Loyola University Employees' Retirement Plan (LUERP)
SMALL ANNUITY PURCHASE LETTER (RETIREES)
On August 3, 2021 a letter was mailed to a group of retired LUERP participants informing them of an administrative change to their benefit that will be made as a result of the purchase of a group annuity contract from MassMutual. Participants who commenced monthly LUERP benefit payments on or before January 1, 2021 and whose monthly payments are less than $600, as well as their surviving beneficiaries are affected. If you received this letter there is no action required by you. Further communication from MassMutual will be mailed by the end of August.
Visit the LUERP Pension Estimator
As of November 2020 the self-service website has been upgraded to a more user friendly version as well as being more compatible with mobile devices. In addition to this, we have added a multi-factor authentication when logging in for your security. Because of this it is important to keep your e-mail address updated in the system.
New LUERP Pension Estimator Announcement (11/20/2020)
Your Loyola retirement benefits are an important part of your total compensation today and a key to your financial security for the future. 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 approximately 6,000 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 visit the LUERP Pension Estimator tool at any time to determine the estimated value of your retirement account.
Annual Financial Statements (see below)
Annual Report (5500)
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:
Marisa Muntean, LUERP Manager
David Siembal, LUERP Specialist