Service & Retirement Awards
|Policy No.:||6-6||This policy applies to:|
|Policy Name:||Service & Retirement Awards||
Loyola University New Orleans wishes to recognize those employees who have devoted substantial years of service to the University. All full-time employees are eligible to be recognized as well as part-time staff who do not have a primary teaching assignment and who work regular and consistent hours. Staff employees who have completed 5, 10, 15, 20, etc. consecutive years without a break in service will receive a service award. Faculty members who have completed 25 years will receive a service award. An employee’s current service date is used when determining awards. Employment prior to the current service date cannot be used to determine length of service.
Service awards for staff will be presented once per year at the annual Spring Staff Luncheon. Human Resources will send the award selection booklet to each eligible employee in early Spring for orders to be placed in time for receipt and presentation at the Luncheon. Service awards for faculty will be presented once per year at the Spring Convocation.
Retirement Award Policy
Loyola University New Orleans wishes to recognize those employees who have devoted substantial years of service to the University at their time of retirement. An employee’s service date is considered when determining awards and periods of employment with breaks in service cannot be combined to determine length of service. In adherence with IRS qualified plan regulations and to ensure equitable treatment of all employees, the retirement gift* policy will be administered through Human Resources and will not materially differ from the amounts provided below:
|Length of Service||Maximum Amount|
|5 to 10 years||$400|
|Over ten to 20||$600|
|Over 20 years of service||$1,000|
*IRS regulations specify that nontaxable gifts must be in the form of an item of tangible personal property and must be awarded under conditions and circumstances that do not create a significant likelihood of disguised compensation. Gift cards and/or gift certificates or coupons that are redeemable for general merchandise or have a cash equivalent value are considered taxable and will be included as income in the recipient's Form W-2.
Upon notification from the retiring employee’s department, Human Resources will coordinate the purchase of a tangible gift of personal property or process a taxable payment with an authorized Personnel Notification Form (PNF) in accordance with the schedule above. Awards are granted at the discretion of the respective department.