Presentation on theme: "Welcome to your Retirement !! We are so excited to share this information with you!! Your retirement plan is one of the greatest benefits that you will."— Presentation transcript:
Welcome to your Retirement !! We are so excited to share this information with you!! Your retirement plan is one of the greatest benefits that you will receive while working for Lafayette Parish School Systems. Once you qualify to retire, your retirement system guarantees you a monthly check for the remainder of your life, regardless of how long you may live.
Your Retirement The State of Louisiana requires teachers, paraprofessionals, clerical, administrators and lunchroom technicians to join the Teachers' Retirement System of Louisiana (TRSL). Bus Drivers, bus attendants, custodians and maintenance workers all contribute to the Louisiana School Employees’ Retirement System. Retirement contributions are tax-sheltered payroll deductions. You will complete an enrollment form & a beneficiary form when you complete your onboarding package… These forms are extremely important & you must be careful to complete these forms entirely being very careful not to have any scratch outs & have all witnesses sign.
Your Contributions You cannot add extra money to your retirement. If you would like to start a little extra retirement planning, please see the 403B information on the next page. You cannot stop your retirement deductions. This is a mandatory deduction from your paycheck. The retirement systems do not allow hardship loans against your retirement at any time.
Extra Retirement Income Please note that all employees are eligible to participate in 403(b), a supplemental retirement option, to help plan for your financial future. Please take some time to review the following information about how a 403(b) plan can enhance your financial planning and how you can start contributing to an extra retirement fund. You can start with as little as $25. What is a 403(b) retirement plan? It is a retirement plan that allows contributions and investment earnings to grow tax deferred until withdrawal. Why contribute to a 403(b) retirement plan? Reduce taxable income Save for retirement Contributions and earnings grow tax-deferred
VESTED RETIREMENT “Vesting” in a retirement plans means ownership. Once you vest in your retirement you are guaranteed a retirement benefit for life once you meet the age requirement. The amount of your benefit will depend on your years of service & your salary. TRSL members are vested with 5 years of service. You may elect to stop working, leave your contributions in TRSL, and begin receiving a benefit at age 60. LSERS member are vested with 5 years of service (10 years of service if enrolled before July 1, 2010). You may elect to stop working, leave your contributions in LSERS, and begin receiving a benefit at age 60.
Teachers, Central Office, Administration, Board & Clerical REGULAR PLAN As an employee of LPSB you will be enrolled in the Teachers’ Retirement System of Louisiana (TRSL). You will be required to pay a mandatory 8% of every check to TRSL for retirement. LPSB is required to pay 28% of each of your checks to TRSL
Teachers’ Retirement Plan of Louisiana - REGULAR PLAN Teachers, Central Office Staff, Clerical, Administration & Board Members on or after January 1, 2011 You will retire with a 2.5 percent benefit factor once you reach one of the following qualifications. Age 60 with at least 5 years of service credit Any age with 20 years of service (actuarially reduced)
SCHOOL LUNCH EMPLOYEES PLAN B As an employee of LPSB you will be enrolled in the Teachers’ Retirement System of Louisiana (TRSL). You will be required to pay a mandatory 5% of every paycheck to TRSL. LPSB will pay 30.1% of every paycheck to TRSL. Once you qualify to retire your benefit formula will be your years of service X your final average compensation (highest 3-yr average) X 2.0% benefit factor. School Food Service employees will receive their full social security benefits once they qualify. It is important that you contact your Social Security Office for all information on social security.
School Food Services When Can I retire ??? You will retire with a 2% calculation You can retire once you have satisfied either of the following requirements: Age 60 with 5 years of service, excluding military service purchased after September 10, 1982 or Age 55 with 30 years of service
BUS DRIVERS, MAINTENANCE AND/OR CUSTODIANS As an employee of LPSB you will be enrolled in the School Employees’ Retirement System. You will pay a mandatory 8% of every paycheck to LSERS. LPSB will pay 33% of every paycheck you receive to LSERS. Once you qualify to retire your benefit formula will be your years of service x your final average compensation (highest 3-yr average) x 3.33% benefit factor.
Bus Drivers, Maintenance and/or Custodians When Can I retire ??? Member on or after July 1, years of service at age years of service, regardless of age, with an actuarially reduced benefit
SICK LEAVE You will earn sick leave while you are employed. You may want to consider saving your sick leave for retirement unless it is needed. When you retire you will be paid cash for 25 days of sick leave x your daily rate of pay. The remainder of your sick leave will be added on to your retirement. You could receive an entire year’s service credit for your sick days. That year could roughly add $80 - $120 more a month to your paycheck………
Social Security Windfall Elimination & Government Pension Offset As of this date, individuals receiving a state retirement check may not receive their entire social security benefits when they reach retirement age. Spouses and widows or widowers receiving a state retirement check may not receive their entire social security spousal support benefit. IT IS IMPORTANT THAT YOU CONTACT SOCIAL SECURITY OFFICE FOR INFORMATION ON THIS MATTER.
TRSL SURVIVOR BENEFITS Once you have five years of TRSL service credit, you’re eligible for survivor benefits.
Resignation/Retirement Refunds If you choose to resign form LPSB & wish to refund your retirement you can log into the retirement system online under FORMS & print a Form 7. You will need to complete it & turn it into Human Resources. The retirement systems require that we hold the Refund Application for 90 days prior to processing it for payment. Retirement system checks are cut on the 5 th & the 20 th. Once they confirm all information they will place in line for payment.