Retirement 403(b) Plan
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.
|Contribution Source||2019 Annual Limit|
|Catch-up Contributions (for age 50+)
||$6,000 additional ($25,000 total)
|Employee + Loyola Total Contribution Limit
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.
To manage your account, please visit Loyola's Transamerica site by visiting the Access Transamerica link (below). Select "Manage Your Transamerica Account" under the quick links menu.
As you plan for retirement, do you have clarification questions about various finance and/or tax terms?
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
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.
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.
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 the 403(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.
Contact the Retirement Center administered by Transamerica at 773.508.2770 or visit luc.trsretire.com
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).
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.
Do you have follow-up questions? Feel free to speak with a financial professional to learn more about the Managed Advice
A Transamerica Retirement Solutions (TRS) representative presented the Get Ready to Retire seminar in February of 2019. The presentation is helpful to all ages of participants but especially for participants over the age of 55. The one-hour seminar provided faculty and staff with an opportunity to ask a retirement counselor questions following the presentation. In addition, we encourage you to review some helpful retirement planning materials:
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