All Employees - Effective June 1, 2013
Defined Contribution Plan - Bethel contributes a variable percentage of each eligible employee's annual salary on an immediate vesting basis to TIAA-CREF Group Retirement Annuity.
As of August 1, 2020, the percentage that Bethel contributes to eligible employees is equal to 2%. Please note that this percentage is variable can be increased or decreased at Bethel's discretion.
Employees with a Start Date on or Before December 1, 2005: Frozen Defined Benefit Plan Effective August 31, 2006 and 10% Defined Contribution Plan Effective September 1, 2006
Bethel's retirement program consists of two components, each with distinct features:
Defined Benefit Plan - funded and administrated by Bethel, benefits are calculated by a formula involving eligible years of service in the plan and highest 5-year average salary. Three years of service required for full vesting. Benefits are “frozen” in this plan effective August 31, 2006.
Defined Contribution Plan – Effective June 1, 2013, see Defined Contribution Plan above for details.
Employees with a Start Date on or Before December 1, 2005: Defined Benefit Plan and 4% Defined Contribution Plan
Bethel's retirement program consists of two components, each with distinct features:
Defined Benefit Plan - funded and administrated by Bethel, benefits are calculated by a formula involving eligible years of service in the plan and highest 5-year average salary. Three years of service required for full vesting. Benefits are "frozen" in this plan effective May 31, 2013.
Defined Contribution Plan - Effective June 1, 2013, see Defined Contribution Plan above for details.
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Bethel makes a contribution into eligible employee accounts under 401(a). The amount set each year varies depending upon the Bethel’s financial capability and market assessment.