Retirement Benefits

Retirement Benefits

Bates College maintains two separate plans providing retirement benefits, the Bates College Money Purchase Pension Plan (Bates College Pension Plan) and the Bates College 403(b) Retirement Plan (Bates College Savings Plan). In order to participate in the Bates College Pension Plan, or receive a college matching contribution from the Bates College Savings Plan, the employee must be classified in a benefit status of half-time or more. All employees regardless of their status can contribute to the Bates College Savings Plan. If a non-benefit eligible employee exceeds 1000 hours in an employment year, he or she will become eligible to participate in both the Bates College Pension Plan and receive a college matching contribution on the first of the month following the anniversary of their employment year.

Current News: Due to the financial impact of the Pandemic, College Contributions to the Pension Plan and the 403(b) Plan Employer Match have been suspended effective for pay periods beginning after June 30, 2020.

You may continue to contribute to your 403(b) Plan on a tax-deferred basis.  You may also be eligible to contribute to an Individual Retirement Account (IRA).  You may want to talk with a representative from TIAA to understand the characteristics of different plans (i.e. 403(b), IRA, Roth IRA,  etc).  If you wish to make changes to your contributions you will need to complete a new TIAA Voluntary Salary Reduction Form.

Click on  the links below to find out more about our retirement benefit plan.

Latest update: 06/29/20