Summary of Benefits for Full-Time Faculty
Insurance and Retirement
Health Insurance
Effective 1st active working day of the month following employment. Pre-tax monthly premium. Coverage options: Employee; Employee/Spouse; Employee/Children; Family. Enrollment optional.
Voluntary Dental Insurance/HMO or PPO
Effective 1st active working day of the month following employment. Pre-tax monthly premium. Coverage options: Employee; Family. Enrollment optional.
Voluntary Vision Insurance
Effective 1st active working day of the month following employment. Pre-tax
monthly premium. Coverage options: Employee; Employee & Spouse; Employee & Child;
Family. Plan provides benefits for eye exams, eyeglass lenses, frames and contact
lenses. Enrollment optional.
Flexible Spending Accounts
Effective 1st. active working day of month following employment, faculty may pre-fund for unreimbursed medical and dependent care expenses on a pre-tax basis.
University Basic Term Life and Accidental Death & Dismemberment (AD&D)
$10,000 Coverage - Provided to employee at no cost. Effective 1st active working day of the month following employment.
Term Life Insurance
2X salary to a maximum of $250,000. Effective 1st active working day of the month following employment. Optional Life insurance is also available to employees who have elected 2x salary term life insurance. Enrollment optional.
Accidental Death & Dismemberment (AD&D)
Paid by Loyola for participants enrolled in group life plan - 2X salary to a maximum of $250,000. (Additional coverage available under voluntary plan).
Long Term Disability
Long Term Disability Paid by Loyola. 90 day elimination period. 60% of salary to a maximum benefit of $10,000 per month. No enrollment required.
Retirement Plan
Mandatory participation after one year of service. Previous service with an eligible employer may qualify for immediate participation. Consult with the Human Resources Benefits Department for details. Employee contribution is 3.5% of annual earnings. Loyola’s contribution is 8% of annual earnings. Vesting is immediate upon participation in this Defined Contribution Plan.
Tax Deferred Annuity
403(b) Voluntary supplemental retirement accounts.(Investment company options: TIAA/CREF, Fidelity Investments, Valic and American Century). Enrollment optional.
Social Security
Matching contribution to provide disability, health and retirement benefits, and survivor's benefits.
Long Term Care
LTC is a voluntary coverage available to you through TransGeneration, A Trans America Life Co. You may contact Mr. Val Vogel directly to obtain specifics of coverage and costs by calling (504) 465-8556.
