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Wife's Retirement
Posted on 1/22/16 at 6:04 pm
Posted on 1/22/16 at 6:04 pm
My wife has just got hired on at UL-Lafayette as a professor, one of the retirement options is a trsl plan. After doing a little bit of reading it sounds like a good plan. would just like to hear a few opinions on it. TIA
2
Posted on 1/22/16 at 6:17 pm to JakeMik
If it's like the one here in Alabama. It's a good plan. They should have a formula on the website or maybe in the employee handbook.
It'll be something like this:
# years worked * average 3 years of highest salary * multiple of a number they've come up with.... for Alabama it's .0285 I believe....
The pension should also include a COLA of maybe 2% give or take. But for a rough number you could take half the salary.
It'll be something like this:
# years worked * average 3 years of highest salary * multiple of a number they've come up with.... for Alabama it's .0285 I believe....
The pension should also include a COLA of maybe 2% give or take. But for a rough number you could take half the salary.
Posted on 1/22/16 at 6:34 pm to JakeMik
My wife is a TRSL retiree. Both TRSL and LASERS(state employees) are excellent retirement plans. They are defined benefit plans. Your wife will have to decide whether or not she wants to remain in TRSL or choose ORP (optional retirement plan) which is offered through TRSL. This plan is good for those employees that may move to universities outside of Louisiana. It is portable and self managed like a 401K. Employee gets to take it with them if they change employment.
If your wife plans on retiring from ULL, TRSL defined benefit is the way to go. Amount of benefit is based on number of years of service. Basically calculate benefit as 2.5% of annual salary for each year of employment. 40 years of work = 100%. 25years = 75%. The ideal benefit for retiring as a state employee is retirees get to keep health insurance and state pays a portion based on number of years of serice. Maximum they will pay is 75% for 20 years. % decreases as years of service decreases.
If your wife plans on retiring from ULL, TRSL defined benefit is the way to go. Amount of benefit is based on number of years of service. Basically calculate benefit as 2.5% of annual salary for each year of employment. 40 years of work = 100%. 25years = 75%. The ideal benefit for retiring as a state employee is retirees get to keep health insurance and state pays a portion based on number of years of serice. Maximum they will pay is 75% for 20 years. % decreases as years of service decreases.
This post was edited on 1/22/16 at 9:12 pm
Posted on 1/22/16 at 8:37 pm to LXIXER
I would agree with LXIXER. It is important to really have a goal of at least 25 years in the system due to the formula used to calculate the retirement.
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