Bates College Money Purchase Pension Plan

Bates College Money Purchase Pension Plan

Eligibility starts on the first of the month following one year of employment.  The pension plan is a 401(a) money purchase pension plan. Under this plan, employees are guaranteed a defined contribution into the plan and the employee directs the investment of his or her contributions.  The college contribution is 9% of your eligible wages (base salary plus overtime and shift differential).

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.  Information on how to enroll, the Lifecycle Funds and the Qualified Default Investment Notice are available in Human Resources or found on our web-site at www.bates.edu/hr/benefits or at TIAA-CREF at the above internet address.

 

Complete details of the pension plan are described in a Summary Plan Description provided to eligible employees. Contact the Human Resources Department for more information.

Latest update: 02/24/14