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TRSL - Leaving State Employment
Posted on 8/19/17 at 7:33 am
Posted on 8/19/17 at 7:33 am
My wife has found a new job. Her current job has been in clinical research and she is a state employee with LSUHSC Shreveport. She has contributed to the the TRSL for about 8yrs. She can leave it there since she has been longer than 5yrs - take a refund which we don't want to do due to tax penalties. In looking at the literature I think it can be rolled into a Roth IRA would there be any penalties for rolling it over I am not really smart in this area. She has about 32k in this retirement account. She also earns vacation and sick time based on hours worked she has accrued 88hrs of vacation and 617hrs of sick time I know she should get paid for her vacation time but can't find anything on sick time. She is going to talk to HR on Monday but just wondering if anyone had any insight.
Posted on 8/19/17 at 7:44 am to swanny297
She should get sick for some 80 days.
Posted on 8/19/17 at 7:51 am to GenesChin
I agree but she has put in her 2 weeks notice so it's a bit late.
Posted on 8/19/17 at 9:47 am to swanny297
I'm pretty sure she will just lose her sick leave. I think it might stay "on the books" for a while; and she can get it back if she returns within a certain time period. It used to be this way. Not sure if it's still the same policy.
Posted on 8/19/17 at 10:12 am to swanny297
She won't get anything for her sick time, I was in a similar position to her and lost all of my sick time.
It's probably better to roll it into a traditional IRA, or keep it in TRSL as I believe you are vested at 5 years. There is a calculator (or a formula) that you can use to determine what her yearly pay out would be at the time of retirement if she leaves her funds in TRSL. That would give you some kind of idea as to whether or not it's a better decision to leave the funds in TRSL or roll it into a traditional IRA (you'd have to pay taxes on it if you roll it into a Roth).
It's probably better to roll it into a traditional IRA, or keep it in TRSL as I believe you are vested at 5 years. There is a calculator (or a formula) that you can use to determine what her yearly pay out would be at the time of retirement if she leaves her funds in TRSL. That would give you some kind of idea as to whether or not it's a better decision to leave the funds in TRSL or roll it into a traditional IRA (you'd have to pay taxes on it if you roll it into a Roth).
Posted on 8/19/17 at 11:22 am to Epic Cajun
Agree, TRSL if I am not mistaken you get 2.5% per year of service credit of your highest 3 year average salary. (i.e 6 years of service x 2.5 = 15% of salary) with five years of service you can start collecting at age 60. I also believe you can covert sick leave into service credit. If it were me I would leave it in TRSL and take the guarantee payout as you would have to average pretty high ROI in other investment vehicles to match what the guarantee is.
Posted on 8/19/17 at 11:30 am to swanny297
Sick leave will be converted into credit time. It can't be used to reach you pension requirements, but is added to your total. Example if she worked for 24 years and had a year of sick time, it wouldn't count as 25 years in the plan, but if she had 25 years her calculation would equal 26 years.
Also if she has 8 years, I believe she is considered vested, depending on her hire date. Leave it in the plan, she can always come back into that plan and take up where she left off.
Also if she has 8 years, I believe she is considered vested, depending on her hire date. Leave it in the plan, she can always come back into that plan and take up where she left off.
This post was edited on 8/19/17 at 11:46 am
Posted on 8/19/17 at 11:51 am to TigerintheNO
Thanks everyone that's kind of what I had been reading.
Posted on 8/19/17 at 1:11 pm to swanny297
Roth funds are generally after taxes.
You might be able to roll in to traditional IRA.
You might be able to roll in to traditional IRA.
This post was edited on 8/19/17 at 1:12 pm
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