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 HRÂ websiteÂ
- 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 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 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.
The College offers two options for eligible tenured faculty to make an orderly transition to retirement. In this Tenured Faculty Pre-Planned Retirement Program, eligible tenured faculty are given a choice of two pre-planned retirement options. The first option offers eligible tenured faculty members the opportunity to take a period of reduced service, during which the faculty member can reduce their teaching course load over two years. The second option is for faculty who do not want a reduced teaching load, but would like certainty regarding their retirement date. Both options provide tenured faculty members enhanced pay with benefits for pre-planning their retirement decision.
This Program is available to each tenured faculty member at the College who (1) is between the ages of sixty (60) years of age and sixty-seven (67) years of age, and (2) has a minimum of fifteen (15) years of continuous service to the College, as of September 1 of the first academic year in the program.
Participation in this Program is on a voluntary basis only. No eligible tenured faculty member will be discriminated against, retaliated against, or harassed due to that faculty member’s participation or non-participation in the Program.
Tenured Faculty Pre-Planned Retirement Program
Notice of Participation in the Tenured Faculty Pre-Planned Retirement Program
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: