TRSL offers an alternative to it’s defined benefit plan. The Optional Retirement Plan (ORP) is a Defined Contribution Plan. The employer* and the employee make contributions through TRSL to an approved carrier to be invested in a retirement annuity contract in the employee’s name. The amount of your monthly annuity income at retirement is based exclusively on these contributions (less a TRSL administrative fee), your investment earnings, the age at which you begin receiving benefits, and the type of annuity you choose. The ORP carriers are:
- Voya (formally ING (Aetna)
- AIG (Valic)
- Local Representative: Cameron Pettigrew - 866-842-2951 Ext. 257413
Employees who choose to participate in the ORP do not contribute to TRSL and permanently waive all rights to TRSL retirement, survivor, and disability benefits. The decision to participate in the ORP is irrevocable; members who choose the ORP can never change their minds and join TRSL.
Active and contributing members of TRSL’s Regular Plan who are academic or unclassified employees and who have less than five years of creditable service in TRSL may elect to participate in the ORP and transfer accumulated employee contributions to the ORP.
You are fully and immediately vested in the ORP which allows for portability to or from other institutions of higher education.
*The 13/14 net University matching amount for Optional Retirement Plans is 5.183%