ACTIVE MEMBERS

RETIREES

 

 

 

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Can I apply for a loan against my account balance?

No. The retirement plan does not have loan provisions.

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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.

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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.

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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.

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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

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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 members 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.

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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.

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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.

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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.


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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.


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When are retirement benefits paid each month?

For those retirees who receive a check, checks are mailed on the last business day of the month. For those retirees who receive payments by electronic deposit, funds are deposited to your bank account on the first business day of the month.

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When can a replacement check be issued?

The retirement system must allow the U.S. Postal Service ten business days to deliver retirement checks. If a retiree has not received his check, he can contact our office by phone. We will then verify the mailing address that we have on record and will provide the date that replacement checks will be issued that month. The retiree will be instructed to contact our office if he has not received his check on the replacement date. Once a check is considered lost, our office will place a stop payment and reissue a replacement check.

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Why do I have to provide a copy of a voided check or deposit slip with my request for electronic deposit?

In order to set up electronic deposit for a retiree, it is necessary to have the depository's routing number, which identifies the institution. A voided check or deposit slip will contain this information as well as the retiree's account number, which is clearly imprinted. Having the correct routing number and account number is critical for the proper delivery of electronic payments.

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Why is a power of attorney needed if someone other than a spouse is listed on my checking or savings account?

Our system requires that a power of attorney be executed for retirees who have someone other than a spouse listed on their checking or savings account. This document will serve to protect the system in the event that a retiree dies and payments are owed to the system. The authorized individual on the retiree's account acknowledges in the power of attorney that he will be required to return any overpayment of funds to the retirement system at the time of a retiree's death. Our office can provide the document that must be executed by the retiree and the individual listed on the account in the presence of a notary.

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How many hours can I work after retirement?

The restrictions discussed in this response pertain to those retirees who retired under the normal retirement provisions of the plan. If a member participated in DROP or has retired under disability retirement, the restrictions differ and you should contact our office.

If a retiree who did not participate in DROP returns to work for his former employer or any parish or district, which participates in this retirement system as a part-time employee, he can work 480 hours per calendar year without having his retirement benefit affected. If a retiree has been retired for at least three years and is at least age 65, he can work 1,040 hours per calendar year without having his retirement benefit affected.

If the above stated limits are exceeded, the retiree's benefit will be offset, dollar for dollar, by earnings in excess of these limits.

When a retiree returns to full-time employment, benefits must cease and retirement contributions must begin. Thus, new service credit will be earned, adding to the benefit that will be paid once the member retires again.

The employer and the employee are jointly responsible for advising our office if a retiree returns to part-time or full-time status.