TRSL is a "defined benefit" plan wherein the employee and employer make contributions into a "pool" of funds from which members receive a retirement income based on a benefit formula. To view the enrollment eligibility requirements and exceptions, click here for the Retirement Plan Options Chart.
Overview
- Employee contribution is 8%
- The formula for maximum retirement benefits is 2% or 2.5% times years of creditable service (with certain provisions for converting unused leave to service credit) times the employee's highest thirty-six successive months average salary.
- Minimum eligibility requirements to retire and the formula percentages are:
- 5 years at age 60 (2%; 2.5% if membership began on or after 07/01/1999)
- 20 years at any age (2%; 2.5% with an actuarial reduction if membership began on or after 07/01/1999)
- 25 years at age 55 (2.5%)
- 30 years at any age (2.5%)
- 20 years (excluding military service) at age 65 (2.5%)
- Election to participate must be made within the first sixty days of employment
- Vested after 5 years of service
- An irrevocable election to transfer to the Optional Retirement Plan may be made at any time prior to attainment of five years of creditable service in the TRSL.
- TRSL or ORP . . . How Do I Choose? - View this document for a comparison of benefit features.
- Please Note:
- Upon retirement, members of both the TRSL and the ORP will be paid for up to 300 hours of annual leave and up to 200 hours of sick leave from LSU. Payment normally occurs after receipt of final paycheck.
- Employees who retire under the TRSL may have a portion of their sick and/or annual leave converted to service credit according to the provision of the Plan. The ORP does not provide conversion of leave to retirement service credit.
TRSL Related Forms
For additional information, go directly to the TRSL Web site at www.trsl.org.