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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 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 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. 

Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.

Accessing your money before retirement


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.

In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:

  • Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
  • Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
  • Age 70 ½ if you were born before July 1, 1949.

RO 2767020 (03/2023)