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FAQs
Why does the law require that I be a member of TRSL?
Public pension plans like TRSL usually require employees who meet certain eligibility criteria to be members of the plan in order to provide the best benefit structure possible at the lowest cost to the members. Public pension plans need to have the funds for long-term investment. Investment earnings provide a major portion of the funds needed to meet the benefit obligations of the system.
TRSL is designed to provide lifetime monthly benefits to members who reach a certain age and have a minimum number of years of service credit. When your benefit is paid over your lifetime, it will be many times more than the contributions you and your employer made to TRSL. For 95 percent of TRSL's members, the provided benefits are instead of the Social Security old-age benefit.
I've heard about 401(k) plans and IRAs. What kind of plan is TRSL?
401(k) plans and IRAs are defined contribution plans used by private businesses to help employees save for retirement, in addition to Social Security benefits. These retirement benefits depend on the accumulated contributions in your personal account.
TRSL is a defined benefit plan. Defined benefit means that your guaranteed lifetime benefit is calculated using a formula that is defined by state law. The TRSL formula is your years of service credit multiplied by your final average compensation multiplied by the appropriate benefit factor. TRSL members generally do not contribute to Social Security and do not gain eligibility for Social Security old-age benefits.
Can I borrow against my retirement contributions?
No. Louisiana law does not allow you to borrow from your retirement fund. You can withdraw your contributions only if you permanently terminate employment in a TRSL-covered position. By law, your employer cannot certify the refund application until 90 days after you end employment. So, you cannot receive your refund until three months after your termination. A refund terminates membership and cancels service credit in TRSL.
How do I change my beneficiary and my name? I'll be getting married soon.
To change your beneficiary, you'll need to complete and submit an original copy of the Beneficiary Designation (Form 3). The latest copy of the form on file at TRSL replaces all previous versions.
To change your name, you'll need to supply any one of the following:
- A written request that includes your Social Security number
- A written request that includes a copy of your marriage license and your Social Security number
- A copy of your Social Security card that shows your new name
- Any TRSL form that includes your Social Security number and signature, including the Active Member Change of Address Authorization (Form 2AC)
I withdrew my contributions when I quit. How do I restore my refunded service credit?
You'll need to complete and submit an Application for Purchase of Refunded Service (Form 9D). The cost to restore withdrawn service is computed using the amount of contributions refunded plus interest at the board-approved actuarial rate compounded annually from the date of refund until payment is made. The current interest rate is 8.25% but is subject to change each year.
A previous refund that was rolled over into a "conduit" IRA may be used to repurchase TRSL service credit. A Rollover/Trustee-to-Trustee Transfer Acceptance (Form 9R) must accompany any such funds used to purchase withdrawn service.
How can I schedule an appointment with a counselor?
Appointments are not required, but you are encouraged to arrive early. Our Member Information Center (MIC) counselors see walk-ins between the hours of 8:00 am and 4:30 pm. During peak visitor times (11:30 am - 1:00 pm), please allow at least an hour to wait for a counselor. It's best to arrive before 10:00 am; in most cases, we counsel members in the order of arrival. If you arrive near 4:00 pm, all of your questions may not be answered, and you will be asked to write them down to be answered by telephone the next day. Have your questions ready and try to limit your counseling session to 30 minutes. A map to TRSL can be found on the About TRSL page in the general info section of this website.
If you want an estimate only, send a Benefit Estimate Request (Form 10) to TRSL, and the estimate will be mailed to you. In many cases, you can avoid a trip by calling TRSL at 225-925-6446 or toll free (outside the Baton Rouge area) at 1-877-ASK-TRSL (1-877-275-8775) for answers to your questions. You can leave a voice mail message for a return call or hold on to speak to a counselor. |
