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Highlights of the Bowdoin College Retirement Plan

WHO IS ELIGIBLE

Employees become eligible when they reach one year of service (1,000 hours over twelve months) and attainment of age 26.

WHEN COVERAGE BEGINS

Participation in the Plan begins on the first day of the month after participation requirements are met.

SUMMARY OF COVERAGE PROVISIONS

The College makes contributions to the plan of your choice at either TIAA-CREF or Fidelity Investments. You may choose one carrier or split your contributions between both.

Contribution Formula

Your Age on July 1 Amount of Contribution
26-49 10.12% of your compensation
50 + 12.13% of your compensation

In addition, the College contributes an amount equal to 4.3% of your compensation in excess of 60% of the Social Security wage base in effect on July 1. (The Social Security Wage Base is subject to change; the figure for 2005 is $90,000, so earnings over $54,000 are eligible in FY 2004-05).

You direct the investment of the funds in your own contract with the company of your choice. You are fully vested for all funds. This means that when you retire or terminate employment, all funds in the contract belong to you, both the contributions and the investment earnings.

COST

The College pays the full cost of the Plan. There are no "matching funds" required for participation.