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 of 11 percent of base pay, 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 2 percent employee contributions are directed into the participant’s retirement account. Further details and information may be obtained from a member of the benefits and wellness unit. These terms are and must be consistent with the conditions defined by the 403(b) summary plan document.
Contact the benefits & wellness office at 410-617-1368 with questions or request for additional information.