Retirement 403(b) Plan
Attention: Effective August 1, 2020
Suspension of 403b Retirement Plan Non-Contributory Contributions
|Loyola University Chicago has been working to devise plans to address the financial impact of COVID-19. After thorough review and consideration of recommendations to remove additional costs from our operating budget, the 5 percent University, non-contributory portion of the 403(b) retirement program will be temporarily suspended effective August 1, 2020. At this time, we will continue to provide the University match – up to 5 percent of your base salary – for those who contribute to their retirement account. We are committed to reinstating this non-contributory component of the 403(b) as soon as possible and final determination will be based on financial circumstances at that time. 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.|
The University offers an easy way to save for retirement through the Loyola University Chicago Defined Contribution Retirement Plan (DCRP), a 403(b) plan. Annual contribution limits are set by the IRS, and can change annually.
**NOTE: The CARES Act temporarily allows relief provisions directly applicable to the DCRP, including coronavirus-related distributions and increased loan limits. The DCRP Plan, administered through Transamerica only, will allow coronavirus-related distributions and increased loan limits to eligible participants, up to a total of $100,000. This temporary relief provision is expected to be in effect no later than December 30, 2020 and available to any participant who meets one of the coronavirus-related criteria defined by the CARES Act. For more information on this provision and process, please contact the Retirement Center administered by Transamerica at 773.508.2770 or visit LUC.trsretire.com.**
2020 Annual Limit
Catch-up Contributions (for age 50+)
$6,500 additional ($26,000 total)
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. (Benefit-eligible employees hired before September 1, 2018 began to receive these University contributions after 60 days of employment.)
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.)
Additional information is available in the Benefits Booklet which is located in the resources box (upper right) of this page. View the 2020 Retirement Plan Limits here.
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.
At a time when many employees have several questions about their finances and retirement, Transamerica is excited to launch the Financial Wellness Center. This new digital financial education resource lets people engage in self-paced learning on financial topics like budgeting, paying off debt, buying a home, and more. Different journeys and playlists are available to help improve retirement financial options. All employees can access the Financial Wellness Center directly from Loyola's custom portal. More than 20 financial topics are available, including the following:
- Creating a Budget
- Building Emergency Savings
- Family Conversations About Money
- Considering Homeownership
- Healthy Financial Habits
View the Financial Wellness Center Launch flyer to learn more.
Note: TIAA mutual funds were scheduled to merge into the Loyola University of Chicago Defined Contribution Plan at Transamerica on April 2, 2020. Due to recent market volatility, we have decided to postpone this transfer until further notice. Affected participants will still have full access to your accounts. Please refer to the TIAA-Transamerica Merger Postponement Letter for additional details.
A recent review of the Defined Contribution Retirement Plan (DCRP) investment lineup and fee structures was conducted. As a result of this review, updates to the retirement plan’s fund options for 2020 have been made. These changes may result in new investment options, lower fees and consolidation of your accounts. Please note, there are no plan design changes being made to the DCRP, and these updates may not affect all plan participants. Postcards were mailed to all retirement plan participants, and if your retirement account is impacted by the updates, you will receive more information in the mail. If you have questions about your Transamerica account, the Loyola Retirement Center is available at 773.508.2770 Monday through Friday from 7:00AM – 8:00PM (CST). Refer to the New DCRP Investment Options Coming in 2020 postcard for more information.
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.
Contact the Retirement Center administered by Transamerica at 773.508.2770 or visit luc.trsretire.com.
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 the403(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.
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.
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!
Do you have follow-up questions? Feel free to speak with a financial professional to learn more about the Managed Advice program.
- Live Support: 844.622.2133 (Monday - Friday from 9:00AM - 7:00PM)
- Schedule an appointment
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).
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).
Updated: 8.19.2016, 12/15/16, 5/1/17, 6/15/17, 6/1/18, 6/21/18, 3/29/19, 6/18/19