Loyola University Chicago

Human Resources

Retirement 403(b) Plan

*Attention: Effective August 1, 2020 Suspension of 403b Retirement Plan Non-Contributory Contributions. Read Dr. Rooney’s full message here regarding phase II of the University’s financial measures as we enter the new fiscal year July 1, 2020.   

*Attention: Effective October 1, 2020 Suspension of 403b Retirement Plan Match Contributions. Read Dr. Rooney’s full message here regarding phase III of the University’s financial measures as we move through the fall semester.   


The University offers an easy way to save for retirement through the Loyola University Chicago Defined Contribution Retirement Plan (DCRP), a 403(b) plan.

Benefit-eligible employees receive University contributions of 5% of their salary after the first anniversary of employment. Employees can also receive additional matching contributions (up to a maximum of 5% of salary) from the University each pay period after the first anniversary of employment. *See above suspension notices of 403b contributions.

Benefit-eligible employees are 50% vested in any contributions from the University between the first and second anniversary of employment with Loyola. Employees will then become 100% vested in these contributions at the completion of their second anniversary of employment. (Benefit-eligible employees hired before September 1, 2018 are 100% vested in the University’s contributions.

Annual contribution limits are set by the IRS, and can change annually.
 

Contribution Source

2020 Annual Limit

Employee Contributions

$19,500

Catch-up Contributions (for age 50+)

$6,500 additional ($26,000 total)


Additional information is available in the Benefits Booklet which is located in the resources box (upper right) of this page.

To manage your Transamerica account online, please select the Access Transamerica link (below). Select the "Login" button in the upper-right hand corner of the page. You may also contact Transamerica by phone at 773.508.2770. 

Access Transamerica 

Contact the Retirement Center administered by Transamerica at 773.508.2770 or visit luc.trsretire.com.

Loyola’s partnership with Transamerica Retirement Solutions (TRS) provides eligible employees with an opportunity to enroll in, and make elective contributions to 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. 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.

  • Chris Clinton RPC Contact

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, go to the Transamerica     site.

 

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.

To invest in select annuities at TIAA: 

1) Decide which percentage of your contributions you want to invest with TIAA. 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 (and Transamerica).

2) Second, sign in to your TIAA account at https://www.tiaa.org/public/tcm/luc to choose and manage your TIAA annuities.

If you participate in Loyola's Defined Contribution Retirement Plan (DCRP), please log in to your account to review your contact information, including the beneficiary designation.

Loyola University Chicago Retirement Plan participants can utilize Managed Advice through Transamerica Retirement Solutions (TRS) to connect with the automated investment expertise of Morningstar coupled with the investment knowledge of a TRS financial advisor. If you are interested in enhancing your retirement portfolio, the Managed Advice program can help you better understand how to customize your investment portfolio based on your retirement goals. It will assist you with reviewing available funds and building an investment program.

  • The program provides information about an asset allocation mix of funds available within the retirement plan, and it requires a monthly service fee of no more than 38 cents (0.45% annually) for every $1,000 in your account. In addition, participants can cancel the service subscription at any time.

Learn more about Managed Advice!

Contact
Do you have follow-up questions? Feel free to speak with a financial professional to learn more about the Managed Advice program.

Each year, participants in Loyola's Defined Contribution Retirement Plan (DCRP) receive a fee disclosure, schedule listing fee, and expense information regarding funds in our retirement plans. This includes investment options in our previous legacy investment options in Fidelity, TIAA, and AIG Retirement Services (formerly VALIC).

Please update your email address on the Transamerica website in order to elect to receive such communications via email (as opposed to U.S. (post) mail).

If you were hired before September 1, 2018, your 403(b) base and matching contributions are always fully vested. If you were hired on or after September 1, 2018, you are always fully vested in your contributions. University contributions are 50% vested between the first and second anniversary of employment with Loyola, and become 100% vested at the completion of the second anniversary of employment. 

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 via the 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)

  • Transamerica: 773.508.2770 or online
  • Fidelity Investments: 800.642.7131 or online
  • TIAA: 800.842.2252 or online
  • AIG Retirement Services (formerly VALIC): 800.448.2542 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).