Retirement Benefits

IMPORTANT INFORMATION!
To keep in line 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 to make changes to their contributions for the remainder of 2023 and for 2024. If you have any questions, please contact benefits@bates.edu.
 

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). 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.

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).  

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

Latest update: 07/09/21