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Louisiana Tech University

Policies & Procedures

Policy 1424 - Retirement Systems

Revision Date: 2/3/2009

Responsible Office: Department of Human Resources

Reference: Louisiana Statutes

Teacher's Retirement System

Unclassified employees of state Colleges and Universities in Louisiana become participating members of the Teacher's Retirement System of Louisiana provided employment is on a full-time, continuing basis.

A participating member of the Teacher's Retirement System who is granted Leave of Absence With Pay is required by the System to continue contributions on the amount of leave pay. The University will continue to make contribu­tions.

An eligible member of the Teacher's Retirement System who is granted any legal Leave of Absence Without Pay, not to exceed twelve calendar months in length, may pay and receive credit for the amount ordinarily deductible (based on earnable compensation the member would have received had the member continued in service at the rate of pay being received immediately prior to going on leave without pay) provided such contribu­tions are made and reported in the fiscal year during which the Leave of Absence occurred. Contact the University Department of Human Resources for further information.

Optional Retirement System

Act 90 of 1989 provided for an Optional Retirement Plan (ORP) under the Teachers' Retirement System of Louisiana for eligible academic and administrative employees of public institutions of higher education. Faculty who move a number of times during their employment years find the ORP an attractive plan because of its portability and immediate vesting features.

Louisiana State Employees' Retirement System

Individuals who are employed by the University on a full-time basis and are members of the Louisiana State Employees Retirement System may remain with this system provided the employee has five (5) years of prior state service credit.

Social Security

Individuals who are employed on a temporary or less than a full-time basis become participants in the Social Security System. Additionally, employees may be placed under this system if they are ineligible by reason of age for the Teachers' Retirement System or the Louisiana State Employees' Retirement System. Employees who are working part-time and are retirees of the Teachers' Retirement System or the Louisiana State Employees' Retirement System are not eligible for participation in social security.