The Loyola University Maryland Retirement Plan allows participants to make voluntary tax-deferred contributions to a tax-deferred retirement account with TIAA-CREF. The tax-deferred status of the retirement contributions is governed by the Internal Revenue Code. To participate in this plan, an employee must complete a Salary Reduction Agreement and the necessary enrollment form. Investments are made at the direction of the participant into one of the University-approved investment companies. The University does not make plan contributions to a participant’s retirement account during periods of unpaid leave. In order to receive the University retirement contribution, all of the following must apply:
- The employee has attained age 21; and
- completed one year of service at the University (at least 1,000 hours over 12 months); and
- made a tax-deferred employee contribution of at least 2 percent of their 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 2 percent deduction are directed into the participant’s retirement account. Further details and information may be obtained from a member of the benefits and wellness office. These terms are and must be consistent with the conditions defined by the 403(b) summary plan document.
Accumulations in the 403(b) Program 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-CREF at 1-800-842-2252.
Contact the benefits & wellness office at 410-617-1368 with questions or request for additional information.
Additional Information and Resources
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.