Announcing the Voluntary Transition Incentive Program
May 4, 2018
Dear Loyola Faculty and Staff:
During the past year, the University has engaged in proactive measures to assure our standing as a first-class, student-focused university that attracts outstanding students, faculty, and staff. In anticipation of changing demands in higher education and imminent funding challenges, major initiatives have been undertaken to reduce salary, benefits, and operational costs to maximize the University’s ability to deepen and fulfill its mission on a continuing basis.
This type of forward thinking and adaptability are hallmarks of Jesuit education. As we make progress on a number of different and important initiatives, we continue to work diligently and strategically to steward our resources and plan for the future. During the past year and a half, we have worked to address these challenges with the goal of achieving stronger fiscal and academic positioning for the University. As a result, several proactive initiatives were undertaken. The first included implementation of Financial Planning Working Groups. These teams were tasked with reviewing current business operations and processes and proposing recommendations to reduce University expenses, enhance efficiencies, and identify opportunities for further development. Much good work came from these teams, and several recommendations have already been adopted. Next was our Human Capital Management initiative, which consisted of a robust, proactive analysis conducted by management in each school and division to analyze existing staffing resources and assure appropriate alignment with the scope, objectives, and overall operation within the respective business unit.
These steps, incorporated within our three-year budgeting process, along with ongoing efforts to identify efficiencies and cost reductions, are positioning us to be more financially strategic and nimble, staying ahead of the changing cycles and trends facing higher education. It is anticipated that our overall enrollment numbers for the 2018–19 academic year will be favorable, once again, thereby enabling the University to sustain a strong financial position in the near term. Nonetheless, we must continue to anticipate the challenges ahead and continually seek opportunities to maximize more efficient business operations within the University.
Today, we are announcing another initiative in this continuing effort focused on operational alignment. Loyola University Chicago is pleased to offer a Voluntary Transition Incentive Program (VTIP). This one-time program will be available to eligible staff members only. Faculty members, including librarians, are not eligible to participate in this program. Staff members in grant-funded positions are excluded and, therefore, are not eligible for participation in the program.
To be eligible for the VTIP program staff members must be age 65 or older (by December 31, 2018) with ten or more years of continuous service. Eligible staff who volunteer for this program will transition from the University on July 20, 2018, with a compensation package designed to assist staff members in pursuing a career or life change, including retirement. VTIP participants who have 10 years of continuous University service will be Loyola retiree eligible.
Staff who are eligible for the program will be notified by Monday, May 7, via e-mail from VTIP@LUC.edu with detailed information about the program.
Loyola’s Human Resources Team will host town hall meetings beginning next week to assure that eligible staff have access to pertinent information to assist them in making an informed decision about participation in the VTIP program. In addition, the University has arranged for group sessions and individual meetings with financial advisors from Transamerica and tax advisors from H&R Block to be held at each campus. Outplacement services will also be available for interested staff members.
Eligible staff members are encouraged to seriously consider this initiative. We express our deepest appreciation to each of you for your diligent contributions and valued commitment over the years to serve our students and position Loyola for strength and success into the future.
Jo Ann Rooney, JD, LLM, EdD
Winifred L. Williams, PhD
Vice President, Chief Human Resources Officer, and Chief Diversity and Inclusion Officer
Senior Vice President, Chief Financial Officer, and Chief Business Officer