Human Resources
  TIAA-CREF Retirement Planning

(Teachers Insurance and Annuity Association College Retirement Equities Fund)

More and more people are finding that Social Security income alone will not be enough to maintain their present lifestyles. Many have been forced to return to the workforce after reaching age 65 due to insufficient income. You can plan for your retirement by establishing a 403(b) deferred retirement plan. This plan is available to employees of qualifying hospitals, educational institutions, such as Hampton University, and many not-for-profit organizations. With a 403(b), you can:

  • Start investing regularly for your retirement.
  • Reduce your gross taxable income by the contributions you make.
  • Watch your money grow on a tax-deferred basis.
  • Begin contributing through the convenience of automatic payroll deduction through the university.

The university offers its retirement plan through TIAA-CREF, with supplemental plans through TIAA-CREF and Lincoln National Life.

TIAA-CREF Voluntary Retirement Planning

RA (Retirement Annuities)
Employees may begin contributions to their retirement plans upon hire. After two years of service, the university will contribute 2.5% of your base annual salary to your noncashable retirement account. If you contribute 5%, the university will match that contribution at 5%.

SRA ( Supplemental Retirement Annuities)
The supplemental plan differs from the RA only in that funds accumulated may be withdrawn or borrowed against before the employee reaches 59.5 and/or separates from the university. This plan is ineligible for university contributions.