LASERS Retirement Options and Information
Please select one of the following as it pertains to you for applicable retirement forms. Additional helpful information can be found below.
Service Retirement - For Employees Who Have Not Been In DROP and are NOT electing the IBO (Initial Benefit Offer)
Service Retirement - For Employees Who Have Not Been In DROP and ARE electing the IBO
Employees in or after DROP
Below are links to a few beneficial resources when considering retirement. It is always helpful to request an estimate before any final decisions are made. Additional information can be found on the LASERS website: www.lasersonline.org
Retirement Eligibility and Final Average Compensation
Request for Retirement Benefit Estimate from LASERS
LASERS Guide to Retirement
What is DROP?
The Deferred Retirement Option Plan (DROP) is an optional retirement method (it is not an additional retirement benefit) that allows you to defer your retirement benefit for a maximum period of 36 months while you continue to work. Neither you nor your employer will pay contributions to LASERS, and you do not earn additional service credit during the participation period. Your monthly DROP benefit will be deposited into an individual DROP account which you can access after you have retired. You will continue to earn your regular salary and accrue annual and sick leave while in DROP.
More information on DROP can be found here.
What is the IBO?
The Initial Benefit Option (IBO) is an optional method of retirement which allows you to receive a lump-sum equivalent of up to 36 months of your maximum retirement benefit at the time of your retirement. Any member who retires under Regular retirement may select the Initial Benefit Option (IBO). Members who take an actuarially reduced retirement, Disability retirement, or who participate in DROP are not eligible to select the IBO. At the time of your retirement, you will select the dollar amount you will be paid, up to an equivalent of 36 months of your maximum retirement benefit. All future monthly benefits will be reduced based on your age at retirement, and the amount of the IBO selected.
More information on IBO can be found here.
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| Last Updated: 10/4/2011 8:21:19 AM |
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