Optional Retirement Plan (ORP)

Dolores Nehlig, Manes, Kristen, admin  |  4/4/2006 8:57:53 PM

The ORP is a "defined contribution" plan to which the employee and employer make contributions through the Teachers' Retirement System of Louisiana (TRSL) to one of three LSU-approved carriers to be invested in a retirement annuity contract in the employee's name. To view the enrollment eligibility requirements and exceptions, click here for the Retirement Plan Options Chart.



Thinking about retirement? Click HERE for more information.



Contact Information for all ORP Carriers

Overview

  • Employee contribution is 8% of salary (of which TRSL keeps .05% for administrative fee)
  • AgCenter contribution for 2013-2014 fiscal year is 5.1839% of salary
  • TRSL administrative fee of .1% of assets (in addition to any fee charged by the carrier)
  • The three LSU-approved carriers are:
    • VALIC
    • VOYA
    • TIAA
  • Carrier may be changed any time during the year.
  • Immediately vested
  • Benefit payable at retirement is based exclusively on:
    • contributions in the investment account
    • investment earnings on those contributions
    • age when benefits begin
    • type of annuity chosen
  • Election to participate must be made within the first sixty days of employment
  • Irrevocable decision. Once elected, the employee may never participate in TRSL.
  • What is the ORP? (compares ORP and TRSL) 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.


ORP Related Forms


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