Loyola University Employees' Retirement Plan (LUERP)
**********ANNUAL FUNDING NOTICE***********
Your Loyola retirement benefits are an important part of your total compensation today and a key to your financial security for the future. The Loyola University Employees' Retirement Plan (LUERP) and other qualified pension plans offered by your employer, together with Social Security and your personal savings, are intended to provide you with income during retirement.
LUERP was established in 1949 and has since been amended a number of times to provide greater benefits, to offer additional payment options, to create more flexibility for participants, and to comply with new legislation. The Plan was most recently amended effective January 1, 2008. The current plan provisions are reflected on this site.
The plan provides retirement benefits to over 7,500 regular full and part-time employees at seven Jesuit institutions that have met the plans eligibility, participation, and vesting requirements. LUERP is a frozen 401(a) qualified defined benefit plan which entitles vested participants to a monthly benefit at age 65 for the remainder of their life. The plan uses one of two formulas to determine the participant's monthly benefit amount.
The formulas factor in the number of years of benefit service worked at a participating employer and the participant's final average earnings up to the freeze date. Whichever formula results in a larger benefit equals the participant's monthly benefit at age 65 retirement. More information may be found in the Summary Plan Description (SPD). The SPD is a document that is intended to explain the LUERP Plan in terms that are easy to understand.
Your benefit may be distributed to you after you are no longer employed by any of the LUERP participating employers. You may complete a LUERP Estimate Request Form at any time to determine the estimated value of your retirement account.
Please note: The LUERP froze in 2004. If you were hired in 2003 you may not be eligible for this benefit because a one year "waiting period" was required in order to become a participant. All eligibility, participation, and benefit accruals ceased as of the Plan Freeze date.
For questions regarding LUERP, you may contact:
Donna Piha, LUERP Manager at 312-915-7925, email@example.com or
David Siembal, LUERP Specialist at 312-915-7209, firstname.lastname@example.org