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(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.
RA (Retirement Annuities)
Eligible employees may begin contributions to their retirement plan after two years of consecutive service. Upon two years of consecutive 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)
Eligible employees may begin contributions upon hire. This plan is ineligible for university contributions. Funds accumulated in the supplemental plan may be withdrawn or borrowed against before the employee reaches 59.5 and/or separates from the university.
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