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				Employee Benefits: Retirement Plans
				Louisiana State Employees’ Retirement System (LASERS)
					Classified (Civil Service) employees are required to join The Louisiana State Employees’ Retirement System (LASERS). LASERS was established by act of the Louisiana Legislature in 1946. LASERS is a qualified pension and retirement plan created to provide retirement and other benefits for state employees and their beneficiaries. Employees contributions are 7.5% of gross salary. In LASERS, a member may retire with 20 years of service credit at any age. However, the retirement benefit will be reduced on an actuarial basis. The amount of the reduction is calculated based on the number of months the member retires before regular eligibility and the member’s age. Note: Your earnings from this job are not covered under Social Security. When you retire, or if you become disabled, you may receive a pension based on earnings from this job. If you do, and you are also entitled to a benefit from Social Security based on either your own work or the work of your husband or wife, or former husband or wife, your pension may affect the amount of the Social Security benefit you receive. Your Medicare benefits, however, will not be affected. More information is available at www.socialsecurity.gov. Retirement Eligibility 30 years of service credit at any age; 25 years of service credit at age 55; or 10 years of service credit at age 60. 20 years of service credit at any age (Act 570 – Reduced benefit) Retirement Benefits Benefit is based on the average compensation for the 36 highest consecutive months of employment Rate of benefit is 2.5% times the number of years of service times the average compensation, plus $300 (additional $300 is only for members who were employed before July 1, 1986) Survivor Benefits Spouse with minor children-if member had 5 years of service, benefit of 75% of average compensation (benefit ceases once child reaches age of majority unless deceased member had 10 years service as in #2 below) Spouse without minor child-if member has 10 years service, lifetime benefit of 50% of average compensation (must have been married at least one year prior to death) If not an active contribution member-must have at least 20 years service Disability Retirement 10 years service at any age for active members 20 years service at any age for member who are not in active service Benefits are calculated the same as for regular members Deferred Retirement Option Plan (DROP) Eligibility 30 years service at any age 25 years service at age 55 10 years service at age 60 Initial Benefit Option Pays lump sum of up to 36 months of maximum benefit Reduces all future benefits Not available to Disability retirees or DROP participants Is available to 20 year reduced benefit retirees Reemployment after retirement Retiree may work in a job covered by LASERS membership-some limitations apply Retiree may work in any position not covered by LASERS with no limitations To learn more, visit the LASERS site at www.lasers.state.la.us or call 225-922-0600 or 800-256-3000.
				Teachers’ Retirement System of Louisiana (TRSL)
					Academic and Unclassified employees of the University, as a condition of employment, are required to join the Teachers’ Retirement System of Louisiana (TRSL). TRSL is the largest public retirement system in Louisiana. TRSL is a public trust fund established to provide retirement benefits for its members. These benefits are guaranteed for life by the Constitution of the State of Louisiana. Since TRSL provides a defined benefit retirement plan for its members, the benefit they receive is not determined by the amount of contributions they make to the System. Employee contributions are 8% of gross salary. The benefit is determined by age, years of service, and final average compensation (average of your highest three consecutive years of salaries). Benefits also include provisions for your spouse and minor children in the event of your death while actively employed and for early retirement in case you are permanently disabled while actively employed. TRSL members do not pay the old-age portion of Social Security taxes and do not gain Social Security retirement credits while working in a TRSL-eligible position. If a TRSL retiree also qualifies for a Social Security old-age benefit, that Social Security benefit may be reduced. Retirement Eligibility To retire, an employee must meet minimum requirements for age and years of service/eligibility credit. When these requirements are met, benefits are determined by a formula defined in state law. Retirement Benefits The forumla for annual retirement is 2 or 2½ percent times years of creditable service times the average salary of the 36 highest successive months. The plan also has provisions for disability and survivor benefits. Members who have 40 years of service no longer contribute, however the employer contributions continue to be remitted to TRSL.
					Years of Service	Minimum Age	Formula Percentage
					10	60	2 %
					20	Any Age	2-2½ %
					20	65	2½ %
					25	55	2½ %
					30	Any Age	2½ %
					To learn more, visit the TRSL site at www.trsl.org or call 225-925-6446 or 877-275-8775.
				Optional Retirement Program
					TRSL offers an alternative to it’s defined benefit plan. The Optional Retirement Plan (ORP) is a Defined Contribution Plan. The employer and the employee make contributions through TRSL to an approved carrier to be invested in a retirement annuity contract in the employee’s name. The amount of your monthly annuity income at retirement is based exclusively on these contributions (less a TRSL administrative fee), your investment earnings, the age at which you begin receiving benefits, and the type of annuity you choose. The ORP carriers are ING (Aetna) – www.ingretirementplans.com AIG (Valic) – www.aigvalic.com TIAA-CREF – www.tiaa-cref.org Employees who choose to participate in the ORP do not contribute to TRSL and permanently waive all rights to TRSL retirement, survivor, and disability benefits. The decision to participate in the ORP is irrevocable; members who choose the ORP can never change their minds and join TRSL. Active and contributing members of TRSL’s Regular Plan who are academic or unclassified employees and who have less than five years of creditable service in TRSL may elect to participate in the ORP and transfer accumulated employee contributions to the ORP. Participants in the ORP will be allowed to change carrier once a year, in November to become effective January 1. You are fully and immediately vested in the ORP which allows for portability to or from other institutions of higher education.

Document last revised Tuesday, January 4, 2005 2:56 PM

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