Retirement Plan
Loyola University Chicago's 403 (b) Defined Contribution Retirement Plan
Benefits-eligible faculty and staff are eligible for participation in the Loyola University 403(b) Defined Contribution Retirement Plan (DCRP). Loyola’s DCRP provides a contribution equal to 8% of salary. The contribution increases to 9% on earnings in excess of the Social Security Taxable Wage Base (will increase for 2008 to $102,000; up from the 2007 limit of $97,500.) Participation is effective the first of the month following your employment in an eligible position. For example, if you begin eligible employment on June 1, you are eligible for retirement contributions on July 1.
All participants are immediately 100% vested in the University’s contributions.
Participants have the choice to direct Loyola’s contribution to one of three service providers:
You may make addition pre-tax contributions up to the 2008 dollar limits set up by the IRS which are: General Limit - $15,500 and Over Age 50 Catch-Up Limit of $5,000.
Please follow these steps to select a retirement service provider or make changes to your existing account(s):
1. Call The Retirement Center at (773) 508-2770 and select a service provider. Keep in mind, The Loyola University Chicago Retirement Center is administered by TIAA-CREF. You must select TIAA-CREF as your fund sponsor and make an investment choice even if you wish to remian as a participant with TIAA-CREF. IF you select a service provider other than TIAA-CREF, the consultant should transfer you to your selected service provider.2. Choose your preferred investment vehicles within your selected provider(s).
3. Designate your beneficiary for your accounts. If you fail to name a beneficiary, the benefits will be paid to your estate.
Retire Medical Benefits
As announced several years ago the method that the University uses for funding the Reitree Medical insurance plan is changing. The RETIREE MEDICAL HOME PAGE will provide you with practical resources and information about the current Retiree Medical Plan and the changes that will take place effective July, 1, 2006.
Loyola University Employees’ Retirement Plan (LUERP)
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). Please contact Donna Piha at 312-915-7925 for information.