La. Admin. Code tit. 58 § III-1507

Current through Register Vol. 50, No. 9, September 20, 2024

Section III-1507 - Eligibility and Election to Participate

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.

La. Admin. Code tit. 58, § III-1507

Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 402274 (11/1/2014).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:921-929.