TRSL Plan

trsl

  • Defined Benefit Plan
  • Automatically defaulted into this retirement 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 Defined Benefit Plan through TRSL

The defined benefit plan, referred to as “TRSL,” is a plan wherein you, as an employee, and the LSU System make contributions into a pool of funds from which you receive a retirement income based on a benefit formula. The amount of benefit is determined by the years of service and the average salary for the 36 highest successive months of earnings. The compensation amount for employees hired on or after January 1, 2011, is calculated by the years of service and the average salary for the 60 highest successive months of earnings.

As a permanent employee, you are automatically enrolled into TRSL at the time of employment with contributions starting with your first paycheck. If you elect to participate in the ORP as an alternative to TRSL, you may do so within the first 60 days of employment. If you opt out of TRSL for an Optional Retirement Plan within your first 60 days of employment, both your contributions and the LSU System’s contributions may be rolled into your ORP Account.

If you wait past your first 60 days of employment to enroll in the ORP, your effective date will be delayed to the first of the following month and only your contributions will transfer over to your ORP carrier (not those made by the LSU System). Once you have contributed to the TRSL defined benefit plan for greater than five years, you are not eligible to enroll into an Optional Retirement Plan.  

 

Retirement Eligibility  

* Your eligibility to retire is based on your age and years of service.

If you became a member of TRSL prior to July 1, 1999, with a 2% benefit factor, then one of the requirements below must be met in order to receive a retirement benefit from TRSL:

  • 5 years of service or more at age 60 or later, excluding military service purchased after September 10, 1982, or
  • 20 years of service or more you may retire at any age, excluding military service purchased after September 10, 1982

If you became a member of TRSL prior to July 1, 1999, with a 2.5% benefit factor, then one of the requirements below must be met in order to receive a retirement benefit from TRSL:

  • 20 years of service or more at age 65, excluding any military service,
  • 25 years of service or more at age 55 or
  • 30 years of service or more regardless of age 

If you became a member of TRSL between July 1, 1999 and December 31, 2010, with a 2.5% benefit factor, then one of the requirements below must be met in order to receive a retirement benefit from TRSL:

  • 5 years of service or more at age 60, excluding military service purchased after September 10, 1982, or

  • 25 years of service or more at age 55, or

  • 30 years of service or more regardless of age, or

  • 20 years of service or more regardless of age (actuarially reduced), 

     excluding military service purchased after September 10, 1982

If you became a member of TRSL between January 1, 2011 and June 30, 2015, with a 2.5% benefit factor then one of the requirements below must be met in order to receive a retirement benefit from TRSL:

  • 5 years of service or more at age 60 or later

  • At 20 years of service you may retire at any age, but your benefit will be reduced on an actuarial basis which is  

     based on  your age, length of service and number of years from your regular retirement age.

If you became a member of TRSL on or after July 1, 2015, with a 2.5% benefit factor, then one of the requirements below must be met in order to receive a retirement benefit from TRSL:

  •  5 years of service or more at age 62 or thereafter
  •  At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your            age, length of service and number of years from your regular retirement age.

 

Retirement Benefit Calculation

The following formula is used to determine your retirement benefit if hired before January 1, 2011:
[Years of Service] x [Formula %] x [3-Year High Average Salary] = Annual Retirement Benefit

Ex: 25 Years of Service x 2.5% x $50,000 = $31, 250

 

The following formula is used to determine your retirement benefit if hired on or after January 1, 2011:
[Years of Service] x [Formula %] x [5-Year High Average Salary] = Annual Retirement Benefit

Ex: 30 Years of Service x 2.5% x $50,000 = $37, 500

 

Termination of Employment before Retirement

If you have less than five years of service credit at the time of termination, you may apply for a refund of your contributions to the system. Employees with five years or more service credit will be eligible to receive a benefit at age 60 if contributions are left on deposit with TRSL.

You may obtain a refund of your employee contributions, upon request, at termination of employment. The earliest you may receive your refund is 90 days after your termination date.

 

Disability Benefits

If you were hired between January 1, 1999 and December 31, 2010 and are an employee with more than five years of service, you are eligible to apply for lifetime disability benefits. If you have less than five years of service, you are not eligible for disability benefits; however, you may receive a refund of your contributions to the plan at the time of termination. If you were hired on or after January 1, 2011, you are only eligible for disability retirement after ten years of service.

 

Survivor Benefits

If you have at least five, but less than 10 years of service, limited benefits are available to your minor children. If you have 10 or more years of service, your surviving spouse may receive benefits for life. If you have less than five years of service, your survivors are not eligible for benefits; however, your beneficiary may receive a refund of your contributions to the plan at the time of your death.

 

Spread the Word : TRSL Now Showing

TRSL is pleased to announce the release of their on-line multimedia presentation. Click here to access TRSL Now Showing. 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.

 

Social Security and the Windfall Elimination Provision

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 retirement benefits for most retirees who collect pensions from jobs not covered by Social Security. Click here to access the calculator.

 

For additional information, please contact TRSL by email at retire.edu@trsl.org.

Another Retirement Option as a Permanent Employee : Optional Retirement Plan (ORP)