COBRA

COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law, which requires that group plans offer covered employees and dependents the opportunity to continue health, dental and vision insurance as well as Healthcare FSA participation when coverage would normally end for certain specified reasons. The following provisions outline the requirements for continued coverage in accordance with the law:

• You and your covered dependents may continue coverage for up to 18 months if coverage ends because of either a permanent reduction in the number of hours worked or termination of employment for any reason other than gross misconduct. You and/or your covered dependent must apply and remit premium within 60 days of the date coverage ends or the date you are notified of your continuation rights, whichever is later.
• Your dependents may continue their coverage under the group plan for up to 36 months if their coverage ends for any of the following reasons:
  • Divorce from employee
  • Death of employee, or
  • Dependent child reaches the maximum age or otherwise ceases to qualify as a dependent under the plan.

Paperwork for COBRA coverage will be mailed to the employee directly from the insurance provider after the active coverage ends.

Coverage would be effective the first of the month following the event.

 

Retirement Accounts at Termination

Under your current retirement plan, if you wish to withdraw or rollover your retirement money upon termination you will need to contact the appropriate office.

LASERS

For a Refund/Rollover, please complete the Refund of Accumulated Contributions and give to LASERS directly.

If you are vested in LASERS (5 years participation), please contact a Retirement Representative to discuss possible retirement options.

 

TRSL

For a Refund/Rollover, please complete the Application for Refund form. Completed forms should be returned to the LSU Benefits Office.

Refund forms cannot be sent to the retirement system by LSU until at least 90 days after termination. You can submit the refund form to LSU immediately after termination. TRSL processes most refunds within 30 days of receipt.

If you are vested in TRSL (5 year participation), please contact a Retirement Representative to discuss possible retirement options.

 

Optional Retirement Plan (ORP)

Contact your ORP representative in order to make changes to any of these accounts. State law does not permit a lump-sum refund at termination of employment. You retain ownership of your account at retirement age. Funds in your ORP account are eligible for a single-sum IRA rollover, subject to withdrawal provisions of your ORP carrier.

• VOYA
  • 1-800-584-6001
    • Charla Misse: 504-620-5578 (Office) - 504-812-8011 (Cell)
• TIAA
  • 1-800-842-2252
    • Louis Bundy: 504-470-5296
• Corebridge
  • 1-800-448-2542
    • Mitch Tabor: 225-201-1009 (Office) - 985-415-2274 (Cell)

 

Louisiana Deferred Compensation Plan

Account balance is vested. Early distribution penalties do not apply to 457(b) deferred compensation plans for eligible withdrawals of 457 pre-tax money. Any withdrawals will be taxed as ordinary income and will be subject to a 20% mandatory withholding. The withdrawals are also subject to state income tax.

• Will Parrie 

  • (504) 247-5996

  • will.parrie@empower-retirement.com

• Withdrawal/ Rollover information: 1-800-937-7604

 

Social Security

No refund or rollover option available.

• 800-772-1213
• www.ssa.gov