Latest news with #TRSL
Yahoo
28-05-2025
- Business
- Yahoo
Louisiana higher ed employees get most of their retirement wishes
Rep. Tony Bacala presents his bill. (Allison Allsop / Louisiana Illuminator) The Louisiana Legislature has unanimously approved a bill that grants a wish list of retirement reforms state higher education employees put forward, though it lacks one enticement faculty and staff consider critical to keeping them on campus. House Bill 24 by Rep. Tony Bacala, R-Prairieville, passed the Senate on a 36-0 vote and had previously cleared the House on a 97-0 vote. It next goes to Gov. Jeff Landry for his approval. Bacala's bill expands eligibility for the Teachers Retirement System of Louisiana (TRSL) to include faculty at the state's community and technical colleges. It also extends the period when employees can switch from a 'portable' retirement plan to the fixed, pension style plan offered to most state employees. Qualifying campus faculty and employees will have seven years, instead of the current five years to choose between the two plans, aligning it with the typical timeline it takes for professors to earn tenure. Bacala's bill incorporates most of the recommendations from a Board of Regents task force he helped form. An increase in employer contributions to TRSL retirement plans was among the most anticipated portions of Bacala's bill. In its original state, it would have increased the minimum employer contribution to portable plan accounts from 6.2% to 8% of employee pay. The contribution bump was removed from the bill because it would have increased state spending more than $11 million annually, and the legislature is trying not to add to state spending amid uncertain fiscal times. Bacala said he would try to address this provision in future legislation. Last year, lawmakers gave certain higher education employees a limited window to switch from the portable plan to defined benefits. According to the Board of Regents, 795 applied for the change as of the end of 2024. Nearly 7,000 college and university faculty and staff members are enrolled in the state's 'portable' or optional retirement plan that allows them to take their accrued benefits with them if they choose to leave the state for another job. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
06-05-2025
- Business
- Yahoo
Louisiana tries to retain higher education employees with more retirement flexibility
Rep. Tony Bacala presents his bill. (Allison Allsop / Louisiana Illuminator) Louisiana legislators are advancing a proposal with the goal of keeping tenured professors and critical employees from leaving Louisiana colleges and universities, but it lacks one enticement faculty and staff consider critical to keeping them on campus. House Bill 24 by Rep. Tony Bacala, R-Prairieville, would expand eligibility for the Teachers Retirement System of Louisiana (TRSL) to include faculty at the state's community and technical colleges. It also extends the period when employees can switch from a 'portable' retirement plan to the fixed, pension style plan offered to most state employees. Qualifying campus faculty and employees would have seven years instead of five years , to choose between the two plans, aligning it with the typical timeline it takes for professors to earn tenure. Bacala's bill incorporates most of the recommendations from a Board of Regents task force he helped form. An increase in employer contributions to TRSL retirement plans was among the most anticipated portions of Bacala's bill. In its original state, it would have increased the minimum employer contribution to portable plan accounts from 6.2% to 8% of employee pay. The contribution bump was removed from the bill because it would have increased state spending more than $11 million annually. It might be put back into the bill, Bacala said, if state forecasts recognize an increase in revenue that would give lawmakers more money to spend in the upcoming budget cycle. Louisiana has the lowest employer contribution rate for higher education employees among southeastern states, according to TRSL executive counsel Trey Roche. Louisiana's average faculty pay also lags behind other states in the region. Last year, lawmakers gave certain higher education employees a limited window to switch from the portable plan to defined benefits. According to the Board of Regents, 795 applied for the change as of the end of 2024. Nearly 7,000 college and university faculty and staff members are enrolled in the state's 'portable' or optional retirement plan that allows them to take their accrued benefits with them if they choose to leave the state for another job. But as professors earn tenure and key personnel stay in place longer, the limited ability to switch over to the fixed benefit plan with a higher payout makes Louisiana less attractive for employees who want to finish their careers here. In the past, the Teachers Retirement System has stymied attempts to change the optional retirement plan. While its board has not taken an official position on the bill, Bacala seemed confident its members would be on board. Bacala's bill has unanimously passed the House retirement and appropriations committees and will next be debated in the full House of Representatives. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE
Time of India
25-04-2025
- Business
- Time of India
Titagarh Rail unveils Vande production line
Kolkata: Titagarh Rail Systems Ltd (TRSL), in collaboration with Bharat Heavy Electricals Ltd (BHEL), unveiled the production line for Vande Bharat sleeper trains at its Uttarpara manufacturing facility on Friday. TRSL had bagged a contract from Indian Railways to manufacture 80 Vande Bharat sleeper train sets. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata The prototype trains are expected to roll out in the next year, according to Umesh Chowdhary, TRSL vice-chairman and MD. The plant has an annual capacity of manufacturing 300 coaches, which is being scaled up to 850 to meet increasing demand.
Time of India
25-04-2025
- Business
- Time of India
BHEL-TRSL Vande Sleeper project gains steam
Titagarh Rail Systems Limited (TRSL), and Bharat Heavy Electricals Limited ( BHEL ) inaugurated a dedicated production line for the Vande Bharat Sleeper Trains on Friday. A TRSL statement said this manufacturing facility is in Uttarpara, Kolkata, West Bengal. #Pahalgam Terrorist Attack Pakistan suspends Simla pact: What it means & who's affected What is India's defence muscle if it ever has to attack? Can Pakistan afford a full-scale war with India? 'With production now underway at the Uttarpara plant , the prototype of Vande Bharat Sleeper trains are expected to roll out in the next calendar year,' TRSL said. This production line has been set up after the Indian Railways awarded a design and manufacture contract for 80 Vande Bharat Sleeper train sets under a consortium between TRSL and BHEL. The total value of this project is around Rs 24,000 crore including long-term maintenance of 35 years, TRSL said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3 Reasons to Plug This Into Your Home Today elecTrick - Save upto 80% on Power Bill Learn More Undo 'As the only site in the country equipped to produce both stainless steel and aluminium coaches under one roof, it currently has an annual capacity of 300 coaches, which is being scaled up to 850 to meet increasing demand,' TRSL added.
Business Upturn
24-04-2025
- Business
- Business Upturn
Titagarh-BHEL partner for Rs 24,000 crore project as Vande Bharat Sleeper train production begins in Kolkata
By Aditya Bhagchandani Published on April 24, 2025, 23:16 IST In a significant milestone for India's rail infrastructure, Titagarh Rail Systems Limited (TRSL) and Bharat Heavy Electricals Limited (BHEL) inaugurated the Vande Bharat Sleeper Train production line at TRSL's advanced Uttarpara facility in Kolkata. This strategic partnership is part of a massive ₹24,000 crore contract awarded by Indian Railways to build 80 sleeper versions of the semi high-speed Vande Bharat trains. The launch event was attended by senior executives from both companies, including Umesh Chowdhary, Vice Chairman & MD of Titagarh Rail Systems, and Bani Varma, Director at BHEL. A new era in Indian rail travel The Vande Bharat Sleeper Trains mark a revolutionary leap in long-distance passenger travel with their fully indigenous design, modern interiors, and advanced safety features. These semi high-speed trains will deliver enhanced intercity travel comfort and efficiency. With the production line now operational, the first prototype is expected to roll out next year, ushering in a new era of high-speed, overnight rail journeys across India. Smart manufacturing in Uttarpara Titagarh's Uttarpara plant is central to this vision. Boasting Industry 4.0 technologies, robotic lines, and the unique capability to manufacture both stainless steel and aluminium coaches, the facility currently handles 300 coaches annually, with plans to scale up to 850. In line with Make in India 'This project is a shining example of public-private collaboration under the Aatmanirbhar Bharat vision,' said Umesh Chowdhary. 'The production line reflects our ambition to deliver future-ready mobility solutions while making India a global hub for rail innovation.' About Titagarh Rail Systems Limited Titagarh is a leading mobility solutions provider in both India and Italy, known for its wide portfolio of semi high-speed trains, urban metros, freight wagons, and passenger coaches. It plays a vital role in shaping the future of Indian transportation with a strong emphasis on Make in India and Viksit Bharat goals. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
