Benefits

• Employee is defaulted into Social Security if the appropriate eligibility criteria is met
• Employee contributes 6.2% of salary
• LSU contributes 6.2% on employee’s behalf
• If employee has a permanent appointment, he/she will not contribute to Social Security

Eligibility:

• Temporary appointments
  • Appointment with personnel end date of two years or less
  • Employees on J or F Visa if “substantial presence” is met
• Part-time employees
• Faculty member appointed for less than 50% of full-time effort (20 hours per week or less), or
• Professional/Staff member appointed for less than 51% of full-time effort (20 hours per week or less)

2. Louisiana Deferred Compensation (DCCL)
www.louisianadcp.com

Description:

• Defined Contribution Plan
• Employee has 30 days from date of hire to elect DCCL in lieu of Social Security w/o a delayed effective date
• Employee contributes 7.5% of salary
• LSU contributes 6.2% of salary
• Immediately vested

Eligibility:

• Temporary appointments
• Appointment with personnel end date of two years or less
• Employees on J or F Visa if “substantial presence” is met
• Part-time employees
• Faculty member appointed for less than 50% of full-time effort (20 hours per week or less), or
• Professional/Staff member appointed for less than 51% of full-time effort (20 hours per week or less)
• Classified employees
• Employees 60 years of age or older at time of employment OR employees 55 years of age or older at time of employment who have at least 40 quarters in the Social Security System may elect Louisiana Deferred Compensation Plan in lieu of LASERS.

3. Louisiana State Employees Retirement System (LASERS)
www.lasers.state.la.us

Description:

• Defined Benefit Plan
• Employee contributes
• 7.5% of salary (Joined LASERS on or before June 30, 2006)
• 8.0% of salary (Joined LASERS on or after July 1, 2006)
• Meet age and years of service criteria in order to receive a benefit
• Vested after 10 years of service

Eligibility:

• Classified/ Civil Service employees appointed for greater than 51% of full-time effort

4. Optional Retirement Plan (ORP)

• ING
• TIAA-Cref
• VALIC

   

Description:

• Defined Contribution Plan
• Permanent employees have 60 days from date of hire to elect an ORP in lieu of TRSL w/o a delayed effective date
• Employee contributes 8.0% of salary
• LSUS contributions vary each year.  Visit http://www.trsl.org/employers/index.php?page=Contribution_rates and view current fiscal year and "Normal Cost" to determine employer contributions
• Immediately vested
• Irrevocable decision; you may never pay into TRSL

Eligibility:

• Permanent appointments only
• Faculty member appointed for 50 % effort or greater, or
• Professional/Staff member appointed for 51% effort or greater, and
• An appointment that is greater than two years
• Note: faculty and staff who are on a J or F Visa are not eligible for this retirement plan

5. Teacher’s Retirement System of Louisiana (TRSL)
www.trsl.state.la.us

Description:

• Defined Benefit Plan
• Employee contributes 8.0% of salary
• Meet age and years of service criteria in order to receive a benefit
• Vested after 5 years of service
• Employees do not pay into Social Security. The Social Security Administration
  has an on-line calculator that allows members who are eligible for a pension
  from TRSL and the SSA to calculate the windfall elimination provision (WEP),
  which can reduce Social Security retierment benefits for most retirees who
  collect pensions from jobs not covered by Social Securty. The calculator is
  available at http://www.ssa.gov/retire2/anyPiaWepjs04.htm.
  

Eligibility:

• Permanent appointments only
• Faculty member appointed for 50 % effort or greater, or
• Professional/Staff member appointed for 51% effort or greater, and
• An appointment that is greater than two years
• Note: faculty and staff who are on a J or F Visa are not eligible for this retirement plan

Spread the Word : TRSL Now Showing
TRSL is pleased to announce the release of their online multimedia presentation. "TRSL Now Showing" can be accessed though their website at http://trsl.org/newmovies. This presentation will provide information about your TRSL membership and retirement benefits at different stages in your career. New members, mid-career members, and members nearing retirement can click on the slideshow created specifically for them.

Comparison of Teacher's Retirement Plan to Optional Retirement Plan

Supplemental Retirement Account (SRA) Approved Carriers
In addition to your required retirement contribution, you may also contribute to a Supplemental Retirement Account. These contributions are tax-deferred and automatically deducted from your paycheck each month. Annual maximums are subject to IRS guidelines.