Loyola University Maryland is making important changes to its retirement plan offerings. TIAA-Cref will be Loyola's sole retirement plan provider and all Loyola participant accounts, including those with TIAA-Cref and Fidelity, will be moved to the new plan effective December 14, 2012. Be sure to attend an information session to learn more about the changes taking place.
Regular Retirement Plan
In order to receive the University retirement contribution of eleven percent (11%) of base pay, all of the following must apply:
- You must be an eligible faculty, administrative, or staff member;
- Attained age twenty-one (21);
- Completed at least one (1) year of service at Loyola (at least 1,000 hours over 12 months); and
- Make a pretax employee contribution of two percent (2%) of base pay.
The one year waiting period may be waived if one year of continuous full-time employment (just prior to employment with Loyola University Maryland) has been completed at an accredited four-year higher educational institution. Both the University contribution and required two percent (2%) employee contribution are directed into the participant's regular retirement account. Participation begins the first of the month coinciding with, or immediately following, eligibility.
Tax Deferred Annuity
The supplemental savings plan is a voluntary plan designed to allow an individual to set aside tax-deferred salary dollars for retirement. Participation in the plan begins the first of the month coinciding with, or following, date of hire. There is no age or service requirement to enroll in this plan. Full-time and part-time employees may participate.