LASERS Retirement Plan

lasers

  • Defined Benefit Plan
  • Employee contributes 7.5%, 8%, or 9.5% of salary, depending on date of membership in LASERS
  • Must have 10 years of service at age 60 in order to receive a benefit, unless date of membership in LASERS began after January 1, 2006 or a HAZ PLAN member
  • Vested after 10 years of service for regular plan members or 12 years of service for HAZ PLAN members 

 

Eligibility

  • Participation in LASERS is mandatory for all classified, civil service employees appointed for greater than 50% of full-time effort (more than 20 hours per week) and for duration more than 2 years (except those excluded by law).
  • Participation in LASERS is optional only for employees who are 60 years of age or greater at the time of employment, OR for employees who are 55 years of age or greater at the time of employment and who have credit for at least 40 quarters in the Social Security System. These employees have the option to participate in the Louisiana Deferred Compensation Plan (DCCL) or Social Security in lieu of LASERS. 

 

Effective Date of Enrollment

You are automatically enrolled into LASERS at the time of employment (unless you meet one of the optional criteria mentioned above) and will begin contributions with your first paycheck.  

 

Contributions

Members who joined LASERS on or before June 30, 2006, will contribute 7.5% of earned compensation (base pay) as defined by LASERS. Members who joined LASERS on or after July 1, 2006, will contribute 8% of earned  compensation (base pay) as defined by LASERS. HAZ PLAN Members contribute 9.5% of earned compensation (base pay) as defined by LASERS.
The employer contribution is determined each year based on an actuarial formula determined by the State.  

 

Retirement Eligibility

Your eligibility to retire is based on your age and years of service. One of the requirements below must be met in order to receive a retirement benefit from LASERS: 

Any member who joined LASERS on or before June 30, 2006, shall be eligible to retire if he/she has:

  • 30 years of service or more regardless of age
  • 25 years of service or more at age 55 or later
  • 10 years of service or more at age 60 or later
  • At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.

Any member who joined LASERS between July 1, 2006 and June 30,2015, shall be eligible for retirement if he/she has:

  • 5 years of service or more at age 60 or thereafter

  • At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.

Any member who joined LASERS on or after July 1, 2015, shall be eligible to retire if he/she has:

  • 5 years of service or more at age 62 or thereafter
  • At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.

Any Hazardous Duty personnel who joined LASERS on or after January 1, 2011 or the Hazardous Duty personnel employed before January 1, 2011 who made the affirmative choice to join the HAZ PLAN, shall be eligible for retirement if he/she has:

  • 12 years or more of service credit at age 55
  • 25 years or more of service credit regardless of age
  • At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is  based on the number of months you are away from HAZ PLAN Regular retirement eligibility.


For those employees considering retirement, contact LASERS to schedule an appointment to discuss benefit options. After making the final decision to retire, the employee should schedule an appointment with LSU HRM to fill out important documents related to his decision. Refer to the Louisiana State Employees’ Retirement System (LASERS) website, http://lasersonline.org/about, for additional information.

 

Retirement Benefit Calculation

The following formulas are used to determine your retirement benefit:  

 

A member who joined LASERS on or before June 30, 2006, will have his/her retirement benefit calculated as follows:

[Years of Service] x [Formula %] x [36-month High Average Salary] = Annual Retirement Benefit

Ex: 25 Years of Service x 2.5% x $30,000 = $18,750

 

A member who joined LASERS on or after July 1, 2006, will have his/her retirement benefit calculated as follows:

[Years of Service] x [Formula %] x [60-month High Average Salary] = Annual Retirement Benefit

Ex: 30 Years of Service x 2.5% x $30,000 = $22,500

*Employees who became members before July 1, 1986, will be entitled to $300 per year in supplemental benefits upon retirement.

LASERS Member's Guide to Retirement

 

Termination of Employment before Retirement

If you leave state service before you are eligible to retire, you may qualify for a monthly benefit upon reaching minimum retirement age.  
The following criteria would allow you to qualify in this manner:

  • Must have obtained credit for the minimum number of years of service needed to retire (vested), and
  • Not reached the required age, and
  • Left your contributions on deposit with LASERS
  • You must provide written application for retirement to LASERS 30 days prior to reaching the required retirement age

In lieu of leaving your contributions on deposit, you may apply for a refund. Forms are to be returned directly to LASERS at the address listed on the form. You may also contact the Office of Human Resource Management at 225-578-8200 or hr@lsu.edu for more information. 

 

Disability Benefits

You may be entitled to disability benefits if you have accumulated at least 10 years of service credit and become disabled. You may apply for disability benefits after leaving state service if you have 20 years of  service and have withdrawn from active service before the age of regular retirement eligibility.

Click here for LASERS Survivor Benefits