La. Admin. Code tit. 58 § III-1531

Current through Register Vol. 50, No. 12, December 20, 2024

Section III-1531 - ORP Providers

A. In the selection of ORP provider(s) as required by law, the board of trustees will, at a minimum, consider the following criteria in the selection process:

1. portability of the contracts offered or to be offered by the company, based on the number of states in which the designated company provides contracts under similar plans;

2. efficacy of the contracts in the recruitment and retention of employees for the various state public institutions of higher education and higher education boards;

3. nature and extent of the rights and benefits to be provided by the contracts for participating employees and their beneficiaries;

4. relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of the Plan;

5. suitability of the rights and benefits to the needs and interests of participating employees and employers; and

6. ability of the designated company or companies to provide the rights and benefits under such contracts.

B. The TRSL will enter into a contract with each ORP provider. Effective July 1, 2015, each ORP provider contract shall include the "operational guide for ORP providers" developed by the TRSL.

La. Admin. Code tit. 58, § III-1531

Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 402280 (11/1/2014).

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