Enrollment in the Optional Retirement Plan (ORP)

The Louisiana Optional Retirement Plan (ORP) is offered to the academic and unclassified employees of Louisiana’s public institutions of higher education as an alternative to the Teachers’ Retirement System of Louisiana (TRSL).

An eligible new employee must make a decision to become or to remain a member of the TRSL Regular Plan or participate in the ORP within 60 days of employment. If no decision is made within 60 days, the new employee must be placed in TRSL Regular Plan.  For members who choose to participate in ORP within the first 60 days of hire, employee and employer contributions will be transferred to the chosen ORP carrier.

Note: An election to enroll in ORP is irrevocable and you will never again be a contributing member of TRSL, regardless of changes in employment.

For members who choose to participate in ORP after being a TRSL member, only the member portion of retirement contributions are transferred to the carrier. The employer portion remains with TRSL.

Enrolling in the ORP requires the following steps:

1. Select an ORP vendor from the list of authorized companies.

2. Decide whether to enroll with Voya.

3. Return the Application for Optional Retirement Plan or Change of Carrier (Form 16) to your college or university within the specified time frame.

You should consider the investment objectives, risks, and charges and expenses of the mutual funds offered through a retirement plan, carefully before investing. The fund prospectuses and information booklet containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Louisiana is a "community property" state. Under the Louisiana Civil Code, a spouse is entitled to 50% of any payout from a public or private pension or retirement plan, an annuity policy or plan, an individual retirement account, a Keogh plan, a simplified employee plan, or any other similar retirement plan.

Neither Voya nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.

Mutual funds under a custodial or trust account agreement are intended as long-term investments designed for retirement purposes. Account values fluctuate with market conditions, and when surrendered, the principal may be worth more or less than the original amount invested. A group fixed annuity is an insurance contract designed for investing for retirement purposes. The guarantee of the fixed account is based on the claims-paying ability of the issuing insurance company. Although it is possible to have guaranteed income for life with a fixed annuity, there is no assurance that this income will keep up with inflation. Money taken from the plan will be taxed as ordinary income in the year the money is distributed. An annuity does not provide any additional tax benefit, as tax deferral is provided by the Plan. Annuities may be subject to additional fees and expenses, to which other tax-deferred funding vehicles may not be subject. However, an annuity does offer other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.

Not FDIC/NCUA/NCUSIF Insured | Not a Deposit of a Bank/Credit Union | May Lose Value | Not Bank/Credit Union Guaranteed | Not Insured by Any Federal Government Agency

Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the Voya® family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states. CN-0315-13077-0417