Retirement Plans and Financial Wellness
The University offers an easy way to save for retirement through the Loyola University Chicago defined contribution retirement plan (DCRP), a 403(b) plan.
- The DCRP is an excellent starting point to build a source of income for retirement.
- Employees may contribute a percentage of their pay to their accounts with before-tax earnings up to the IRS limits.
- The current IRS limit is $18,000. If employees are age 50 or older they may contribute an additional $6,000 as “catch-up.”
- After 60 days of employment, benefit-eligible employees will receive University contributions of 5% of their salary each pay period to the DCRP.
- Employees can also receive additional matching contributions each pay period from the University. The University will match employees' contributions up to a maximum of 5% of salary.
- Employees are immediately vested in the University’s contributions.
Employees who are contributing at least 1%, but less than 5%, to their retirement plans will be placed into the automatic-increase program to increase their annual contributions by 1% each year until contributions reach 5%. Employees may also sign up for the automatic-save program. The automatic contributions will be 1% of eligible pay each pay period and will increase by 1% each year in January. Employees may stop the automatic increase and/or automatic-save by calling the Loyola Retirement Center by December 1 each year.
- For information on the plan's investment options, performance history, and associated fees and expenses, see the 403(b) Fee Disclosure Notice.
Please visit the Transamerica Scheduler website in order to schedule an appointment for May or June.
Please keep in mind, if you cannot attend a scheduled meeting, please cancel your appointment by either contacting the Retirement Call Center at (773) 508 - 2770 or by visiting the Transamerica Scheduler website.
- TRS will create a waitlist for canceled appointments in order to provide an opportunity for fellow plan participants to meet with a TRS representative.
**Transamerica Retirement Solutions (TRS) will present items to consider when transitioning to retirement during a special “Get Ready to Retire” seminar on May 10, 2017. The seminar is open for all ages and if you would like to attend, please access the online scheduling website to RSVP. The session will be held from 3 to 4:30 pm or 5:30 to 7:00 pm at the Lake Shore Campus, IES Rooms 123 & 124.
- In the case of death, beneficiary designation determines the next steps in processing a retirement account payout. Many DCRP participants have not elected beneficiaries.
Please update your email address on the Transamerica website in order to elect to receieve such communications via email (as opposed to US (post) mail).