Retirement Plan
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 addition pre-tax contributions up to the 2011 dollar limits set up by the IRS which are: General Limit - $16,500 and Over Age 50 Catch-Up Limit of $5,500.
DEFAULT RETIREMENT & AUTOMATIC INVESTMENT NOTICE
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 TIAA-Cref 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 TIAA-Cref account invested in the TIAA-Cref Life cycle funds. When you become eligible, once enrolled in the plan, the University will send its contribution to the provider of your choice. Also, you will be automatically enrolled to save 1% of your annual salary in order to receive your match contribution. Each July, 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 to direct Loyola’s contribution to one of three service providers:
Please follow these steps to select a retirement service provider or make changes to your existing account(s):
1. Call The Retirement Center at (773) 508-2770 and select a service provider. Keep in mind, The Loyola University Chicago Retirement Center is administered by TIAA-CREF. You must select TIAA-CREF as your fund sponsor and make an investment choice even if you wish to remain as a participant with TIAA-CREF. IF you select a service provider other than TIAA-CREF, the consultant should transfer you to your selected service provider.
2. Choose your preferred investment vehicles within your selected provider(s).
3. 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 HOME PAGE will provide you with practical resources and information about the current Retiree Medical Plan and the changes that will take place 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). Please contact Donna Piha at 312-915-7925 for information.