Eligibility

To retire, a TRSL member must meet minimum requirements as to age and years of service. Then requirements are met, for example, the Regular Plan retirement benefit a member receives is calculated by this equation: Multiply 2 or 2 ½ percent times the total years of service credit times the highest average compensation plus a $300.00 annual supplemental benefit. Note that:

• The service credit contains an appropriate credit for unused sick and/or annual leave;
• The highest average compensation is the annual average of the three highest years' salary in which a member earns no more than three years of service credit; and,
• The supplemental benefit of $300.00 is given to those who became TRSL members before July 1, 1986.

The retirement benefit will vary according to which retirement option is chosen. Following are details on membership, retirement eligibility and benefit computation.

The 2 Percent Formula

To retire under the 2 percent of a average compensation factor, a Regular Plan member must be:

• Age 60 with at least 10 years of service credit, excluding military service purchased under provisions of La.R.S. 11:153 after Sept. 10, 1982;
• Any age with 20 years of service credit, excluding military service purchased under provisions of La. R.S. 11:153 after Sept.10, 1982.

The 2 ½ Percent Formula

To retire under the 2 ½ percent of average compensation factor, a Regular Plan member must be:

• Age 65 with 20 years of service credit, excluding any military service;
• Age 55 with 25 years of service credit; or
• Any age with 30 years of service credit.

To be eligible to retire, a Plan A member must be:

• Age 60 with at least 10 years of service credit, excluding military service purchased under provisions of La. R.S. 11:153 after Sept. 10, 1982,
• Age 55 with at least 25 years of service credit, or
• Any age with 30 years of service credit.

Under Plan A, members who have contributed to retire each year of employment have their TRSL been benefit calculated by this equation: 3 percent times the years of creditable service (including credit for unused certified sick leave) times the average compensation.

Plan A members, who did not contribute to retire until their employing agencies withdrew from Social Security coverage, will receive 1 percent for those years plus $24.00 per year for each year that retirement was not paid and 3 percent for each year after employing agencies withdrew from Social Security coverage and retirement contributions were paid on the member's salary. Proportionate credit for unused sick leave will be used in both calculations.

Early Retirement

TRSL members who had 10 years of TRSL service credit as of January 1, 1982, regardless of age may retire and receive an actuarially reduced retirement benefit.