Louisiana State Employees Retirement System (LASERS)
Classified employees that work more than
twenty-one (21) hours per week must participate in the Louisiana
State Employees' Retirement System (LASERS), unless they are
between the ages of 55 and 60 at the time of employment.
Employees between the ages of fifty-five (55)
and sixty (60) at the time of employment may contribute to
Social Security or the Louisiana Deferred Compensation Plan in
lieu of LASERS provided they already have a minimum of forty
(40) quarters of Social Security credit and submit proof within
30 days of employment.
Rank and File Employees
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Vested after 10 years of service
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LASERS is a defined benefit retirement plan
with benefits based on years of service and the average salary
of the five highest consecutive years earnings if hired on or
after July 1, 2006.
Retirement Eligibility if hired on
or after July 1, 2006
Retirement Formula
(Years of service) X (2.5%) = % average of
the 60 months highest consecutive years of salary. For more
details, please contact the Benefits section at (504) 568-7780
for the retirement handbook for details of plan.
Refunds
At termination of state service, employees
have two refund options:
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Roll funds into an Individual Retirement
Account (IRA) or other eligible tax sheltered account. There
are no taxes or penalties when funds are rolled to another
retirement account.
-
Distribution of funds. IRS regulations
require LASERS to withhold 20% in taxes and apply an
additional 10% penalty if you are under age 59 1/2.
Contributions
Employee - 7.5% on pre-tax basis, if member
prior to July 1, 2006 or 8% on a pre-tax basis if a member on or
after July 1, 2006.
Hazardous Duty - University Police
New hires on/after 1/1/2011 must enroll.
Retirement Eligibility
Disability Benefits
Survivors Benefit
If killed in the line of duty, 80% of final
average compensation, if spouse and/or minor children.
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