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 2012 dollar limits set by the IRS which are: General Limit - $17,000 and Over Age 50 Catch-Up Limit of $5,500. 2013 dollar limits are: General Limit- $17,500 and Over age 50 Catch-Up Limit- $5,500
Below is a pdf that details information regarding the plan's investment options, performance history, as well as the fees and expeneses associated.
- July 2012 Fee Disclosure (PDF)
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 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 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.
**New**Once you are enrolled in the plan, you will be able to change your contributions and vendor selection online by clicking here.
Note: You will use your UVID and password to log-in
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.
403(b) Vendor On-campus Availability
TIAA-CREF On-Campus Availability
|May 1||WTC||Lewis Towers-Room 853||9am-5pm|
|May 7||WTC||Lewis Towers-Room 853||9am-5pm|
|June 26||WTC||Lewis Towers-Room 853||9am-5pm|
- To meet with a Financial Advisor please contact Patrick Windle 312-345-5666
- or Amy Podzius 312-842-5604
- Fidelity Investments On-Campus Availability
|April 25th||LSC||Granada-Room 291||2pm-5pm|
|April 25th||WTC||Lewis Towers-Room 853||9am-12pm|
|May 17th||LSC||Granada-Room 291||2pm-5pm|
|May 17th||WTC||Lewis Towers-Room 827||9am-12pm|
|June 10th||LSC||Granada-Room 291||2pm-5pm|
|June 10th||WTC||Lewis Towers-Room 827||9am-12pm|
Please contact Financial Advisor Andrias Campbell email@example.com
- Valic On-Campus Availability
Please contact Financial Advisor Brian Clarke 773-769-3434 firstname.lastname@example.org