Effective 7/1/1990, employees who are eligible for membership in TRSL are given the
choice of joining TRSL orVALIC Retirement, 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 ORPcan 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