Loyola University Chicago

Human Resources

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.
  • After 60 days of employment, 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 Access Transamerica (below). Select "Manage Your Transamerica Account" under the quick link menu.
 
 
 
 
 
Updated: 8.19.2016, 12/15/16, 5/1/17, 6/15/17

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.
  • 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.
 
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 and your contributions will be allocated to the plan's "default" investment option. 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.

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.
Note: It is employees' responsibility to ensure they do not contribute more than the IRS limits, especially if they have switched employers mid-year. Loyola has safeguards in place to ensure employees do not contribute more than the limits while employed at Loyola University Chicago.
 

Contact the Retirement Center administered by Transamerica at (773) 508- 2770 or visit luc.trsretire.com.

 

To invest in select annuities at TIAA-CREF:

 

1. Decide which percentage of your contributions you want to invest with TIAA-CREF. Sign in to the Transamerica site at LUC.trsretire.com, select the Manage tab, and select "Contributions." Then follow the on-screen instructions to decide how much of your contributions should be invested at TIAA-CREF (and Transamerica).

2. Second, sign in to your TIAA-CREF account at www.tiaa-cref.org/luc to choose and manage your TIAA-CREF annuities. 

 

If you participate in Loyola's Defined Contribution Retirement Plan (DCRP), please login to your account to review your contact information, including the Beneficiary designation. Beneficiary information is IMPORTANT.
  • 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 take some time to do an inventory of your retirement accounts to ensure each account reflects updated beneficiary information.
Each year, participants in Loyola's Defined Contribution Retirement Plan (DCRP) recieve a fee disclosure, schedule listing fee, and expense information regarding funds in our retirement plans. This includes investment options in our previous investment options in Fidelity, Tiaa Cref, and Valic.
  • Please update your email address on the Transamerica website in order to elect to receive such communications via email (as opposed to US (post) mail).

Accessing your University Retirement Plans (403b DCRP/LUERP Pension):

 

Your 403(b) base and matching contributions are always fully vested. Your contributions and any earnings will remain invested in your selected funds with your carrier(s) until you elect to begin distributions. To request a distribution or for more information, please contact the carrier or investment fund manager(s) directly.  Contact information below.  It is advisable that you consult with a financial and/or tax specialist before withdrawing or receiving any plan money that is subject to tax.  Professional advice may help avoid unexpected tax liability.

 

 Contact Information for Carrier(s)

  • Fidelity Investments :         (800) 642-7131 or online
  • TIAA CREF:                          (800) 842-2252 or online
  • VALIC:                                  (800) 448-2542 or online
  • Transamerica:                      (773) 508- 2770 or online

 

  • *Loyola University Employees' Retirement Plan (LUERP) - frozen 401(a) defined benefit plan:  (312)-915-6175 or online
    • *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).