Benefits Summary for Retired Employees
Loyola defines a retiree as a person who has separated their employment at age 50 or more and has completed 5 or more years of continuous, benefit-eligible service to the University.
Frequently asked questions about retiree insurance benefits - FAQ's
Retirees may elect to continue group medical coverage for themselves and their eligible dependents who are already covered on their date of retirement. Premiums are paid 100% by the retiree.
Dental and Vision Insurance:
Retirees and his or her eligible spouse and/or dependent child(ren) may continue to participate in the dental and vision insurance plans as allowed under the Consolidated Omnibus Budget Reconciliation Act (COBRA), if enrolled as an active employee immediately prior to retirement. This coverage can remain in effect for a maximum of 18 months. Premium information is located in the Separation Summary at the bottom of the Benefits Forms and Links webpage. Premiums are paid 100% by the retiree.
Retirees may elect up to $25,000 in life insurance and up to $5,000 for their spouse if enrolled as an active employee immediately prior to retirement. Premiums are paid 100% by the retiree.
Retiree Term Life Informational Summary
Retirees are allowed to retain their existing ID card. Retirees should contact Information Technology about retaining their loyno.edu email address.
Bookstore & Sports Complex:
Retirees are granted bookstore and sports complex privileges.
Parking Services will provide a complimentary parking permit for the Main Campus parking lots at the request of the Retiree. Both Broadway and Horseshoe areas are excluded. This permit is free as long as the Retiree is not receiving any monetary payment from Loyola once they have retired.
Retirees are eligible for tuition remission for themselves only. If a retiree is an ordinary faculty member with Emeritus status, their eligible dependents (spouse and child(ren)) may be eligible for tuition remission in accordance with University policy.
Retirees may have access to charge-out privileges with the ID card in accordance with established library policies and procedures.