Bates College Money Purchase Pension Plan

Bates College Money Purchase Pension Plan

Due to the financial impact of the Pandemic, College Contributions to the Pension Plan have been suspended effective for pay periods beginning after June 30, 2020. New Enrollments into the Pension Plan have also been suspended at this time.

Below is information for employees who began participation prior to July 1, 2020.

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.  Prior to July 1, 2020, the college contribution was 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.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 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: 06/29/20