How to use @Formula in Hibernate/JPA

I am trying to see how @Formula annotation works using a simple piece of code below.

I am able to print out values of description and bidAmount columns but the fields annotated with @Formula i.e. shortDescription and averageBidAmount return null.

Can anyone please help point out what is wrong with the code here?

I am using Hibernate 5.0, postgresql-9.3-1102-jdbc41 and TestNG on a Mac OSX.

    import java.math.BigDecimal;
    import java.util.List;
    import javax.persistence.Entity;
    import javax.persistence.EntityManager;
    import javax.persistence.EntityManagerFactory;
    import javax.persistence.GeneratedValue;
    import javax.persistence.Id;
    import javax.persistence.Persistence;
    import javax.transaction.UserTransaction;
    import org.testng.annotations.Test;
    import com.my.hibernate.env.TransactionManagerTest;

    public class DerivedPropertyDemo extends TransactionManagerTest {

      @Test
      public void storeLoadMessage() throws Exception {
        EntityManagerFactory emf = Persistence.createEntityManagerFactory("HelloWorldPU");
        try {
          {
            UserTransaction tx = TM.getUserTransaction();
            tx.begin();
            EntityManager em = emf.createEntityManager();

            DerivedProperty derivedProperty1 = new DerivedProperty();
            derivedProperty1.description = "Description is freaking good!!!";
            derivedProperty1.bidAmount = BigDecimal.valueOf(100D);

            DerivedProperty derivedProperty2 = new DerivedProperty();
            derivedProperty2.description = "Description is freaking bad!!!";
            derivedProperty2.bidAmount = BigDecimal.valueOf(200D);

            DerivedProperty derivedProperty3 = new DerivedProperty();
            derivedProperty3.description = "Description is freaking neutral!!!";
            derivedProperty3.bidAmount = BigDecimal.valueOf(300D);

            em.persist(derivedProperty1);
            em.persist(derivedProperty2);
            em.persist(derivedProperty3);

            tx.commit();

            for (DerivedProperty dp : getDerivedProperty(em)) {
              System.out.println("============================");
              System.out.println(dp.description);
              System.out.println(dp.bidAmount);
              System.out.println(dp.getShortDescription());
              System.out.println(dp.getAverageBidAmount());
              System.out.println("#############################");
            }
            em.close();
          }
        } finally {
          TM.rollback();
          emf.close();
        }
      }


     public List<DerivedProperty> getDerivedProperty(EntityManager em) {
      List<DerivedProperty> resultList = em.createQuery("from " + DerivedProperty.class.getSimpleName()).getResultList();
      return resultList;
  }
}

My Entity class is:

@Entity
class DerivedProperty {

  @Id
  @GeneratedValue
  protected Long id;

  protected String description;

  protected BigDecimal bidAmount;

  @org.hibernate.annotations.Formula("substr(description, 1, 12)")
  protected String shortDescription;

  @org.hibernate.annotations.Formula("(select avg(b.bidAmount) from DerivedProperty b where b.bidAmount = 200)")
  protected BigDecimal averageBidAmount;

  public String getShortDescription() {
    return shortDescription;
  }

  public BigDecimal getAverageBidAmount() {
    return averageBidAmount;
  }
}

EDIT

I am following the book Java Persistence with Hibernate 2nd Ed.

Thanks