Optional Retirement Plan
Effective 7/1/1990, employees who are eligible for membership in TRSL are given the
choice of joining TRSL or TIAA-CREF, one of the Optional Retirement Plans (ORP). The
decision of which retirement plan to join is a one-time irrevocable decision. ACT 92 of 1992 allows members of TRSL eligible for the ORP to make an irrevocable
decision to participate in an ORP prior to the attainment of five years of creditable
service in TRSL. Employees who join an ORP can change carriers at any time during
the year. If an employee selects an ORP, their contributions are tied up until they
terminate employment and elect to draw a monthly payout. In accordance with Louisiana
statutes, employees who terminate employment cannot receive a lump sum cash refund
of contributions. Under the ORP, employee contributions, less an administrative fee,
are fully and immediately vested in the employee's retirement annuity contract. This
allows portability to or from other institutions of higher education for the purchase
of additional annuity contracts.
For more information about TIAA-CREF, please visit theirwebsite at http://www.tiaa-cref.org.