The National Council on Teacher Quality released a report last week that graded the teachers’ pension funds of every state.
[The full report card can be found here.]
The report slapped the Teachers Retirement System of Louisiana (TRSL) with a C- grade, calling the system underfunded, inflexible and not portable.
But TRSL took issue with its C- grade, and is now firing back at the think tank and disputing the claims that led to the low grade.
TRSL’s response to allegations of being inflexible:
TRSL is flexible and portable. It is TRSL’s position that the traditional defined benefit (DB) plan should remain as the retirement plan option available to Louisiana’s K-12 teachers. The DB plan offers a comprehensive retirement program that provides for normal retirement, disability retirement, survivor benefits, potential for retiree permanent benefit increases, and portability through service credit purchase options and reciprocity.
* Members can purchase service credit that provides mobility among public and private teaching positions and other public sector employment.
* TRSL recognizes reciprocal service credit from any other Louisiana state, municipal, or parochial retirement system, and each of those systems recognizes TRSL service credit.
* TRSL members can also purchase service credit canceled as a result of withdrawal of contributions, teaching service while on leave of absence without pay, teaching service in any nonpublic college or university or school in Louisiana, teaching service in any United States dependent school, substitute teaching service, and military service.
Read the system’s full statement here.
See the National Council on Teacher Quality report here.