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2024 TRSL Board of Trustees elections
Time is running out to qualify as a candidate for the District 5 and District 6 seats on the TRSL Board of Trustees. The qualifying deadline is Tuesday, April 30, at 4:30 p.m.
The Board is responsible for safeguarding and managing the assets held in trust to provide retirement income for thousands of retirees and beneficiaries.
Wondering if you’re eligible to run?
You must be an active member of TRSL (includes members who are participating in DROP or working after DROP) employed in District 5 or District 6.
- District 5: Caldwell, Catahoula, Concordia, East Carroll, East Feliciana, Franklin, Jackson, Livingston, Madison, Morehouse, Ouachita, Richland, St. Helena, Tangipahoa, Tensas, Union, West Carroll, and West Feliciana parishes
- District 6: Allen, Avoyelles, Beauregard, Evangeline, Grant, Jefferson Davis, LaSalle, Pointe Coupee, Rapides, St. Landry, St. Martin, Vernon, West Baton Rouge, and Winn parishes
Wondering what’s involved in serving?
Wondering how to qualify?
To qualify, you must send a letter of intent to TRSL by U.S. Certified Mail, U.S. Registered Mail, U.S. Express Mail, or other carrier that requires proof of delivery. The letter must be in TRSL's office by 4:30 p.m., Tuesday, April 30, 2024. More details can be found in these flyers:
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2024 legislative session underway
The 2024 Regular Legislative Session kicked off March 11, and we’ve been monitoring a number of bills that would impact TRSL. At this point in the session, there are several bills that continue to work their way through the legislative process. A summary of those bills is below.
Working after retirement
- House Bill 967 (Rep. Riser), a substitute bill for House Bill 35 (also by Riser), would add critical shortage provisions to the return-to-work law for retirees who retired on or after July 1, 2020. The bill would also expand critical shortage provisions to allow for part-time re-employment in certain positions for retirees who retired before July 1, 2020.
- For retirees who retired before July 1, 2020: Would be eligible to return to work part-time after a 12-month waiting period in certain critical shortage positions without a suspension or reduction in retirement benefits. Under current law, retirees reemployed in these critical shortage positions must work full-time to avoid impacting their benefits.
- For retirees who retired on or after July 1, 2020: Would add a critical shortage provision to the law that, after a 12-month waiting period, allows these retirees to return to work in certain critical shortage positions (same as referenced above) in a part-time (or full-time) capacity without a suspension or reduction in retirement benefits if they are directly reemployed by a TRSL-reporting employer. (Those reemployed by contract or corporate contract, such as a staffing agency, will continue to have their benefits suspended for the duration of their reemployment.)
Social Security Offsets
- House Concurrent Resolution No. 20 (Rep. Mike Johnson) would ask Congress to review the federal Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) Social Security benefit reductions and eliminate or reduce them by supporting H.R. 82 and S. 597 of the 118th Congress.
TRSL Investments
- Senate Bill 5 (Sen. Miguez), as originally filed, proposed to put in place broad and far-reaching requirements for all fiduciaries of Louisiana’s public retirement systems when they are making investment decisions or exercising voting rights on behalf of the retirement systems. The bill’s definition of fiduciaries included investment managers and advisors hired by each system’s board of trustees. SB 5 also gave the state attorney general enforcement authority over provisions in the bill. A substitute version of the bill, also by Sen. Miguez, would still establish in law new language governing certain investment and proxy voting decisions made on behalf of the retirement systems, and the state attorney general would still be an enforcement authority.
- House Bill 902 (Rep. Melerine), as originally filed, proposed to establish certain proxy voting restrictions and commitments (related to shareholder-sponsored proposals) from any proxy advisory firm retained by a Louisiana public retirement system and would authorize investigation and enforcement by the state attorney general if there is a reasonable belief a violation occurred or will occur. A substitute bill for House Bill 902, also by Rep. Melerine, would still add new restrictions related to proxy voting on shareholder-sponsored proposals and would add new duties and liability to proxy advisory firms working with Louisiana retirement systems. While the substitute bill did not advance out of committee, HB 902 could be considered at a later date.
Service Credit Transfers
- Senate Bill 1 (Sen. Price) would add clarifying language in the law regarding employer contributions eligible for transfer to another Louisiana public retirement system when a member requests to transfer their service credit to another system, fund, or plan in which they become eligible for membership.
Optional Retirement Plan (ORP)
- House Bill 31 (Rep. Freiberg) would provide a window for active, contributing participants of the Optional Retirement Plan (ORP)—a defined contribution plan—to join the TRSL defined benefit plan.
For a list of all legislation filed in the 2024 Legislative Session that affected TRSL, and to see the TRSL Board of Trustees' position on each bill – visit the Legislation page of our website.
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Online webinars
Zoom into TRSL’s spring webinars for important information about retirement eligibility, the retirement process, DROP and much more.
Whether you just started teaching or you’re nearing retirement, you’ll find webinars for every step along the career path. Best of all, the sessions only last 30 minutes, and can easily fit into your schedule.
Upcoming dates
- Thurs., May 2: Understanding DROP
- Thurs., June 27: A recap of the legislative session
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TRSL’s webinars get rave reviews!
TRSL’s retirement educators, Cliff Horn and Jerri Mack, do a great job of making webinars factual and fun. Just look at the latest reviews from webinar participants.
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Is this your final school year before retirement? Congratulations … and thank you for your service. Before you put your feet up for a well-deserved rest, here are a few things to keep in mind.
Expect estimated benefits for up to six months
As we work to finalize the amount of your lifetime monthly retirement benefit, you’ll receive monthly estimated benefit payments based upon the information we have on file for you. You may receive estimated payments for up to six months. Once your employer(s) has verified your salary and service credit information, you’ll receive your finalized, monthly benefit, plus a one-time “retro” check for the difference, if any, between the amount of your estimated benefit and finalized benefit.
Keep RTW Laws in mind
Many retirees find themselves back on campus after retirement, whether filling a vacancy or helping out part-time as a substitute. If you plan to work after retirement, it’s important to keep Return-to-Work (RTW) laws in mind.
Please remember that RTW laws:
- Apply to part-time, seasonal or temporary work
- Apply to reemployment via contract even if the contract is with a third party (a staffing agency, for example)
- May subject a retiree to an earnings limit or suspension of benefits
Make sure you’re registered for Member Access
Once you retire and get a benefit, you’ll start receiving a 1099-R from TRSL each year to complete your taxes. Your 1099-R will be available in Member Access at the end of January.
Easy access to your 1099-R form is just one of many reasons you should register for Member Access if you haven’t already done so. With our online member portal, you can also view your benefit payment history, print your 1099-R form, and estimate your federal tax withholding.
Already registered? Now is the perfect time to make sure your Member Access login is associated with a personal email address instead of a work email. You can easily update your email address under the “My Self Service” tab in Member Access.
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Before you jump into DROP ... consider these 3 things
If you’re a few years from retirement, you’re probably mulling whether to participate in the Deferred Retirement Option Plan (DROP). Keep reading for three things to consider when deciding if DROP is right for you.
What is DROP?
DROP gives you the opportunity to build a savings nest egg apart from your regular, monthly retirement benefit. If you choose to participate in DROP, your retirement benefit is calculated prior to participation. This benefit amount is deposited each month into your DROP account while you continue to work and draw a salary from your TRSL-participating employer. You can participate in DROP for up to three years, starting on the date you first become eligible to enter the program.
Deciding on DROP
Here are three things to consider:
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Future raises or position changes.
Any salary increase you receive from promotions or job changes during DROP won’t be factored into your monthly retirement benefit calculation. Your benefit amount is calculated and locked in prior to your DROP participation.
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Service credit not earned during DROP.
During DROP participation neither you nor your employer makes contributions to TRSL, so you will not earn any service credit during your participation. If you intend to work several years after your DROP participation period is over, you may not want to participate in DROP at all. By working longer without participating in DROP, you can earn more service credit and increase your regular, monthly retirement benefit.
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Benefit factor.
Depending on when you joined TRSL, your regular, monthly retirement benefit may be calculated at the lower 2.0% benefit factor. Delaying or skipping DROP participation could make you eligible for a 2.5% benefit factor. A benefit estimate can help you determine if DROP is right for you. Click here for a Benefit Estimate Request form.
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What’s new at TRSL: Selfie corner
If you’re visiting TRSL soon to submit your retirement paperwork, get ready to strike a pose. We’ve added a selfie corner in the lobby to help you mark the milestone of reaching your retirement date.
The selfie corner is the perfect way to announce to your family and friends that you’re embarking on life’s next chapter. Smile, snap a photo and share your selfie with friends and family. And, be sure to tag us @TRSLOnline and use the hashtag #TRSLSelfie in your post. We want to celebrate your retirement accomplishment with you!
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PO Box 94123 | Baton Rouge, LA 70804-9123 US
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