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Human Resources

TIAA/CREF

Any non-student employee (including non-benefited employees) can choose to contribute to any supplemental retirement savings account available through TIAA as long as he/she is receiving a salary from BYU–Hawaii. Contributions are made through payroll deductions. BYUH does not make any matching contributions to these accounts. The two options are:

  • TIAA 403(b) - similar to a 401(k); sometimes referred to as a supplemental retirement annuity
  • TIAA Roth IRA - an after-tax Individual Retirement Account.

TIAA 403(b)

  • Contributions are before tax; you are not taxed until it is withdrawn.
  • Earnings are tax-deferred; you are not taxed until it is withdrawn.
  • The contribution percentage may be changed at any time. You may also elect a fractional percentage for your contributions (not available in the DMBA 401(k)). Visit our benefits specialist to complete and sign a form.

You may only withdraw funds prior to age 59½ for the following reasons:

  • death
  • disability
  • early retirement (age 55+)
  • termination
  • financial hardship

Funds that you withdraw prior to age 59½ are subject to federal and state income taxes. Tax laws require a mandatory 20% withholding. Also, an additional tax penalty equal to 10% of the taxable portion of your withdrawal will be imposed.

The annual contribution limit for 2019 is $19,000. Employees age 50 or older may contribute an additional $6,000 (up to $25,000 total). However, any contributions to a 401(k) also count toward this limit.

There are many investment options to choose from. Please visit our benefits specialist for plan materials which include a list of all available investment options.

TIAA ROTH IRA

  • Contributions are after-tax; they are tax-free when withdrawn (if you meet qualifications).
  • Earnings are tax-deferred; they are tax-free when withdrawn (if you meet qualifications).
  • Contribution amount (not a %) may be changed at any time. Visit our Benefits Specialist to complete and sign a form.

The annual contribution limit is $6,000. Employees age 50 or older may contribute an additional $1,000 (up to $7,000 total). Any contributions to a 401(k) or 403(b) do not count toward this limit.

Please visit the TIAA website for additional information.