Loyola University Chicago

Human Resources

Retiree Information

Your dedication to Loyola University Chicago throughout the years has played an important role in making this university the superior academic institution that it is today. The Human Resources office is committed to providing you with the resources and information necessary to assist you in making informed decisions about retirement. Please visit the resources below for additional information on your current benefits, and the status of those benefits after retirement.
 
Retiree Eligibility:
  • In order to be retiree benefit eligible, a faculty or staff member must be at least sixty (60) years old AND have a minimum of ten (10) years of continuous full-time University service, immediately prior to their retirement date.
Staff Retirement:
  • Staff members intending to retire from Loyola should notify their manager in writing 90 days prior to retirement or as soon as possible.
Faculty Retirement:
  • Faculty members intending to resign or retire from Loyola are asked to provide notice of this intention as early in the academic year as possible, preferably by January 1st. Letters of resignation or retirement should be directed to the Senior Academic Officer with copies to the appropriate departmental chairpersons, academic supervisors and deans.
  • Phased Retirement Program
    • Full-time tenured Faculty members interested in participating in the voluntary Phased Retirement Program should contact the Director of Faculty Administration in the respective Provost’s Office no later than May 1st of the academic year prior to entering the phased retirement program. For additional information on this program, see the Tenured Faculty Phased Retirement Program Policy.
Retiree Benefits Considerations:
  • At least 60-90 days prior to your retirement, contact Human Resources at benefits@luc.edu concerning your eligibility for retiree benefits, including your Retiree Health Account balance.
    • Review the Retirement Checklist. The document provides you with a guide for what you may need to consider, or act on, in preparation for retirement.
    • Many answers to your questions about the status of your current enrollment in the University’s benefits, after retirement, can be found here: Your Retirement Benefits At-a-Glance.
    • Before you contact Via Benefits regarding supplemental Medicare plans or your Retiree Health Account, you must first notify Human Resources of your intent to retire and also be enrolled in Medicare Part A and Part B. If you need to enroll in Part A and/or Part B, contact your local Social Security office.
  • If you/your covered spouse/LDA are at least 65 years of age (Medicare-eligible) when you leave Loyola and will not be going on another employer's medical plan, you will need to sign up for Medicare Part B at least 30-60 days prior to your Loyola medical insurance coverage ending.
Please review the sections below for additional information on retiree benefits. For additional information regarding retiree privileges, ranging from the continuation of your library privileges, continued access to your Universal computing ID (UVID), and/or your LUC.edu email account after retirement, please see the "Retiree Statement of Privileges" section below.
 

Many of your questions about the status of your current enrollment in the University’s benefits, after retirement, may be answered by reviewing Your Retirement Benefits At-a-Glance.

Since Original Medicare (Parts A & B) only pays for 80% of your doctor and hospital costs, you’ll need to purchase additional Medicare coverage. Through Via Benefits, you will find all of your entire Medicare supplemental plan needs – including Medicare Advantage plans, Medicare Supplement Insurance (Medigap), Part D Prescription Drug plans, and vision and dental plans – in a wide range of quality and affordable plans from leading insurers.  Additionally, Via Benefits administers the Loyola Retiree Health Reimbursement Account and reimbursements.
 
Via Benefits licensed benefit advisors will provide personalized, over-the-phone support to guide you through your plan options and enroll you in new coverage that meets your health and financial needs. These benefit advisors work as unbiased advocates with no financial incentive or reward for enrolling you in one health plan over another. Note: Before you schedule an appointment with Via Benefits, you must be enrolled in Medicare Part A and Part B. If you need to enroll in Part A and/or Part B, contact your local Social Security office.

Learn More
The Via Benefits Enrollment Guide helps you prepare to enroll in new individual Medicare coverage.  Please read through it and collect the requested information. Once you do that, you are ready to enroll with Via Benefits.
  • You can review available plan options on the Via Benefits website: https://my.viabenefits.com/loyolaNote: You cannot create an online account for Via Benefits until after you have officially retired.
  • View the helpful Via Benefits Flyer for a snapshot of available services and support.
  • You can also contact Via Benefits toll-free at 855.229.3283 (Monday through Friday from 7:00AM - 8:00PM CST).

Learn more about Medicare using the resources below and by visiting the Medicare Facts and FAQs page.

You can enroll in Medicare Part A and/or Medicare Part B in the following ways:

  • Online at www.SocialSecurity.gov.
  • By calling Social Security at 1.800.772.1213 (TTY users 1.800.325.0778), Monday through Friday, from 7:00AM to 7:00PM.
  • In-person at your local Social Security office.
Coverage in the medical, dental, and vision plans will end on the last day of the month following your termination date. If you are currently enrolled in Loyola’s dental or vision benefit plans, you will have the option to continue your benefits under the provisions of the Consolidated Omnibus Budget Reconciliation Act (COBRA).
 
If you under 65 years of age, you will be eligible for your medical insurance under COBRA until you turn age 65. If you are age 65 at date of termination, you are not eligible for medical insurance under COBRA.
Please contact Transamerica, Fidelity, TIAA, and/or AIG (formerly VALIC) to initiate your retirement benefits from the University’s Defined Contribution Retirement Plan (DCRP). You will have to select a payment method from one of several income options:
It is advisable that you consult with a tax specialist before withdrawing or receiving any plan money that is subject to tax. Professional advice may help avoid unexpected tax liability.

For staff employees hired on or before March 1, 2003, you may have been a participant with frozen defined retirement benefits under the Loyola University Employees’ Retirement Plan (LUERP). For more information, see the LUERP page.

  • IMPORTANT: As of December 31, 2018, the Retiree Health Reimbursement Account (RHRA) was frozen and is not available to any future participants. The amount in your account as of December 31, 2018 will be available to you at retirement if you are at least 60 years of age with 10 years of continuous service. While this balance in your RHRA will no longer accrue 3% annual interest, the account balance as of December 31, 2018 will be available to use for qualified health care expenses at retirement.
  • Contact benefits@luc.edu if you would like a RHRA balance statement or account enrollment form.
  • The RHRA was calculated as follows: If eligible, you accumulated $2,750 for each year of full-time university service worked after age 50 (15 year maximum), including an interest credit of 3% for each year. No annual contributions or interest credits will be applied to RHRA accounts after December 31, 2018.
  • Upon retirement, if you have met the eligibility requirements of Retiree Benefit Eligibility, you must complete the enrollment form for the RHRA.
  • Via Benefits administers all reimbursements from the RHRA for approved qualified medical claims and expenses.

The following privileges are granted to any retired faculty or staff member who is at least sixty years of age and has completed ten or more years of continuous full-time service with Loyola University Chicago, immediately prior to their retirement date.

Privileges:

  • Eligible retirees may keep their Loyola University Chicago Photo ID.
  • Prices and discounts will be extended to eligible retirees at the campus bookstores, recreation centers, Loyola athletics and cultural events, with Loyola ID.
  • Library privileges and access will be extended to eligible retirees, with Loyola ID.
  • Annual invitations will be extended to University events such as Christmas Party, Picnic and Service Day.
  • Tuition benefits will be extended to eligible retired faculty, staff, and their dependent children. Please consult the tuition benefit policy for more information at: https://www.luc.edu/hr/policies/tuition/.
  • Loyola universal computing resources such as access to computing labs and Exchange (Outlook) email will be extended to eligible retirees UPON REQUEST. (Please contact benefits@luc.edu for a Retiree Computing & Confidentiality Agreement.)
  • Retirees are eligible to receive a complimentary one-year membership to the Loyola University Museum of Art. LUMA is dedicated to exploring, promoting, and understanding art and artistic expression that illuminates the enduring spiritual questions of all cultures and societies. LUMA reflects the University’s Jesuit identity and is dedicated to helping people of all creeds to explore their faith and spiritual quests. To redeem your membership, please email luma@luc.edu or call 312.915.7630.

As of December 31, 2017, Loyola University Chicago has terminated the Loyola University Blue Cross Blue Shield Retiree Health Plan and Medicare Part D Plan.