Bentley's Retirement Plan is a 403(b) defined contribution plan in which both Bentley and employee contributions may be invested. At the direction of eligible participants, contributions may be made to one or more of the available investment options sponsored by Fidelity Investments and TIAA or both vendors.
Generally, all Bentley employees (except student employees) are eligible to make voluntary contributions. In order to receive Bentley contributions, however, you must be regularly scheduled and budgeted for at least 19.5 hours per week and must complete two (2) “years of service” and attain age 21. If you meet the age and service requirements, Bentley contributions begin the first day of the month following the 2 years of service. The waiting period may be waived for those who have had sufficient previous service at a qualified non-profit organization in accordance with Bentley's plan document. A completed Prior Service Credit Waiver Form is required.
See the Summary Plan Description for more information about the Plan.
Bentley Contribution Formula
Once the eligibility and enrollment requirements have been met, Bentley will provide contributions to the retirement plan account for eligible employees based on the following formula:
- Equivalent to 10% of base salary up to IRS annual compensation limit.
Employer Contributions are immediately vested at 100%. The Plan provides for investment choices from a variety of funds among two investment companies.
- Provides flexibility to change allocation and transfer accumulations among the funds. Accumulations may be transferred freely among the funds with some restriction when transferring money out of TIAA's Retirement Annuity (GRA) account.
- Contributions are deposited in accounts which cannot be withdrawn while employed at Bentley until you reach seventy and a half.
- Offers a wide variety of income choices at retirement: total withdrawal, systematic withdrawal, payments over a set number of years or life annuity.
Employee Voluntary Contributions
Eligible employees may make voluntary contributions to the Retirement Plan up to the limits allowed for 403(b) plans according to the Internal Revenue Service Code. Voluntary contributions may be made at any time and may be invested in any of the available investment choices. Such contributions and any earnings are exempted from state and federal taxation until collected as income. Employees should first open an account with Fidelity, TIAA or both, select one or more investment options and designate beneficiaries via Bentley University Retirement Plan Website at www.netbenefits.com/bentley.
Automatic enrollment: You will be automatically enrolled in the retirement plan at a pretax contribution rate of 1%. Your contributions will be invested in the Fidelity Freedom Fund that's closest to your anticipated retirement date (assuming retirement at age 65).
Automatic increase: Your contribution rate will be increased by 1%. Then, each year on January 1, participants who are contributing less than 5% will have their rate automatically increased an additional 1% of their pay, until they reach a 5% contribution rate.
If you do not wish to be automatically enrolled in the plan or have your contributions increased, you can opt out within 45 days via Fidelity's website : www.netbenefits.com/bentley
Changes to an employee's salary reduction amount may be made at any time via NetBenefits. Loans are available to eligible TIAA and Fidelity Investment participants while still employed. See the Loan Comparison Document for more information. Hardship and other withdrawals are available under certain circumstances. Please contact the vendor with whom you have invested your account for more information on loan and withdrawal terms and conditions, including applicable fees, and to request an application. All applications must be approved by the vendor.
Employees may direct Bentley and/or voluntary contributions to the complete line-up of investment options. For more information on your investment options in the plan, and to obtain a free prospectus, call Fidelity Investments at 1-800-343-0860 or visit their website. To sign up or manage your retirement account, simply login to Fidelity NetBenefits®. To update your beneficiaries, click Your Profile, then Beneficiaries.
Employees may direct Bentley contributions and/or voluntary contributions to the complete line-up of investment options. To enroll at TIAA, simply login to Fidelity NetBenefits NOTE: You must enroll separately to open both a Bentley contribution and voluntary contribution contract(s). For more information on your investment options in the plan and to obtain a free prospectus, call TIAA at 1-800-842-2776 or visit their website. To manage your retirement account, simply login to TIAA.org/Bentley. To update your beneficiaries, click My Account, then select Change Beneficiaries.
Participants receive quarterly reports from the investment companies which detail the transactions for each account. This report shows all transactions affecting account accumulations and accumulation changes during the quarter.
In the event of a divorce, please refer to the plan’s Qualified Domestic Relations Order procedures. Additional information regarding Bentley's retirement plan options is available through the Human Resources Department. Informational meetings are held during the academic year. Representatives from both TIAA and Fidelity Investments are available for individual on-campus appointments. Additional information regarding Bentley's retirement plan options is available through the Human Resources Department. Informational meetings are held during the academic year. Representatives from both TIAA and Fidelity Investments are available for individual on-campus appointments.
Information is also available on the websites for TIAA and Fidelity Investments or via phone.