Resignation & Exit Process
- Notice of Resignation
- Resignation Letter
- Return of University Property
- Final Paycheck
- Vacation Leave Balance
- Other Paid Time-Off Balances
- Benefits - When they end & how to continue certain benefits
- Are you a current Kronos timecard approver?
- Exit Interview
- Address for W-2 & 1095-C Forms
If you are a staff employee leaving employment with Loyola University Chicago, please follow these steps to ensure both a smooth transition for your department and the continuation of any benefits you may be entitled to and want. Questions concerning exit procedures can be addressed to your Human Resources Business Partner or the Human Resources Office at 312.915.6175 or firstname.lastname@example.org.
Notice of Resignation
A staff employee who desires to voluntarily resign from the University should submit a written notice to their supervisor generally at least two weeks in advance of the intended resignation date. In addition, if you plan to formally retire from the University, please notify the Benefits Department of your retirement via email@example.com.
A written resignation is a formal notice to your department and the University that you are ending your employment relationship with the University. This letter should specify your last day of work. Your department will forward a copy to the Human Resources Department for placement in your personnel file.
Return of University Property
Arrangements should be made with the appropriate departments to return all University property such as keys, ProCard, badge, laptops, iPads, books, etc. All University property must be turned in by your last day of employment.
- Any unused sick time will be forfeited at the end of employment.
- Unused holidays will not be paid out upon termination of employment. An unused "Floating Holiday" (if a year in which the Floating Holiday is not officially designated by the University) must be used prior to the last day of work.
- Unused personal days will not be paid out upon termination of employment.
Benefits - When your benefits end & how to continue certain benefits
When you terminate employment with the University, your active employee coverage under the health, dental and vision insurance plans end the last day of the month in which you resign. You will pay the entire monthly premium rate for these benefits, regardless of your last day of employment during the month. The group basic life insurance plan, any supplemental insurance plans, as well as the disability benefits which you are currently covered under, will end on the last day worked. You may elect to temporarily continue to participate in certain University sponsored benefits or to convert certain coverages to an individual policy directly with the sponsoring insurance company. Please review the below information.
- Continuation of Medical, Dental, Vision Insurances and the Health Care Flexible Spending Account (FSA):
- Under Federal law, COBRA, you have the right to temporarily continue health, dental, vision and Health Care FSA participation
- You pay the total monthly health, dental or vision premium plus a 2% administrative fee.
- To continue the Health Care FSA, you must continue to make your regular monthly contributions after-tax.
- More (COBRA) information, the process and premium rates
- Continue life insurance
- To be eligible to continue or port life insurance coverage, you must have been actively at work on the date employment ended, and not retiring. You must complete an application and apply for these options within 31 days of your coverage termination. To obtain an application, please contact Reliance Standard.
- What happens to my other benefits?
- Flexible Spending Account Benefits - Refer to the "Leaving the University" section
- Transit - Refer to the "Leaving the University" section
- Long-Term Care Insurance - Refer to the "Leaving the University" section
- Retirement Plans - Refer to the "Leaving the University" section
- Health Savings Account - Refer to the "What if I leave the University or change Loyola Health Plans?" section
- Hyatt Legal - Refer to the "Leaving the University" section
- Retiring from LUC?
Are you a current Kronos timecard approver?
Please send Payroll Services an updated KRONOS Supervisory Rights Access Form so that your employees do not have a disruption in having their time approved and receiving pay.
Exiting employees may schedule an exit interview with Human Resources. This discussion allows you an opportunity to discuss last pay, benefits and your reasons for leaving the University, your opinions of work conditions, and your relationships with supervisors.
Address for W-2 & 1095-C Forms
All exiting employees are responsible for providing the University with a current address so that the W-2 & 1095-C forms can be mailed out to the correct address. Current employees can update their own address through Employee Self Service and if no longer employed at the University, please email your change of address to firstname.lastname@example.org.