Retirement Benefits
Luther College is a member of the Iowa Independent Higher Education Research Foundation (IIHERF) and the Iowa Association of Independent Colleges and Universities (IAICU), Multiple Employer Plan (MEP). TIAA is the recordkeeper and custodian for the MEP plan. You can review your investment accounts using the TIAA/Luther College microsite.
If you meet the eligibility requirements, the College will contribute an amount equal to 5% of your base salary as long as you contribute at least 3%. You may choose either pre-tax or after-tax (Roth) options for your employee contributions. Employer contributions are subject to.a two-year vesting provision.
To make changes to your contributions:
- Complete the IAICU Multiple Employer Plan salary Deferral Agreement found on the HR website
- Submit the completed form to Human Resources, Main 25
- The new or revised payroll deduction will be implemented as soon as administratively possible based on the next available payroll date
Educational services are available at no additional cost through Millennium Advisory Services. Millennium advisors provide free, individual counseling on campus and virtually.
Emeritus status is granted to selected retired faculty members upon the recommendation of the President and action by the Board of Regents. To be eligible for consideration for emeritus status, a member of the faculty with voting status must have a minimum of 15 years (or its equivalent) of service to the College before retirement.
- Emeriti faculty younger than age 65 may continue to participate in the Luther College health plan, paying premiums at the middle salary tier, for themselves and their families. Once the emeritus faculty member turns 65, their spouse may remain enrolled but their children would need to obtain other health insurance.
- Emeriti faculty age 65 and older are eligible to enroll in the Humana Medicare Advantage Plan.
- Emeriti faculty may receive a Luther College ID that grants access to the library, athletics facilities and events, and other campus facilities.
- Emeriti faculty are invited to campus events, such as the service of dedication and holiday parties.
Staff employees who retire at age 62 or older with at least 15 years of service are designated as staff retirees and are eligible for these benefits:
- Staff retirees younger than age 65 may continue to participate in the Luther College health plan, with Luther paying 50% of the single full monthly premium and the staff retiree paying the balance.
- Staff retirees age 65 and older are eligible to enroll in the Humana Medicare Advantage Plan
- Staff retirees will receive a Luther College ID that grants access to the library, athletics facilities and events, and other campus facilities.
- Staff retirees are invited to campus events, such as the service of dedication and holiday parties.
Luther College offers two pre-planned retirement options for eligible tenured faculty considering retirement. In the phased option, faculty have a reduced teaching load; in the advance notice of full retirement option, faculty maintain a full teaching load. Either option can be elected for a one or two year period prior to retirement and provide enhanced pay with benefits for pre-planning their retirement decision. The full Tenured Faculty Pre-Planned Retirement Program plan document and Notice of Participation in the Tenured Faculty Pre-Planned Retirement Program form can be found on the Office of the Provost – Academic Affairs KATIE site under “Policies, Procedures, and Forms”.
Emeriti Faculty and Staff Retirees are eligible to participate in the college-sponsored Humana Medicare Advantage plan.
For more information about Medicare, we encourage employees and retirees to contact the Seniors Health Insurance Information Program (SHIIP), a program through the State of Iowa – staffed by trained volunteers – that provides free informational materials as well as one-to-one assistance with Medicare and related issues.
Following are links to websites with helpful information about Medicare: