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| We’re kicking off the new year with important legislative news.
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SOCIAL SECURITY, WEP, AND GPO
At this time, we are still requiring employers to submit to us Form 2SS (Employee’s Acknowledgment That Employment Is NOT Covered by Social Security). Please note that we have revamped the form to remove references to the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) following the repeal of these Social Security provisions.
For members with questions about Social Security benefits, please refer them to the Social Security Administration. They can make an appointment at local Social Security offices by contacting the SSA toll free at 1-800-772-1213 or visiting go to www.SSA.gov.
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ON THE BALLOT IN MARCH
In the upcoming March 29 statewide election, voters will decide on a constitutional amendment that would put $2 billion toward erasing a portion of TRSL retirement debt.
Voters will be asked to use the balance of three education trust funds, currently restricted by the state constitution for K-12 and post-secondary education purposes, to make a one-time payment that would pay off or nearly pay off TRSL’s two oldest debt schedules. Legislators proposed this debt payment plan in last year’s third special session.
The debt payment proposal is designed to reduce the annual contribution rate TRSL-participating employers pay for retirement, and thereby free up money to make permanent the salary increase teachers ($2,000) and support staff ($1,000) are receiving this year.
Passage of the constitutional amendment would not change the employee contribution rate for actively working TRSL members, nor would it increase monthly benefits for retired members.
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It’s official. For the seventh consecutive year, the employer contribution rate will shrink.
The Public Retirement Systems’ Actuarial Committee (PRSAC) met in December and adopted TRSL’s FY 2024 actuarial valuation report, which included Fiscal Year 2025-26 employer contribution rates for all plans.
- The recommended contribution rate for K-12 Regular Plan employers (as well as Lunch Plans A & B) is 20.95%, down from 21.51%.
- For higher education Regular Plan employers, the rate is 20.33%, a decrease from 20.88%.
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| NOTE: If voters approve the constitutional amendment in the March 29 statewide election (as described above), the FY 2025-26 employer contribution rate will be revised to reflect the additional payment to the UAL. Following the election, TRSL will notify employers of any change to the contribution rates.
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IMPORTANT ALERT FROM TRSL
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Employers: Companies unaffiliated with TRSL have been contacting public school employees about their TRSL benefit. Please share the information below with your employees.
Be vigilant about your TRSL retirement. Get information about your retirement—specific to your TRSL record—from TRSL.
That way you can be sure you’re getting accurate information to make important decisions about your financial future.
TRSL has been made aware of several third-party companies that have contacted public school employees in multiple parishes with offers to discuss financial planning matters, including TRSL member retirement accounts.
While financial planners often contact school employees to discuss future retirement income, TRSL encourages you to get information about your TRSL retirement directly from TRSL to ensure its accuracy for your specific situation—even if you do use the services of a financial planner.
Additionally, please be aware that the solicitation tactics of some third-party companies seeking your business may include using web address domains that may lead to the mistaken impression you are communicating with TRSL.
Here are just a few:
@teacherretirements.org
@teacherretirementconsultants.com
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@teacherretirementsolutions.net
@teacherretirementconsultingplan.org
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Here are important points to remember.
- Get information about your TRSL retirement from TRSL.
- TRSL does not employ, authorize, or endorse any outside, third-party vendors to represent TRSL or provide TRSL retirement information to TRSL members. NOTE: The only exceptions are the three Optional Retirement Plan (ORP) vendors: TIAA, VOYA, and Corebridge (formerly VALIC/AIG). TRSL contracts with these vendors to provide investment services, communication, and record keeping to employees who participate in the ORP.
- TRSL staff will never come to the home of a member or call a member unsolicited to ask for personal information.
- TRSL members should always contact TRSL directly for information about their TRSL benefits.
TRSL contact information:
- Local Phone: 225-925-6446
- Toll-free (outside Baton Rouge calling area): 1-877-275-8775
- Submit an inquiry online at www.AskTRSL.org
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Ready. Set. Refresh with TRSL’s Annual Employer Training.
This year, we’re going completely virtual. So prepare to Zoom in from the comfort of your desk.
What's not changing is the wealth of information you’ll get that’s tailored to your employer group: K-12/Charters, Higher Education or State Agencies.
Whether you’re a seasoned veteran or new to the education field, you’ll benefit from spending a little time with us.
Reserve your spot today before your calendar fills up.
Select the registration link for your employer category:
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IMPORTANT REMINDER: Act 109 of 2024 created windows of opportunity for some Optional Retirement Plan (ORP) participants to make a one-time, irrevocable decision to opt into TRSL’s defined benefit plan. For those in the “one-year window,” a properly executed Election to join after ORP Participation Form 2TR must be received by TRSL no later than June 30, 2025, if you wish to leave the ORP and rejoin TRSL's defined benefit plan.
This deadline only applies to current ORP participants whose first-ORP eligible employment occurred before Aug. 1, 2020, and who were active and contributing as of June 2024. For further details on eligibility windows and deadlines, please visit www.trsl.org/orp.
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Elections will be held this year for the School Food Service position and one of the retiree positions on the TRSL Board of Trustees.
Information will soon 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 are encouraged to submit a letter of intent to TRSL to qualify as a candidate. Here are the qualifications:
- School Food Service: Must be an active TRSL member paid with school food service funds in order to seek election to the Board.
- Retirees: Must be retired by April 30, 2025, in order to seek election to the Board.
We’ve put together a toolkit designed to answer questions about what’s involved in running and serving. Please feel free to share with your employees.
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IMPORTANT TRSL REPORTING REMINDERS
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We have several important reminders about reporting that must be completed soon or on a regular basis.
Deadline approaching soon:
Fiscal Year 2022 Corrections: The deadline for making corrections to Fiscal Year 2022 without incurring charges for actuarial costs is June 30, 2025. Records that require employer certifications/corrections are identified on your Questionable Years Report. If you have questions about the actuarial cost process, please contact Sharon Lachney, Retirement Benefits Supervisor, at 225-925-4097. If you need help researching Questionable Years data, please contact your assigned Retirement Analyst Liaison.
Reminders about regular reporting:
Clearing reports: After you submit your monthly salary/contributions files, don’t forget to check for contribution exceptions or salary rejections that require corrections. This will ensure a smooth closeout period and also reduce the possibility of return-to-work charges for overpaid benefits. For more information on correcting current fiscal year reporting, please review Employer Manual Index 4.
Correcting reports: Did you enroll someone under the wrong SSN? It only takes one accidental keystroke to enter a Social Security Number wrong. If you need to delete an enrollment associated with the wrong SSN and re-enroll the member under the correct SSN, email your assigned Retirement Analyst Liaison for assistance. Also, remember that any earnings reported under any incorrect SSN must be deleted and added to the correct SSN by processing an online contribution correction (CCR) before TRSL can delete any open enrollment associated with an incorrect SSN.
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HAVE QUESTIONS? CHECK OUT THE EMPLOYER PROCEDURES MANUAL
Our reference guide is loaded with step-by-step procedures (images included) to help you navigate TRSL's processes and procedures. You'll find everything you need for reporting retirement data.
Check out this valuable tool through the link above or on the Employers tab here.
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MEET OUR STAFF
He’s our resident fiscal year closeout expert. He learned Excel from a two-time Jeopardy! champion. Meet Anthony P. Zeringue, a retirement benefits specialist at TRSL, who is the focus for this edition of our ongoing series introducing you to our talented Employer Services Department (ESD) staff.
Anthony is a TRSL veteran with an eye for detail. He won’t tell you that he’s been at TRSL for 23 years. He’s much more specific and will let you know that he’s been at TRSL for 23 years, 42 days, six hours and 35 seconds as of 2 p.m. on Jan. 14, 2025.
More on Anthony:
Job duties: I handle enrollments, set up new agencies in the TRSL system, maintain monthly salary file submissions and contribution exception reports, and oversee member milestone letters.
What drew me to TRSL: I wanted to change jobs after working in child support enforcement with the Department of Children and Family Services. With its location away from the congestion of downtown Baton Rouge, TRSL was a good fit.
My favorite part of the job: I like working directly with TRSL’s employers and agencies. Building those professional relationships is truly rewarding.
A fun fact about me: I have a certificate in Microsoft Excel Fundamentals + Data Analytics after taking a course from a two-time Jeopardy! winner. I also play racquetball and pickleball.
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