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No change in earnable compensation and contribution limits
For 2016, the IRS will not change the annual earnable compensation and contribution limits used to calculate benefits payable to members of tax-qualified plans like TRSL.
Limits for calendar year 2016: - Members who joined TRSL before July 1, 1996: Compensation limit will remain at $395,000
- Members who joined TRSL on or after July 1, 1996: Compensation limit will remain at $265,000
- Optional Retirement Plan (ORP) participants: Contribution limit will remain at $53,000 (includes both employer and employee contributions to ORP carrier)
A few things to remember: - Cash housing allowances are considered earnable compensation and are included in the compensation limits.
- Earnable compensation also includes any payments made to 401k, 403b, or 457 accounts on behalf of an employee by the employer.
- If contributions are made on earnings in excess of the compensation or contribution limits, TRSL will credit the employer account with applicable contributions; it is the employer's responsibility to refund the employee contributions to the member.
If you have questions about compensation limits, contact Venetia Clark at 225-925-6446, ext. 6462. If outside the Baton Rouge area, call toll-free at 877-ASK-TRSL (877-275--8775), ext. 6462.
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Important information about outside third-party vendors
TRSL does not authorize or endorse any outside third-party vendors to represent TRSL or provide TRSL retirement information to your employees. The only exceptions are the three Optional Retirement Plan (ORP) vendors: TIAA-CREF, VOYA, and VALIC. TRSL contracts with these vendors to provide investment services, communication, and record keeping to employees who participate in the ORP. Disclaimer request Employers have the right to invite outside vendors to their campuses to provide retirement information to employees. If your school or agency allows an outside vendor to visit, please provide a disclaimer to your employees acknowledging that the vendor does not represent TRSL. The goal of the disclaimer is to prevent any confusion among employees. We ask, at minimum, that the disclaimer include the following language: - This vendor is not affiliated or associated with Teachers’ Retirement System of Louisiana (TRSL) in any manner.
- TRSL does not endorse this vendor or its services and products.
- This vendor does not receive, obtain, or secure any retirement information directly from TRSL.
- Individuals who rely on any information provided by this vendor with regard to TRSL benefits, i.e. calculations, estimates, projections, etc., do so at their own risk.
If you have any questions or would like additional information, please contact Ed Branagan, Employer Services Director at 225-925-6446, ext. 4846. If outside the Baton Rouge area, call toll-free at 877-ASK-TRSL (877-275--8775), ext. 6462.
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Beneficiary information on Retirement Applications
If Section 6 is left blank, TRSL will attempt to contact the member for beneficiary information. If unable to contact the member, TRSL will assume no beneficiary when generating the estimated affidavit. This could result in a delay of retirement/DROP benefits, especially if the section was left blank inadvertently and their intent is to list someone.
Applications not properly completed or received after the effective retirement/DROP date will result in the delay or loss of retirement/DROP benefits.
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Qualifying for 2016 TRSL Board Election Underway
(District 5 & 6; Special Election District 3) TRSL is seeking candidates for three active member positions on the Board of Trustees. TRSL members interested in the board positions and employed in the districts below are encouraged to submit a letter of intent to TRSL to qualify as a candidate. - District 3 (Special Election): includes the parishes of Assumption, East Baton Rouge, Iberville, Lafourche, and Terrebonne
- District 5: includes the parishes of Caldwell, Catahoula, Concordia, East Carroll, East Feliciana, Franklin, Jackson, Livingston, Madison, Morehouse, Ouachita, Richland, St. Helena, Tangipahoa, Tensas, Union, West Carroll, and West Feliciana
- District 6: includes the parishes of Allen, Avoyelles, Beauregard, Evangeline, Grant, Jefferson Davis, LaSalle, Pointe Coupee, Rapides, St. Landry, St. Martin, Vernon, West Baton Rouge, and Winn
NOTE: Retired members, superintendents, employees of colleges and universities, and members paid with school lunch funds are not eligible for this position. These groups each have their own representatives on the TRSL Board. Participants of the Optional Retirement Plan (ORP) are not members of TRSL, and therefore are ineligible to run or vote in TRSL Board elections. More information about the 2016 TRSL Board of Trustees elections and candidate qualifying process will be available on the Elections page of our website.
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