LMU to Reinstate Matching Retirement Contributions
As President Snyder shared on March 9, effective June 1, 2021, LMU will reinstate the 9.5 percent employer matching contribution for the pay period that begins June 1, 2021. This applies to bi-weekly and semi-monthly payrolls.
The true-up provision will also be reinstated effective June 1, 2021. If you changed or stopped your contributions during the Plan Year (or, for 2021, during the period from June 1, 2021–December 31, 2021), or you contributed the maximum amount permitted by law, LMU may need to make additional matching contributions (true-up contributions) to ensure that you have received the full matching contribution. A true-up contribution is treated the same as a matching contribution for all other purposes under the Plan. For 2021, the true-up calculations will be honored from June 1, 2021 through December 31, 2021
To review or update your deferral elections, please log in to your Transamerica account. For further consultation, please contact Angela Horvat, our dedicated Transamerica retirement planning consultant at 310.338.5316 or firstname.lastname@example.org.
Please direct any additional questions to Deep Malik in Human Resources at 310.338.4420 or email@example.com.
Here’s to your retirement success,
LMU Human Resources