information.
- View an online enrollment demo
- New Investment Fund Line Effective May 1, 2013
- TIAA Lifecycle Funds
- Qualified Default Investment Alternative Notice
- Summary Plan Description (SPD)
- Summary Annual Reports
Latest update: 03/25/13