Saving for Retirement

The University of Richmond Retirement Plan is a defined contribution program governed by Sections 403(b) and 403(b)(7) of the Internal Revenue Code.

All employees are eligible to make voluntary contributions immediately to the University's retirement plan.

After a one-year waiting period and reaching age 18, all employees scheduled to work more than 1,000 hours per calendar year will receive a five percent University contribution to the 403(b) retirement annuity. In addition, the University will match up to an additional five percent for contribution to the employee's retirement annuity.

Employees scheduled to work more than 1,000 hours per calendar year who come to the University of Richmond and have been previously employed with another institution of higher education for at least one year and have no lapse in employment (30 days or less) will be immediately eligible for the University contribution and match.

Fund choices may be found at TIAA.

Questions?

For all questions regarding your retirement plan, please contact TIAA at 800-732-8353, weekdays, 8 a.m. to 8 p.m. ET.

 

Resources

Online account

Learn how to use the features of your online TIAA account here.

One-on-one retirement counseling

Schedule a one-on-one appointment with a TIAA representative, right here on campus or virtually. Call 1-800-732-8353 or go to www.tiaa.org/schedule to schedule your 1-hour session.

A TIAA financial consultant can also help you consider how to save more for retirement. You can schedule a session to:

  • Understand all your investment options
  • Determine how much to save
  • Make informed choices and monitor your progress

This service is available as part of your retirement program at no additional cost to you.

Get the app

With the TIAA app, you can:

  • See account details at a glance
  • Check your contributions and investment mix to see if you’re on track
  • Contact your advisor or get in touch with a TIAA financial consultant
  • Manage your account 24/7

Download the app at the Apple App Store or Google Play.

 

Upcoming Essentials Webinars — May 2026

Money psychology: Beyond the numbers

Thursday, May 7 | 11 a.m. | Virtual — Register
It’s easy to think that how you approach money is all about formulas, facts and figures. The truth is, the decisions we make are influenced by other forces too—our own biases, life experiences and human nature. We’ll explore what some of those forces are and how to tame them for our advantage. 

You’ll learn about:

  • Human nature and what shapes our feelings about money
  • How those feelings might make us behave
  • The importance of the big picture when making decisions
  • Doing what’s best for your long-term interests

 

Finance for new grads

Tuesday, May 19 | Noon | Virtual — Register
Starting out in the job world can be exciting—and overwhelming. The financial foundation you build now can impact your life for years to come. That’s why it’s so important to understand how to manage your money, create good financial habits and save and invest for the long term. 

In this webinar you’ll learn about:

  • Benefit packages that come with your job
  • How a spending plan helps you in the short term
  • What a retirement plan does for you in the long term
  • Choosing traditional (pretax) versus Roth (after-tax) contributions
  • The importance of an emergency fund