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.”
All eligible LUC employees can enroll in and make elective contributions to the plan, beginning their date of hire. To be eligible for the employer contributions you must be a .53 FTE or greater (or .50 FTE or greater for Stritch School of Medicine employees). 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. To manage your account please visit the Loyola's Transamerica site by visiting the link below and selecting "Manage Your Transamerica Account" under the quick link menu.
The DCRP has an automatic enrollment feature. After 60 days of employment, the University will automatically enroll employees in the DCRP at 1% of salary. Employees may elect to opt out of this feature or increase their contributions by contacting Transamerica at 773.508.2770 or visiting luc.trsretire.com
Automatic-Increase and Automatic-Save Program
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.
The DCRP offers a variety of investment options for employees to choose from. There are 15 options in the Transamerica panel, as well as 4 TIAA-CREF funds. If employees do not make an investment election prior to automatic enrollment in the plan, they will be assigned to a “default” investment option: Vanguard Target Date Funds. These funds are age-specific, based on the date at which an employee will turn 65. In order to change investment elections, contact Transamerica at 773.508.2770 or visit luc.trsretire.com
. Investment elections can be changed at any time.
For information on the plan's investment options, performance history, and associated fees and expenses, see the 403(b) Fee Disclosure Notice
Loyola’s partnership with Transamerica Retirement Solutions (TRS) provides eligible employees with an opportunity to enroll in, and make elective contributions the Defined Retirement Contribution Plan (DCRP). In addition, plan participants can schedule an on-campus one-on-one meeting with a TRS representative to discuss financial planning strategies.
- Please visit the Transamerica Scheduler website in order to schedule an appointment for April, 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.