Retirement
STATE RETIREMENT:
All faculty with tenure or on tenure tract, and unclassified, both full and part-time (50% effort and greater) must participate in Teachers’ Retirement System of Louisiana or the Optional Retirement Plan (ORP) rather than in FICA. Contributions are tax-sheltered and are presently 8% of their base pay in addition to a contribution from the agency on their behalf. Classified employees working 51% or greater are required to participate in LASERS with an employee contribution of 8% in addition to a contribution from the agency on their behalf.
OPTIONAL RETIREMENT PLANS (ORP)
Academic, unclassified, part-time, or annual employees may choose to participate in the ORP rather than Teachers’ Retirement System of Louisiana (TRSL). Participation in the ORP is irrevocable.
Contributions are tax-sheltered, and presently the employee puts in 8% of their base pay, in addition to a contribution from the agency on their behalf. TRSL assesses a 0.10% administrative fee for ORP participation.
Supplemental Retirement Plans:
Academic and unclassified, part-time or annual employees may choose to participate in Deferred Compensation in lieu of Social Security. Contributions are tax-sheltered and are presently 6.2% of base pay with a matching employer share of 6.2%. After two years of continuous employment, eligible annual employees must elect a retirement plan offered by the Health Sciences Center (Teachers or ORP).