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Message
re: Time for Louisiana to do away with TOPS
Posted on 1/15/20 at 2:24 pm to theenemy
Posted on 1/15/20 at 2:24 pm to theenemy
LINK
Employees Hired Prior to July 1, 2006
Employee contribution is 7.5% of salary
The formula for maximum retirement benefits is 2.5% times creditable years of service (inclusive of leave credit) times the average salary for your thirty-six highest successive months.
Minimum eligibility requirements for regular retirement are:
10 years at age 60
25 years at age 55
30 years at any age
Early retirement with an actuarial reduction is available when the member has acquired 20 years of service at any age
Vested after 10 years of service
Employees Hired Prior to July 1, 2006
Employee contribution is 7.5% of salary
The formula for maximum retirement benefits is 2.5% times creditable years of service (inclusive of leave credit) times the average salary for your thirty-six highest successive months.
Minimum eligibility requirements for regular retirement are:
10 years at age 60
25 years at age 55
30 years at any age
Early retirement with an actuarial reduction is available when the member has acquired 20 years of service at any age
Vested after 10 years of service
1
Posted on 1/15/20 at 2:24 pm to LordSaintly
TOPS needs some means testing. We should not be subsidizing parents who are earning well into the 6 figures. Pat Taylor started this deal years ago for underprivileged kids who made good grades but could not afford college. We turned it into a college welfare program for upper middle class types .
Posted on 1/15/20 at 2:25 pm to Bedhog
So wouldn’t that mean he’s making 50% salary?
Posted on 1/15/20 at 2:27 pm to Oilfieldbiology
quote:maybe,hell IDK. I worded it wrong but he did retire and find other employment.Said he was going to make more money working the private sector than he would get if he stayed another 10 years.
So wouldn’t that mean he’s making 50% salary?
Posted on 1/15/20 at 2:28 pm to Bedhog
quote:
And most of the graduates are going elsewhere so why are Louisiana taxpayers still funding this welfare program?
I used to feel the same way
Then I had a revelation.
This is the only way that I will get any of my tax money back, so after I put several kids through college, I didn't let it bother me again
Posted on 1/15/20 at 2:29 pm to Bedhog
quote:
maybe,hell IDK. I worded it wrong but he did retire and find other employment.Said he was going to make more money working the private sector than he would get if he stayed another 10 years.
Well that's not a full retirement is it...he retired with a lower amount accrued than what he would have got if he hadn't.
This post was edited on 1/15/20 at 2:31 pm
Posted on 1/15/20 at 2:29 pm to KiwiHead
History of the Taylor Plan
I was fully prepared to call you a liar so I went in search of data proving what I thought to be true.
I was mistaken. This was founded as a low income supplement
I was fully prepared to call you a liar so I went in search of data proving what I thought to be true.
I was mistaken. This was founded as a low income supplement
Posted on 1/15/20 at 2:30 pm to Bedhog
quote:
Said he was going to make more money working the private sector than he would get if he stayed another 10 years.
That I believe.
Posted on 1/15/20 at 2:30 pm to Bedhog
I feel like some people's definition of welfare in here would include their paychecks, bonuses and a college scholarship. 
Posted on 1/15/20 at 2:31 pm to theenemy
quote:guess not. I admitted wording it wrong. Not my life and it was a long time ago he told me about it. But he is receiving pension from the state while employed in the private sector. That's my point.
Well that's not a full retirement is it...
Posted on 1/15/20 at 2:31 pm to Bedhog
This thread really should be in the Tiger Rant
Posted on 1/15/20 at 2:37 pm to Bedhog
quote:
But he is receiving pension from the state while employed in the private sector. That's my point.
OK...why shouldn't he? People receiving pension plans find other jobs all the time.
My old man retired from a private sector job years ago with a pension but he still works elsewhere.
This post was edited on 1/15/20 at 2:38 pm
Posted on 1/15/20 at 2:38 pm to Oilfieldbiology
quote:
Jesus man. I never realized it was that low. It should be for the top 10% of students
From what I've found, it only takes a 2.5 and a 19 ACT for TOPS, but if you have a 3.0 and 23 you get an additional $200/semester and if you have a 3.0 and 27 you get tuition plus $400/semester.
TOPS Requirement 2020
Again, pretty sad. The starting point should be a 27 plus a 3.0 GPA IMO.
This post was edited on 1/15/20 at 2:39 pm
Posted on 1/15/20 at 2:40 pm to theenemy
quote:With the state yeah. That's a ridiculous amount of time invested to receive any kind of retirement.
OK...why shouldn't he? People receiving pension plans find other jobs all the time.
quote:never knew this was a thing. Never heard one example of this to be honest.
My old man retired from a private sector job years ago with a pension but he still works elsewhere.
Posted on 1/15/20 at 2:46 pm to REB BEER
quote:
Pretty pathetic actually.
Or great. Depending how you look at it
Posted on 1/15/20 at 2:46 pm to tigergirl10
How is it not? Since when did the definition of welfare exclude giveaways through achievement?
A giveaway is a giveaway, whether it is because you are poor, disabled, sugar cane crop can't compete overseas, or if you "achieved" a 2.5 GPA in the sorriest school system in the US.
Congrats on living off the government teet. Thanks to TOPS most of us are now hypocrites claiming we aren't welfare babies. We all hate it until we get that check, then we say "but my case is different."
A giveaway is a giveaway, whether it is because you are poor, disabled, sugar cane crop can't compete overseas, or if you "achieved" a 2.5 GPA in the sorriest school system in the US.
Congrats on living off the government teet. Thanks to TOPS most of us are now hypocrites claiming we aren't welfare babies. We all hate it until we get that check, then we say "but my case is different."
Posted on 1/15/20 at 2:48 pm to rotrain
quote:you see them downvotes in the OP
Thanks to TOPS most of us are now hypocrites claiming we aren't welfare babies. We all hate it until we get that check, then we say "but my case is different."
. Bunch of damn hypocrites 
Posted on 1/15/20 at 2:52 pm to Bedhog
quote:No.
Time for Louisiana to do away with TOPS
The qualifying criteria needs to be raised because its too easy. And it needs to be changed to be treated as a student loan that's forgiven if certain conditions are met...such as graduating and living/working in Louisiana for at least 5 years after graduation.
If you don't finish school or if you move out of state right after school, then you should have to repay TOPS as if it were a traditional student loan.
This post was edited on 1/15/20 at 2:54 pm
Posted on 1/15/20 at 2:54 pm to REB BEER
quote:
Again, pretty sad. The starting point should be a 27 plus a 3.0 GPA IMO.
Correct. We need to make college more expensive for Louisiana families
Posted on 1/15/20 at 2:54 pm to Bedhog
quote:
never knew this was a thing. Never heard one example of this to be honest.
My dad retired with a pension at 50 and now does consulting for his company.
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