Retirement
Understanding the important of saving for retirement, Bates offers a 403(b) Tax-Deferred Annuity Plan and a 401(a) Money Purchase Pension Plan to assist you in meeting your long-term financial goals.
All retirement plans are offered through TIAA-Cref.
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 403(b) savings plan allows you to save for retirement on a pretax and/or post-tax (Roth) basis. You can begin contributing to the plan through convenient payroll deductions on day one of your employment with Bates.
A TIAA Financial Advisor is available twice a month for on-campus appointments to discuss all things related to your financial future. To schedule an appointment, please visit tiaa.org/bates to see the next available appointment days and times.
403(b) Tax-Deferred Annuity Plan
- All employees are eligible to contribute as of their date of hire
- Employer Match: 50% of the first 6% of your contributions
- Employer Match Eligibility: First of the month following one month of employment.
- Vesting Schedule: 100% vested as of day 1
- Automatic Enrollment: All new employees will be automatically enrolled into the 403(b) Plan 30 days after their date of hire if they do not make an election or opt out of contributing to the 403(b). Employees will be enrolled at 6% of their pay period wages to ensure they get the full employer match. To elect an alternate amount or opt out of contributing, please go to tiaa.org/bates to take action on your account prior to this 30-day deadline. Unwanted contributions cannot be refunded.
- Investment elections should be set through the TIAA website. If no elections are made, contributions will be defaulted into the lifecycle fund that most closely matches your elected retirement date at age 55.
- Schedule an appointment with a TIAA Advisor today: tiaa.org/schedulenow
401(a) Money Purchase Pension Plan
- All employees are eligible as of the first of the month following one year of employment.
- Employer Contribution: Bates will contribute 9% of your eligible pay period wages to the Plan (base salary + overtime and shift differential).
- Vesting Schedule: 100% vested as of day one.
- Investment elections should be set through the TIAA website. If no elections are made, contributions will be defaulted into the lifecycle fund that most closely matches your elected retirement date at age 65.
457(b) Deferred Compensation Savings Plan
- If you are a highly compensated employee (for 2025 $160,000+) you may be eligible for additional retirement savings. Please reach out to benefits@bates.edu to learn more!
- Schedule an appointment with a TIAA Advisor today: tiaa.org/schedulenow