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Reminder: 403(b) Contribution Limit Rises & Expanded Parental Leave

January 11, 2023 

Dear Faculty and Staff, 

Please review the information below to learn more about the latest on the 403(b) contribution limit increase for 2023, expanded paid parental leave benefits, how to participate in the upcoming Go Move Challenge, and a reminder to review your first paycheck in January. 

2023 403(b) Contribution Limit Rises
For 2023, the 403(b) contribution limit has increased from $20,500 to $22,500 and the age 50 catch-up contribution has increased from $6,500 to $7,500.  Please make sure to review your current retirement contribution rate and confirm that you are on target to meet your retirement savings goal for 2023. Access your Transamerica account online at transamerica.com/portal/luc or call the Transamerica call center at 773.508.2770. Additionally, you can schedule a virtual one-on-one meeting with a Transamerica representative via the Transamerica scheduler website.  

Expanded Paid Parental Leave effective January 1, 2023
As your family grows, Loyola wants to support you and your growing family. The expansion of our paid parental leave in 2023 for staff and faculty is one way that we are working to continuously improve this support. This expanded benefit for 2023 was first announced to the university community on October 7, 2022. Review the Paid Parental Leave Policy for more details about this expanded benefit.  

February 2023: Participate in the Go Move Challenge
The 11th annual Go Move Challenge is set to begin Wednesday, February 1. During the challenge, participating Jesuit institutions will compete to determine which University is the most active. At the heart of this friendly competition is an opportunity to connect with your colleagues, bond with other AJCU schools, and start the year off right by moving in February. Every minute of intentional, physical movement counts! Register here and start tracking your minutes in February.  

Review Your First Paycheck in January
Remember to review your first paycheck in January to ensure that deductions have been correctly applied for your elected benefits in the new calendar year, especially if you made changes to your benefits during Open Enrollment or if you are newly hired. You can view your paycheck in Employee Self-Service. Questions? Please contact Human Resources at benefits@LUC.edu.  

Thank you for your review of this information. If you have questions, please contact Human Resources at benefits@LUC.edu or 312-915-6175.  

Sincerely,  

Danielle Hanson
Associate Vice President
Human Resources

Thomas M. Kelly
Senior Vice President for Administrative Services
Office of the President