EFFECTIVE JULY 1, 2019:
Full-Time Only actuarial cost change for FY 2006 and prior
By law, employers are liable for any cost resulting from service credit corrections made more than three years after the contributions report was due. Corrections resulting in a net increase in the service credit will incur an actuarial cost in accordance with LSA-R.S. 11:888(C). Currently, TRSL only charges an actuarial cost for all eligible Full-Time Only corrections made for FY 2007 and after.
For fiscal years prior to 2007, actuarial costs are required on a limited number of Full-Time Only corrections because of the full-time earnings reporting requirements in place at that time. The current definition of full-time earnings went into effect in FY 2007 (July 1, 2006 – June 30, 2007), and became a component in the calculation of service credit.
Actuarial cost change starts July 1, 2019
Effective July 1 2019, TRSL will process all Full-Time Only corrections that are more than three years old as an actuarial cost as required. Employers will have a two-year period to make Full-Time Only corrections for fiscal years prior to 2007 under the current method. Questions about the process and upcoming change can be directed to:
Review reports for all questionable years
TRSL has identified all questionable years (including pre-2007 fiscal years) so that employers can review, correct, or certify them prior to a member’s retirement. Questionable year reports are available for every employee for all years in which they were reported by the employer. We encourage employers to review, correct, or certify all identified questionable years.
Need assistance or training?
Our Employer Services Department is available to help reconcile your questionable year reports or assist you ahead of the actuarial cost change. Contact our trainers:
