The Loyola University Maryland 403(b) Retirement Plan allows employees to make voluntary tax-deferred contributions to a tax-deferred retirement account with TIAA. All regular employees and faculty are eligible and encouraged to make voluntary salary reduction contributions on a tax-deferred basis with no age or service requirement. The tax-deferred status of the retirement contributions is governed by the Internal Revenue Code. Investments are made at the direction of the participant into one of the University-approved investment funds. Accumulations in the 403(b) Plan are generally not accessible before age 59½ except in the case of termination of employment, death, disability, or financial hardship (as determined by IRS regulations). Certain other restrictions may also apply. Within certain parameters, loans may also be obtained based on the employee's 403(b) plan accumulations. Contact TIAA at 1-800-842-2252 for more information.
The University will contribute an amount equal to nine percent of eligible compensation if all of the following apply:
- You are an eligible employee or faculty member;
- You are 21 or older;
- You have completed one year of service at the University (at least 1,000 hours over 12 months); and
- You contribute at least 2 percent base pay
The one-year waiting period may be waived if one year of continuous full-time employment (just prior to employment with the University) has been completed at an accredited four-year higher educational institution. Both the University contribution and the employee's contribution are directed into the participant’s 403(b) retirement account. Further details and information may be obtained from the benefits and wellness office at ext. 1368. These terms are and must be consistent with the conditions defined by the 403(b) summary plan document.
The University does not make plan contributions to a participant’s retirement account during periods of unpaid leave.
New or newly eligible employees please refer to the enrollment instructions in the Enrollment Resources section below.
Default Enrollment in the 403(b) Plan
Employees who have not enrolled in the 403(b) Plan by their eligibility date will be automatically enrolled in the 403(b) Plan once eligibility requirements are met. Contributions will be set at two percent and the University will contribute nine percent of eligible compensation. These contributions will be directed into the plan’s default investment, which is the JPMorgan Smart Retirement fund closest to your projected date of retirement at age 65. Each Smart Retirement fund is age-specific, and provides a ready-made diversified portfolio that adjusts over time, TIAA will send you an email notification of your automatic enrollment as you near your eligibility date.
Questions about the 403(b) Retirement Plan may be directed to the benefits and wellness office in human resources at ext. 1368 or TIAA at 1-800-842-2252.
This website provides a summary of the benefits available. The University reserves the right to modify, amend, suspend or terminate any plan at any time, and for any reason without prior notification. You will be notified of any changes to these plans and how they affect your benefits, if at all. The plans described on this website are governed by insurance contracts and plan documents, which are available for examination. We have attempted to make explanations of the plans on this website as accurate as possible. However, should there be a discrepancy between this website and the provisions of the insurance contracts or plan documents, the provisions of the insurance contracts or plan documents will govern. In addition, you should not rely on any oral descriptions of these plans, since the written descriptions in the insurance contracts and plan documents will always govern.