Teachers hear about retirement options

CENTERVILLE — St. Mary Parish School District employees sat in a workshop Monday preparing for the next phase of their lives, retirement.

The Teachers Retirement System of Louisiana hosted its retirement workshop at the Central Office Complex.

“I think it’s very important to share with our employees the different options they have available,” St. Mary Schools Human Resources Director Ricky Armelin said.

“And what we also like to do is share these options with them early … . So ultimately, it will help them in the long run with their planning of retirement options.”

“There are certainly misconceptions and misunderstandings,” said system Public Information Officer Jerri Mack. “It’s really important for people to have the correct information.”

Retirement is a personal decision. How or when to retire is a complex decision for some people and guidance is needed.

“When you retire is a very personal question and we make all individual decisions,” Mack said. “When you choose retirement, it’s like when you’re getting married or having a baby. It’s very personal.

“We all don’t do things at the same time. So, it’s a very personal choice that people make.”

There are many eligibility requirements and types of retirement for employees in the TRSL system. Types of retirement are Service, DROP (Deferred Retirement Option Plan), ILSB (Initial Lump-Sum Benefit), Deferred, and Disability.

Service and DROP are the most popular retirement choices for employees, Mack said.

“It’s important to know your numbers, to get that estimate and to understand how to properly plan for their retirement,” Mack said.

Most people covered in the TRSL system are teachers, administrators, staff personnel, and board members.

Franklin High School Principal Ty Burdett has 29 years in the school system. His plan is to retire when he reaches 32 years.

“I turn 55 and I will be entering DROP,” Burdett said. “I have three years left till retirement and I wanted to get some information. Like she said, ‘You can listen to your friends.’ But you can miss out on important stuff that can benefit you directly that might not benefit other people.

“The questions I asked were ones that pertain to me. I wanted to get the best information to get me set for life after education.”

Another employee is excited and ready for retirement. She wanted to be sure about all the options available to her.

“I have 25 years and I’m ready to retire,” computer analyst Debra Mitchell said. “I just wanted to familiarize myself with the information that was given. And make sure I knew all the information being given. She did a great job.”

Mitchell, too, is looking at the DROP retirement option.

Employees like Berwick Junior High math teacher Donna Gisclair attend these workshops to remain current with changes in the TRSL system and learn its effects on her family.

“I have 24 years,” Gisclair said. “I’m pushing on that 30-year window. I just wanted to get a general idea of what to expect. I already calculated my estimate. I was most concerned about the social security for my husband.

“So, I wanted to see that formula.

“This is my second one. … You don’t remember everything and you want to be reminded of dates and the six months before you do decide you want to retire. To remind myself, we’ll probably come back in a few years. Refresh, see what’s changed.”

Gisclair has plans for her retirement. She looks forward to doing more with her hobbies, especially baking cakes for relatives and friends.

“You cannot put a price on how much you enjoy your job and your feel of reward for doing it,” Mack said. “So that’s why you have people sometimes work 40, 45, even 50 years because they enjoy it … . That being said, I think knowledge is power.”

The most important advice Mack shares is “to know the information and don’t base it on assumption. As with anything, once you learn more, it’s like peeling back the layers of an onion, ‘Oh, oh, I get it.’”

Regardless if a person works in education or not, Mack says to find out what retirement system you are in because each system has its own eligibility and rules.

Education personnel can set up a member access account on the TRSL website. For more information, go to www.TRSL.org, or email web.master@trsl.org, or call (877 )ASK -TRSL.