Loyola’s DCRP provides a contribution equal to 5% of salary into your plan account. Additionally, the employer will match employee contributions, up to a maximum of 5%. For example, if you contribute 5% of your salary, Loyola will also contribute an additional 5%.
Starting the pay period in which you attain 60 days of employment in an eligible position, you will be automatically enrolled in the plan and receive matching contributions. This means that amounts will be taken from your pay and contributed to the plan. These automatic contributions will be 1% of your eligible pay each pay period, and will increase by 1% each year on July 1, until they reach a maximum of 5% of salary. However, you can increase or decrease your contribution amount, or even choose not to contribute to the plan.