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Loyola University Chicago's 403 (b) Defined Contribution Retirement Plan
The University offers you an easy way to save for retirement through the Loyola University Chicago Defined Contribution Retirement Plan (DCRP).
- You can begin to contribute to a 403 (B) Retirement Savings Plan at LUC if you are a .53 FTE or higher. You can contribute to your account with before tax earnings directly deposited from your paycheck to your Savings Plan Account.
- After 60 days of employment, you are eligible for the University contribution of 5% of your pay. Also, you are eligible for the match plan. The University will match your contribution up to a maximum of 5% of your salary. You are vested in the University contributions upon eligibility of employer contributions.
You may make additional pre-tax contributions up to the 2015 dollar limits* set by the IRS which are: General Limit—$18,000 and Over Age 50 Catch-Up Limit of $6,000.
Below is a pdf that details information regarding the plan's investment options, performance history, as well as the fees and expenses associated.
*It is the employee's responsibility to ensure they do not contribute more than the IRS limits especially if you have switched employers mid-year. Loyola has safeguards in place to ensure employees do not contribute more than the limits while employed at Loyola.
Default Retirement & Automatic Investment Notice
Our Defined Contribution Programs Changes for December 2014. For important information please visit the Transamerica Loyola Portal.
Changes will have an impact on recent new hires and employees that currently contribute to our three 403(b) programs. Employees hired after November 2014 will start with the Transamerica program.
Beginning the 60 days following your date of employment in an eligible position, contributions under the Loyola University Chicago's 403(b) Defined Contribution Retirement Plan will be invested for you in the default Transamerica Investment account as described in this notice, if you fail to give investment instructions or the instructions that you give are not adequate.
If you do not make a choice of the provider’s listed above your contributions will be defaulted to the Transamerica account in the Vanguard Target Age-Specific funds. When you become eligible, once enrolled in the plan, the University will send its contribution to the investment of your choice. Also, you will be automatically enrolled to save 1% of your annual salary in order to receive your match contribution. Each January, your match contribution will increase by 1% automatically until you reach 5% contribution to receive the maximum University match contribution if you do not call the Loyola Retirement Center (LRC).
Participants have the choice of 19 different accounts, including 4 TIAA-Cref annuities, to which they can allocate their funds.
*****Once you are enrolled in the plan, you will be able to change your contributions and investment selection online by going to the Transamerica website. *****
Please follow these steps to enroll to select a retirement service provider or make changes to your existing account(s):
- Call The Retirement Center at 773.508.2770. Keep in mind, The Loyola University Chicago Retirement Center is administered by Transamerica. You can change your contribution or investment option through the call center. IF you select an annuity through TIAA-CREF, the consultant should transfer you to a TIAA-Cref representative to discuss your investment options.
- Choose your preferred investment vehicles.
- Designate your beneficiary for your accounts. If you fail to name a beneficiary, the benefits will be paid to your estate.
Retiree Medical Benefits
As announced several years ago the method that the University uses for funding the Retiree Medical insurance plan is changing. The Retiree Medical homepage will provide you with practical resources and information about the current Retiree Medical Plan that became effective July, 1, 2006.
Loyola University Employees’ Retirement Plan (LUERP)
For Staff employees hired on or before March 1, 2003, you may have been a participant with frozen defined retirement benefits under the Loyola University Employees' Retirement Plan (LUERP) program.