Take advantage today

The Optional Retirement Plan (ORP) has been available since 1990, and is an alternative retirement plan provided by a private carrier for academic and unclassified employees of Louisiana colleges, universities, and community colleges.

Starting early has its advantages

Contributions

Contributions determine benefits. Employee payroll contribution is 8% of salary (less 0.05% administrative fee to Louisiana ORP). The employer’s contribution, which is also added to the ORP account, changes annually, however, it has historically been between 5% and 7%.  

For more information about ORP contribution rates, visit the Louisiana Optional Retirement Plan (ORP) website. 

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in all contributions to the plan. 

Account consolidation

You can transfer part or all of your ORP account balance among the approved ORP companies, subject to individual company restrictions. 

Accessing your money before retirement

Withdrawals

Your plan was established to encourage long term savings, so in-service withdrawals are not permitted from this plan. 

Your distribution options include:

• Transferring your vested account balance over to an IRA or another tax-advantaged plan that accepts rollovers
• Choosing one of the many annuity options
• Deferring distributions until a later date, allowing your account to continue to grow tax-deferred 

Generally, income taxes must be paid on all amounts you withdraw from your plan. Consult your financial professional for more specific information.