Loyola University Chicago

Human Resources

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May 2018 Monthly Updates

Dear Faculty and Staff,
 
Human Resources is pleased to provide updates and announce new programs and services for our Loyola community. Please review the information below to learn more about resources to help maximize retirement and medical savings goals, and about personal and professional development opportunities to help you re-energize as we move forward in 2018 to accomplish University initiatives.
 
Voluntary Transition Incentive Program
The University announced that the Voluntary Transition Incentive Program (VTIP) is available to qualifying staff. The program is designed to position Loyola to be more financially strategic and nimble, while simultaneously staying ahead of the changing cycles and trends facing higher education. In addition, the VTIP program provides employees who are interested in pursuing a career or life change with the necessary support to do so. Participation in the program is strictly voluntary, and staff who are eligible for the program will be notified via e-mail from VTIP@LUC.edu with detailed information by Monday, May 7.
 
Maximize Employer Matching Retirement Contributions
The amount and timing of your contributions to the Loyola University Chicago defined contribution retirement plan impacts Loyola’s matching contributions. To maximize Loyola’s matching contributions in 2018, consider contributing a fixed percentage of wages per pay period. Be sure that total contributions do not exceed the maximum annual limit ($18,500 or $24,500 if age 50 or older). Take into account special eligible earnings, since contributions based on this pay count toward your annual maximum. Log in to your Transamerica Retirement account to view or make changes to your contribution amount. Select “View” on the appropriate account. Choose “Manage” in the left menu, and select “Contributions.”
 
Graduating Faculty and Staff Members
Congratulations to all Loyola faculty and staff who are graduating in May! Your hard work and commitment have helped you earn a significant accolade in your personal and professional development. Kudos to you.
 
Ignatian Contemplation Retreat
Faculty and staff are invited to the Ignatian Contemplation Retreat for two days devoted to quiet time and reflection. The retreat is May 29–31 at the Loyola Retreat and Ecology Campus in Woodstock, Illinois. Participants will be able to disconnect from the hustle and bustle of life while deepening their personal connection through self-reflection, meditation, and rest. Learn more and register on the Mission & Identity website.
 
EMERGE—Professional and Personal Development
Seats are still open in EMERGE classes taking place this month. The program offers personal, professional, and wellness seminars. Whether you are in a leadership role or a member of a team, you will find a program in which you can increase your knowledge and strengthen your skills. Visit the EMERGE site for details on the following courses:
  • May 17 - Project Management (Advanced) at the Health Sciences Campus
  • May 21 - Count to Four Before You Roar at the Health Sciences Campus
  • May 24 - Loyola Supervisor Basics* at the Lake Shore Campus
  • May 29 - Managing the Multigenerational Workforce* at the Lake Shore Campus
  • May 31 - Loyola Supervisor Basics* at the Water Tower Campus
*Courses marked with an asterisk are designated for supervisors and managers.
 
Program for Expecting Parents
If you are a Loyola medical plan participant, and you or your partner are expecting to have a baby soon, Blue Cross and Blue Shield of Illinois (BCBSIL) offers a free Special Beginnings program designed to provide answers to week-by-week pregnancy-related questions. A video library is available with information about medical care you can discuss with your doctor. To enroll, contact a BCBSIL representative at 888.421.7781.
 
Open Enrollment—New Health Insurance Options
Last year, 21 million people insured through their employer enrolled in a high-deductible health plan (HDHP) and health savings account (HSA) to take advantage of a tax benefit that can help save money on qualified medical expenses. Beginning January 1, 2019, benefits-eligible faculty and staff will have the option to enroll in a HSA-qualified health care plan and begin making pretax deposits into their HSA. Plan participants can choose to withdraw funds from their HSA to pay for health care expenses incurred in 2019 or can save their funds to help pay for future medical expenses. Either way, HSA withdrawals are tax-free when used to pay for qualified medical expenses. Funds in the HSA are the participant’s. They do not expire but remain in the account until they are used. Stay tuned to learn more about these plans and the option Loyola will offer in 2019.
 
If you have any questions regarding any of these updates, please visit LUC.edu/hr.
 
Sincerely,
 
Winifred L. Williams, PhD
Vice President for Human Resources
Chief Diversity and Inclusion Officer