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403(b) Retirement Plan

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 University does not make plan contributions to a participant’s retirement account during periods of unpaid leave.


Alex is Loyola's interactive online tool for retirement plan counseling. It's a great place to start especially for those who are unfamiliar with tax-deferred 403b defined contribution plans. Alex will explain the purposes of a retirement plan and help the employee determine how much to contribute. Please note, the advice from Alex does not replace the expertise of TIAA's retirement plan specialist. To speak with TIAA, call 1-800-842-2252.


  • New Employees: New and newly eligible employees must satisfy the eligibility period as defined in the 403(b) Plan Document. Voluntary elective deferrals can begin any time during the first year of employment however, Loyola's contribution does not begin until the first year is completed. Loyola's contribution of 9% (of base salary) begins the first of the month following completion of a full year of eligible continuous service. The first year. may be waived if one year of continuous full-time employment has been completed at an accredited four-year higher educational institution. To determine if they qualify, the employee must send the Retirement Verification Form to their previous employer for completion. The employee will be notified if they are eligible. Enrollment instructions and the Retirement Verification Form are located in the Enrollment Resources section below.
  • Automatic Enrollment: Employees will be automatically enrolled in the 403(b) Plan once eligibility requirements are met. Employee contributions will be set at two (2) percent in order to receive the University retirement contribution. These contributions will be directed into the plan’s age appropriate default investment fund closest to their projected date of retirement. The investment fund is age-specific, and provides a ready-made diversified portfolio that adjusts over time. TIAA will send the automatic enrollment notification to the employee before their eligibility date.
  • Waive Participation: Employees can opt out of participating before they are automatically enrolled. They must log in to their TIAA online account and cancel their automatic enrollment. They can also opt out after automatic enrollment begins. A refund request can be submitted within 30 days after automatic contributions are first taken from their salary. Requesting a refund of all accumulations will result in forfeit of the employer accumulations and tax liability. If there are questions or assistance needed, employees should refer to their automatic enrollment notification or call TIAA at 1-800-842-2252.  


  • Employees can contribute to the plan any time during the year. Set up contributions online. Contact TIAA for assistance or speak with a retirement plan specialist at 1-800-842-2252.
  • Employees can contribute up to the IRS Annual Limit based on their age and years of service.
    • 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 may be able to contribute an additional $ 3,000 over a 5-year period (not to exceed the lifetime limit of $ 15,000) if they qualify for this additional catch-up provision. Interested employees must request a calculation by contacting TIAA at 1-800-842-2252 or submitting a request online. Employees should contact our office if TIAA approves the additional contribution.

Educational Resources:

Enrollment Resources


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.