2020 Tenured Faculty Voluntary Transition Incentive Program (TF-VTIP)
Loyola University Chicago is offering the Tenured Faculty Voluntary Transition Incentive Program (TF-VTIP) as a one-time program for eligible tenured faculty members. It provides an opportunity for individuals who would like to pursue early retirement, or a life or career change, with the support to do so. Participation in the program is completely voluntary – no one will be required to participate. Eligible tenured faculty members interested in making a career or life change – to spend more time with family, to pursue a new professional endeavor, or to begin retirement – are encouraged to give careful consideration to this offering.
The program also helps the University maintain our standing as a first-class, student-focused university by identifying efficiencies and seeking opportunities to strategically leverage innovation and further academic development. The program’s retiree benefits package includes a generous one-time incentive in recognition of the many years of valuable service given to the Loyola community. Please see the information below, and view the Frequently Asked Questions for more information on the program.
View the TF-VTIP Summary Plan Description (SPD) for detailed program information.
|Tenured Faculty Voluntary Transition Incentive Program
|August 20, 2019|
|TF-VTIP Information Sessions, Get Ready to Retire Seminars, and Medicare Information Sessions for all eligible tenured faculty||August 22 – September 13, 2019|
|TF-VTIP Participation Request Forms due||September 20, 2019|
|Notification of acceptance or non-acceptance||October 1, 2019|
|Approved faculty given Separation Agreements||October 1, 2019|
|Last day faculty may return signed Separation Agreements||November 15, 2019|
|Last opportunity for faculty to revoke decision||November 22, 2019|
|Faculty departure date||June 30, 2020|
|Payouts||July 15, 2020|
- Qualified full-time benefit-eligible tenured faculty members (1.0 FTE) who are age 60 or older with 10 (ten) or more years of continuous Loyola University Chicago service as of December 31, 2020, may voluntarily choose to transition from the University on June 30, 2020, and they will receive benefits designed to help them pursue new opportunities or retirement. Staff members are not eligible for the TF-VTIP, nor are any faculty who are not tenured. Faculty in any division, school, or department that is not in the United States, such as faculty working at the John Felice Rome Center or the Vietnam Center, are not eligible for the TF-VTIP. Clinical faculty working at the Loyola University Medical Center are also excluded from this program.
- Eligible faculty members must be actively employed by the University on June 30, 2020 and be in good standing (satisfactorily performing all of their duties and responsibilities, while not being subject to any form of disciplinary action under the University’s Faculty Handbook).
- Faculty members who resigned or retired prior to June 30, 2020, are ineligible for program participation.
- Eligible faculty members who submitted their formal, written notice of retirement prior to July 1, 2019, are ineligible for this program. Exceptions may be made for eligible faculty members who submitted a formal, written notice for the phased retirement program prior to July 1, 2019, who intend to retire on or after June 30, 2020.
- This program is strictly voluntary. If an eligible tenured faculty member chooses to continue their employment, they may certainly do so. If, on the other hand, they want to transition, we hope this incentive facilitates and supports their decision.
- Approved participants of the program will receive a one-time, single cash payout equal to 200% of their annual academic base salary as of December 31, 2019, less all applicable taxes and withholdings. Payment will be made within 15 (fifteen) days after the last day worked or within 15 (fifteen) days after turning age 60 or attaining 10 years of University service, but no later than December 31, 2020.
- Health benefits (medical, dental, vision) terminate at midnight on last day of the month in which employment with Loyola ends. Other welfare benefits, (e.g., disability, life insurance) terminate at midnight of the last day worked. Eligible participants may access Social Security and sign up for Medicare. Some of the health and welfare benefits are portable and can be converted to individual policies.
- Participants age 60 or older may be eligible for Loyola’s retiree health benefits. Faculty will be eligible to access the LUC Retiree Health Reimbursement Account to offset medical expenses with eligibility to participate in Loyola’s Retiree Health Exchange program offered through Via Benefits.
- 403(b) Retirement Savings deductions, the LUC match, and the LUC contributions will end with the final regular paycheck. 403(b) Retirement Savings deductions – both employer and employee – WILL NOT be taken from the lump sum severance payment.
- Participants will receive 90 (ninety) days of continued free consultation services provided by the Employee Assistance Program / Perspectives.
- Faculty members who elect to participate in the TF-VTIP program will not be eligible for rehire with Loyola University Chicago in a full-time position, but may have the opportunity to teach up to 2 (two) courses per academic term as adjunct faculty member, pending approval by the Provost.
- Eligible tenured faculty members who desired to participate in this program needed to complete the Participation Request Form.
- Request forms must have been emailed, with required signatures from the tenured faculty member, Chair/Academic Supervisor, and Dean, to Human Resources at VTIP@LUC.edu no later than September 20, 2019. Request forms received after that time were not considered for the program. The submission timeframe is designed to give eligible tenured faculty members time to carefully consider the program.
- Approved applicants were sent a Separation & Release Agreement for the TF-VTIP Program via email from VTIP@LUC.edu to their Loyola email account on October 1, 2019. This is a legal document.
- Approved applicants then had 45 (forty-five) days from the date the Separation & Release Agreement was made available via email (i.e., until November 15, 2019), to review and consider the Agreement, and sign.
- Applicants have a 7 (seven) day revocation period after submitting the Agreement in the case they choose to decline the offer.
The Provost and Human Resources hosted several Information Sessions to ensure that eligible faculty have access to pertinent information to make an informed decision about participating in the TF-VTIP. Please refer to the Information Session Schedule for meeting date, time, and location information for the sessions held throughout August and September. Financial advisors from Transamerica also offered group sessions and individual meetings, and Medicare information sessions were held at each Chicago-area campus. The Information Session Presentation and Medicare Presentation are available for your reference.
Download/view Frequently Asked Questions.