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. As you approach retirement, you’ll need to make some important decisions in order to choose a retiree medical insurance plan that fits your needs and the needs of your family. The Human Resources office is committed to providing you with the resources and information necessary to assist you in making an informed decision.
The first step in retirement planning is to review the Checklist for Retirement at least 90 days prior to your retirement.
The document provides you with a guide for what you may need to consider or act on in preparation for retirement
Upon retirement, if you have met the eligibility requirements, you must elect or decline enrollment in the retiree medical plan, and complete the enrollment form for the retiree health account.
- Please visit the sections below for additional information. If necessary, please contact the benefits office at 312.915.6175, to schedule a one-on-one appointment with a Benefit Specialist
Retiree Medical Plan and the Retiree Health Account: In order to be eligible, an employee 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.
Eligibility requirements: Upon retirement from Loyola University Chicago, if you are at least 60 years old and have a minimum of 10 years of continuous full-time University service, immediately prior to retirement, you are eligible to participate in Loyola’s retiree medical plan.
About the medical plan:
- Retiree medical insurance plan is administered by Blue Cross Blue Shield of Illinois.
- Provides you with the flexibility of using the doctors & hospitals of your choice within the Blue Cross Blue Shield network.
- Highest level of payment will be for all services rendered at LUHS (Loyola University Health System) and/or physicians rendering services through Loyola University Physician’s Foundation.
- Plan coordinates coverage with Medicare as a “carve-out” plan. The Loyola University Chicago Retiree Medical Plan is not a Medicare supplement plan. In order to participate in Loyola’s retiree medical plan, you must enroll in both Parts A & B of Medicare, if eligible. All Medicare eligible members must also enroll in Medicare Part D through Loyola’s plan as described in the Rx section.
- Non-Medicare eligible (generally under age 65) the Loyola retiree medical plan would be your primary insurance coverage, unless you have also obtained another insurance policy elsewhere. There may be instances when someone under the age of 65 years may be eligible for Medicare due to a disability. Please contact Medicare for more information at 1-800-MEDICARE or go www.medicare.gov.
- For a detailed description of the plan, outlining deductibles and co-insurance amounts, out-of-pocket, etc. go to Retiree Medical Plan Grid.
Enrolling in the retiree medical plan: An enrollment application will be provided to your when you meet with a benefit specialist to review your retirement benefits. You should review your options and make a decision on retiree medical at least 30 days prior to retirement.
Cost of insurance: All members enrolled must pay the full cost of coverage for everyone in the plan. Click on Retiree Rate Sheet to obtain the current retiree monthly rates.
Prescription drug (Rx) plan: Prescription drugs are also covered under this plan, however the benefits differ based on whether or not the individual is Medicare eligible. Each individual that is Medicare eligible must complete a separate Blue Medicare Rx Group Enrollment Form, to become enrolled in our Medicare Part D prescription drug plan. You may only enroll in our drug plan, if you enroll in Loyola’s retiree medical plan, as they are both components of one plan. You will be provided with an application to enroll when you meet with the benefit specialist to review your retirement benefits.
Certificate of creditability for switching the coverage: If you choose to enroll in another medical and prescription drug plan other than Loyola’s plan, you may need to provide proof of previous insurance coverage. For more details, click on Certificate of Creditable Prescription Drug Coverage.
This account represents Loyola’s contribution towards payment of your healthcare expenses after retirement:
Balance in account accumulates at a rate of $2,750 per year.
For all years of full-time service worked between the ages of 50 through 65. The money that accumulates in this account while you are working full-time between the ages of 50 and 65 is the University’s contribution toward payment of your retiree healthcare expenses.
At retirement, you must choose between Option B1 and Option B2 in order to gain access to your account. Upon retirement, you will be asked to choose if you would prefer to have your Retiree Health Account funded similar to an annuity, which is referred to as Option B1, or to have immediate access to the balance in your account for reimbursement of eligible medical/dental expenses, which is referred to as Option B2. Whichever decision you make will be an irrevocable decision.
Eligibility requirements: Upon retirement from Loyola University Chicago, if you are at least 60 years old and have a minimum of 10 years of continuous full-time University service, immediately prior to retirement, you are eligible to participate in Loyola University’s retiree health account.
Account selection (B1 vs. B2): Please note that one option is not always better than another for all individuals. See Comparison of Option B1 and Option B2 to determine which funding option best meets your needs.
If you would like to receive additional assistance weighing out your options and to receive calculations for the retiree health account, please contact the HR benefits office at 312.915.6175, to schedule a one-on-one appointment with one of our benefit specialists.
Please contact FIDELITY, TIAA-CREF, or AIG-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:
- Fidelity Investments: 800.642.7131
- TIAA-CREF: 800.842.2252
- VALIC: 800.448.2542
- Transamerica: 773.508.2770
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.
Loyola University Chicago recognizes the loyalty and the continuing contributions of its retired faculty and staff members. Working in collaboration with Faculty Administration, Human Resources, and the Provost’s office, Loyola continually seeks to maintain a list of privileges that are available to retired faculty and staff members. Privileges—including library and LUC.edu email access—are granted to any retired faculty or staff member that is at least 60 years of age and has completed 10 or more years of continuous full-time service with Loyola University Chicago, immediately prior to their retirement date.
For more information on these privileges or to request the privileges form, please contact HR at 312.915.6175 or firstname.lastname@example.org
These forms are to be completed after meeting with a benefits representative:
Blue Medicare Rx Enrollment Form—Enrollment form for Medicare Part D (prescription plan)
Information Update Form—To update your address or other personal information
Retiree Computing and Confidentiality Agreement Form—Contact Human Resources at 312.915.6175 or email@example.com
Retiree Health Account Election Form— Contact Human Resources at 312.915.6175 or firstname.lastname@example.org
Loyola University Chicago is committed to providing you with the resources and information necessary to assist you with making informed decisions. The links below provide additional information on your current benefits and the status of those benefits after retirement. We’ve also provided helpful links to important Medicare information that you’ll need to become familiar with, as you consider retirement:
Retirement Benefits at-a-Glance—Many of your questions about the continuation of your current benefits after retirement may be answered here.
Your Retirement Checklist—Handy to-do-list with a suggested timeline of the steps that should be taken as early as 90 days prior to retirement thru 60 days post-retirement.
Other Helpful Resources—Reference guide of useful phone numbers and web URL’s that you may find helpful as you work through your retirement process.
Retiree Privileges—Contains information regarding continuation of your library privileges; continued access to your Universal computing ID (UVID); and LUC.edu email account after retirement. See your employee representative for details.
Retirement Vendor Info—Information regarding your Defined Contribution Retirement Plan (DCRP) and also the LUERP pension plan.
Medicare & You Handbook—Official government handbook with detailed information explaining the Medicare insurance program.
Online Forms—Various forms may be found in this section for use by our retirees including claim forms, enrollment forms, address updates, computing and email agreement form.