email : Webview : February 2017 KEY... TRSL's employer bulletin

JUST ANNOUNCED: 2017 Earnable Compensation & Contribution Limits

For 2017, the IRS has changed the annual earnable compensation and contribution limits used to calculate benefits payable to members of tax-qualified plans like TRSL.

Limits for calendar year 2017 for members who joined TRSL:

Before July 1, 1996: Compensation limit will increase to $400,000
On or after July 1, 1996: Compensation limit will increase to $270,000
Optional Retirement Plan (ORP) participants: Contribution limit will increase to $54,000 (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 by the employer on behalf of an employee.
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 Karla Henderson at 225-925-6446, ext. 6462 or toll-free at 877-275-8775, ext. 6462.

TRSL to Notify Employers of Full-Time Only Corrections Charges

State law requires employers to pay the actuarial cost for any correction of earnings or salary that result in an increase of service credit or the member’s salary—when those corrections are made more than three years after the monthly contribution report was due.

Therefore, any full-time only service credit increase, made more than three years after the contribution report was due, will require the employer to pay the actuarial cost.

TRSL’s actuary is currently calculating the actuarial cost for all full-time only corrections processed for fiscal years 2007-2012.

We will notify employers in March of any charges and provide a listing for their records. The employer’s receivable account will also be charged for the actuarial costs associated with these corrections as well as the fee for the actuarial calculation.

Authorizing statutes: LRS 11:888(C), LRS 11:158

If you have questions, please contact Jeff George at 225-925-6446, ext. 1887 or toll-free at 877-275-8775, ext. 1887.

NOTE: Please keep in mind that costs for Full-Time Only Corrections (three years and older) are calculated each year and submitted to employers for payment. To avoid these and other costs, TRSL recommends that employers complete all corrections within three years of the contribution reporting date. Contribution corrections for FY 2014 should be completed before July 1, 2017 to avoid any applicable actuarial costs.

COMING SOON:
Qualifying for 2017 TRSL Board Elections

Elections will be held this year for three active member positions on the TRSL Board of Trustees.

Later this month, information will be made available to members about candidate eligibility requirements and the election qualifying process.

Members who are interested in serving on the TRSL Board and meet the requirements for the positions below are encouraged to submit a letter of intent to TRSL to qualify as a candidate.

District 1 (Special Election): includes actively working members employed in the parishes of Ascension, Jefferson, Plaquemines, St. Bernard, St. Charles, St. James, and St. John
School Food Service Personnel: includes actively working members paid with school food service funds
Superintendents (Special Election): includes actively working members employed as parish/city superintendents of public schools in Louisiana

NOTE: Members who are participating in DROP or working after DROP are considered actively working TRSL members for election purposes. Individuals who participate in 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 2017 TRSL Board of Trustees elections and candidate qualifying process will be available on the Elections page of our website.

SAVE TIME: Directly upload your files to TRSL

Still sending your monthly salary files by overnight pgp encryption? There’s an easier way! Employers can upload unencrypted files through TRSL’s secure employer access database, the Employer/Membership Information Site (EMIS).

Once you log into EMIS, just click the "Submit Files" drop down menu and select "Salary Contribution" (see image below).

If you do not have access to submit files in our EMIS system, simply complete a new Authorized Contacts (Form 1), and request file submission rights (in addition to all other access rights) for all designated personnel who send monthly contribution reports and other data files to TRSL.

Benefits of EMIS direct upload:

No special encryption software needed
TRSL receives your files instantly, no more waiting overnight for your file to post
Identify errors or potential problems early. Once the file is uploaded and posted, the screen will immediately display your summary totals for you to compare to your agency’s records

2017 EMPLOYER TRAINING OPPORTUNITIES

PO Box 94123
Baton Rouge, LA | 70804 US

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