Bates College 403(b) Retirement Plan

These are important details regarding this plan.


You are eligible to participate immediately in this plan.


This plan allows you to make pre‐tax contributions subject to IRS limits.


For eligible employees, Bates will match 50% of the first 6% of your contributions resulting in a maximum match of 3% from the college. You are eligible to receive employer matching contributions on the first of the month after you have completed one month of service.


"Vesting" refers to an employee's right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Your contribution to this account will be 100% vested immediately.


Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.


Expenses vary from investment to investment. To learn about expenses associated with an investment, see a list of the investment choices under this plan on the Investment Choices page, and read the Fact Sheet or the prospectus for that investment.


Because you make contributions with pretax dollars, federal income taxes are deferred on supplemental plans until you begin taking withdrawals later on.

No taxes are due on contributions and earnings until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment or age 59½ (subject to plan rules). If you withdraw funds before age 59½, they may be subject to an additional 10% early-withdrawal penalty.

For additional information and guidance, contact your tax advisor.


Loans are available from a minimum of $1,000 to a maximum of $50,000, or 50% of your assets in the plan. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. You can only borrow from accumulations in your RCP contract that is currently receiving your contributions.

If you have accumulations in a previous 403(b) contract (GSRA or SRA), you may need to transfer those assets to your new contract to receive the maximum loan amount. If you have accumulations in other employers' plans, you may also be able to transfer or roll them over to this plan to increase your maximum loan amount.

1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.