{"id":1838,"date":"2010-09-29T13:48:17","date_gmt":"2010-09-29T17:48:17","guid":{"rendered":"http:\/\/hub-dev.bates.edu\/hr\/?page_id=1838"},"modified":"2025-10-28T16:18:03","modified_gmt":"2025-10-28T20:18:03","slug":"retirement-benefits","status":"publish","type":"page","link":"https:\/\/www.bates.edu\/hr\/benefits\/retirement-benefits\/","title":{"rendered":"Retirement Benefits"},"content":{"rendered":"
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IMPORTANT INFORMATION!<\/u><\/b><\/i><\/div>\n<\/div>\n
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To keep\u00a0<\/span><\/i>in line<\/span> with industry standards, we are enhancing the administration of the 403(b) Retirement Savings Plan. Beginning on 12\/1 employees will need to access their accounts through TIAA.org\/Bates<\/a> to make changes to their contributions for the remainder of 2023 and for 2024. <\/b><\/i>If you have any questions, please\u00a0contact\u00a0benefits@bates.edu<\/a>.<\/i><\/div>\n
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Bates College maintains two separate plans providing retirement benefits, the Bates College Money Purchase Pension Plan (Bates College Pension Plan<\/a>) and the Bates College 403(b) Retirement Plan (Bates College Savings Plan<\/a>). 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.<\/p>\n

You may continue to contribute to your 403(b) Plan on a tax-deferred basis.\u00a0 You may also be eligible to contribute to an Individual Retirement Account (IRA).\u00a0 You may want to talk with a representative from TIAA to understand the characteristics of different plans (i.e. 403(b), IRA, Roth IRA,\u00a0 etc).\u00a0\u00a0<\/p>\n

Click on the links below to find out more about our retirement benefit plan.<\/span><\/p>\n