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Can I apply for a loan against my account balance?
No. The retirement plan does not have loan provisions.
How can I receive the funds on deposit with the retirement system?
An employee must terminate service with his/her employer before he/she is eligible to apply for a refund of member contributions.
How long will it take to receive a refund if I have terminated employment?
In order to receive a refund of contributions, there are three considerations.
1) At least 30 days must elapse between termination of employment and the date of payment.
2) All contributions through the former member's last day of employment must be received in our office along with a completed Refund Request Form.
3) Refund checks are mailed from our office twice each month on the 1st and 15th.
Thus, the wait for a refund of contributions can vary, depending largely on the employer's schedule for submitting contributions.
How can I change my address or my beneficiary?
In order to change a member's address or beneficiary, our office must receive that request in writing. The change may be done by letter or it may be done by completing a Change Form. This form is available from your human resources office, our office in Baton Rouge, or by downloading a copy available from this website. (Click on Forms & Publications). Such changes cannot be handled via the telephone.
What are the eligibility requirements for normal retirement?
Plan A Eligibility Requirements for Active Members Enrolled Prior to 1/1/07
7 years and age 65
10 years and age 60
25 years and age 55
30 years at any age
Plan A Eligibility Requirements for Active Members Enrolled 1/1/07 and Later
7 years and age 67
10 years and age 62
30 years and age 55
Plan B Eligibility Requirements for Active Members Enrolled Prior to 1/1/07
7 years and age 65
10 years and age 60
30 years and age 55
Plan B Eligibility Requirements for Active Members Enrolled 1/1/07 and Later
7 years and age 67
10 years and age 62
30 years and age 55
When am I eligible to request an estimate of my retirement benefits?
When a member is within 3 years of retirement eligibility (age and service credit) a written request for a retirement estimate may be sent to our office. The written request should include the member's name, Social Security number, return address, and anticipated date of retirement. Our office will prepare a written estimate of benefits and mail it to the member. The three-year consideration enables us to provide more accurate, and therefore more useful, estimates of benefits.
What forms are needed to apply for retirement?
You must complete the proper applications with your employer. The forms needed for retirement include the retirement application, the employer request form, and the maximum affidavit (only if maximum benefits are selected). In addition to these forms, the member will need to provide a copy of his birth certificate and a copy of his spouse's birth certificate.
How can I convert unused and unpaid leave to additional retirement credit?
Unused and unpaid leave can be converted to additional retirement credit at the time a member applies for normal retirement benefits or DROP. The employer will report the number of days to be converted on the employer request form. The days reported will be divided by 260 working days to determine the portion of a year that a member will receive as additional credit. A member cannot use leave to achieve the years required for eligibility. The member must first attain the years required and then the leave is added.
When can I go into DROP and what are the advantages of DROP?
A member is eligible to go into DROP any time after becoming eligible to retire.
(See question "What are the eligibility requirements for normal retirement?").
The advantage of DROP is that it enables a member to accrue a sizeable lump sum over a period of as much as 3 years, a period during which no employee contributions are being made. On the other hand, while the member participates in DROP, he does not accrue any service credit. Similarly, any salary increases while the member is in DROP are disregarded for benefit purposes.
Is my retirement account subject to community property laws?
All benefits accrued under this retirement system are subject to Louisiana's community property laws. We suggest that a member seeking a divorce should address the division of these retirement benefits in a property settlement issued by a court of law.