Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1507 - Eligibility and Election to Participate

Current through Register Vol. 50, No. 6, June 20, 2024
A. Academic and administrative employees of
				public institutions of higher education and employees of the Board of Regents,
				Board of Supervisors for the University of Louisiana System, Board of
				Supervisors of Louisiana State University and Agricultural and Mechanical
				College, and Board of Supervisors of Southern University and Agricultural and
				Mechanical College, or their successors, and any other constitutionally
				established board which manages institutions of higher education who are
				current employees in the regular retirement plan of the TRSL may make an
				irrevocable election to participate in the ORP within 180 days after the
				implementation date of the ORP at their employer institution or
				board.
B. Academic and
				administrative employees of public institutions of higher education and
				employees of the Board of Regents, Board of Supervisors for the University of
				Louisiana System, Board of Supervisors of Louisiana State University and
				Agricultural and Mechanical College, and Board of Supervisors of Southern
				University and Agricultural and Mechanical College, or their successors, and
				any other constitutionally established board which manages institutions of
				higher education who are initially employed on or after the implementation date
				at their employer institution or board may make an irrevocable election to
				participate in the ORP within 60 days after their employment date.
C. Any academic or administrative employee of
				a public institution of higher education or employee of the Board of Regents,
				Board of Supervisors for the University of Louisiana System, Board of
				Supervisors of Louisiana State University and Agricultural and Mechanical
				College, or Board of Supervisors of Southern University and Agricultural and
				Mechanical College, or their successors, and any other constitutionally
				established board which manages institutions of higher education who is a
				part-time, seasonal, or temporary employee as defined in  26 CFR
				31:3121(b)(7)-2, or in any successor regulation shall be eligible to
				participate in the ORP upon election by such employee.
D. Notwithstanding the provisions of
				Subsections A and B of this Section, any academic or administrative employee of
				a public institution of higher education and any employee of the Board of
				Regents, Board of Supervisors for the University of Louisiana System, Board of
				Supervisors of Louisiana State University and Agricultural and Mechanical
				College, and Board of Supervisors of Southern University and Agricultural and
				Mechanical College, or their successors, and any other constitutionally
				established board which manages institutions of higher education who is an
				active contributing member in the regular retirement plan of the TRSL and who
				has less than five years of creditable service in the TRSL, may make an
				irrevocable election to participate in the ORP and transfer his accumulated
				employee contributions to the ORP under the provisions of
				R.S.
				11:926(A). This election can
				only be made by a member prior to attainment of five years of creditable
				service in the TRSL.
E. Elections
				must be made in writing and filed with the appropriate officer of the employer
				institution or board, who shall forward a copy of the completed election to the
				TRSL.
F. The election of employees
				making an election to participate in ORP as provided in Subsection A of this
				Section will be effective as of the date they are filed. Elections of eligible
				employees hired on or after the implementation date of the optional retirement
				plan at their institution or board as provided in Subsection B of this Section
				will be effective as of the date of their employment. If an eligible employee
				fails to make the election provided for in this Section, he shall become a
				member of the regular retirement plan of the TRSL in accordance with
				R.S.
				11:721.
G. Any person electing to participate in the
				ORP shall always be ineligible for membership in the regular retirement plan of
				the TRSL even if he is employed in a position covered by the TRSL, as
				prescribed by
				R.S.
				11:928.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.