Flex Credits

Loyola University Maryland's Cafeteria Flexible Benefits Program (flex plan) allows benefit-eligible faculty, staff, and administrators to choose the combination of benefits that meets their personal needs. Participation in both core (employer paid) and elective benefits begins the first of the month following the date of hire or date of eligibility unless the effective date of employment is on the first of the month, then benefits will be effective on that date (e.g. if you begin employment on Feb. 1, your benefits will begin on Feb. 1).

The University provides Flex Credits to assist benefit-eligible faculty, staff, and administrators with the purchase of their benefits however they are not required to enroll in Loyola's benefits. Flex Credits will be automatically applied to their paychecks based on the schedule below. Year to date and paycheck amount can be viewed on their Earnings Statement.

Flex Credits based on Completed Years of Service

Years of Service as of July 1st:  0 to 5
Annual Flex Credits:  $1,000.00
Flex Credits Per Paycheck: $ 41.67 (Administrator & Faculty) / $ 38.46 (Staff)

Years of Service as of July 1st:  6 to 10
Annual Flex Credits:  $1,100.00
Flex Credits Per Paycheck: $ 45.83 (Administrator & Faculty) / $ 42.31 (Staff)

Years of Service as of July 1st:  11 to 15
Annual Flex Credits:  $1,200.00
Flex Credits Per Paycheck: $ 50 (Administrator & Faculty) / $ 46.15 (Staff)

Years of Service as of July 1st:  16 to 20
Annual Flex Credits:  $1,300.00
Flex Credits Per Paycheck: $ 54.17 (Administrator & Faculty) / $ 50 (Staff)

Years of Service as of July 1st:  21 or more
Annual Flex Credits:  $1,400.00
Flex Credits Per Paycheck: $ 58.33 (Administrator & Faculty) / $ 53.85 (Staff)

* Regular full-time or core Jesuits and Religious Sisters of Mercy receive $850 base flex credits. Additional $100 will be added based on the YOS schedule above.
** Regular half-time administrators and staff receive $500 base flex credits. Additional $100 will be added based on the YOS schedule above.
*** Paycheck amounts may be different for benefit-eligible staff members working less than 12 months.

 

This website provides a summary of the benefits available. The University reserves the right to modify, amend, suspend or terminate any plan at any time, and for any reason without prior notification. You will be notified of any changes to these plans and how they affect your benefits, if at all. The plans described on this website are governed by insurance contracts and plan documents, which are available for examination. We have attempted to make explanations of the plans on this website as accurate as possible. However, should there be a discrepancy between this website and the provisions of the insurance contracts or plan documents, the provisions of the insurance contracts or plan documents will govern. In addition, you should not rely on any oral descriptions of these plans, since the written descriptions in the insurance contracts and plan documents will always govern.