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 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 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.
Automatic 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. Employee contributions will be set at two percent in order to receive the University retirement contribution. These contributions will be directed into the plan’s default investment, which is the JPMorgan SmartRetirement® Blend fund closest to your projected date of retirement at age 65. Each JPMorgan SmartRetirement® Blend 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.
IRS Annual Limits
The 2023 Calendar Year Maximum Contribution for employees aged 21 to 49 is $ 22,500
The 2023 Calendar Year Maximum Contribution for employees aged 50 and older is $ 30,000
* 15 Year Rule Catch-up Contribution: Employees with 15 or more years of full-time service with Loyola University Maryland may be able to contribute an additional $ 3,000 over a 5-year period not to exceed the lifetime limit of $ 15,000. Interested employees should request a calculation by contacting TIAA at 1-800-842-2252 or submitting a request online at www.tiaa.org/loyolamd.
To change your contributions you must log in to your online TIAA account at www.tiaa.org/loyolamd. If you are interested in learning about retirement plan limits set by the IRS, go to https://www.irs.gov/retirement-plans/irc-403b-tax-sheltered-annuity-plans.
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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.