If an employee elects to participate in DCCL as an alternative to Social Security, that choice must be made within the first 30 days of employment. If enrolled past first 30 days of employment, the effective date will be delayed to the first of the following month and the contributions that were made to Social Security will NOT be transferred into the DCCL account.
Contribution is 7.5% of allowable earned compensation. Employer contributes 6.2% of allowable earned compensation.
The DCCL account is immediately vested.
Contribute for at least two years: Once an employee has contributed to DCCL for two years with the LSU System, they will be defaulted into The Teachers’ Retirement System of Louisiana (TRSL) defined benefit plan and have the option to change to the defined contribution, Optional Retirement Plan. However, if the employee is part-time upon continuation, they will continue to participate in Social Security. Once the appointment becomes full-time, they will be defaulted into TRSL with the option to change to the ORP.