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: Change in Share Classes and Recordkeeping Fees Effective January 1, 2018

Effective January 4th the share classes for many of the funds offered by the Bates retirement plans were changed to those with lower costs.  At the same time a more transparent way of identifying TIAA’s recordkeeping fees will be reflected on your 2018 1st quarter statements.  A letter was sent to all participants in November describing these changes.  On December 7th, 2017 our investment advisors, Sageview, hosted a lunch and learn to describe these changes as well as provide a market update.  You may watch a recording of this lunch & learn to learn more about the new share classes and recordkeeping fee structure.

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

Latest update: 07/11/18