Louisiana State Employees Retirement System (LASERS)

Dolores Nehlig, Schober, Sandra, Loyd, Kathy L.  |  5/31/2007 8:46:14 PM

LASERS is a "defined benefit" plan wherein the employee and the employer make contributions into a "pool" of funds from which you receive a retirement income based on a benefit formula.  To view the enrollment eligibility requirements and exceptions, view the Retirement Plan Options Chart.

Thinking of Retirement?  Click HERE for more information.

Overview


    Employees Hired Prior to July 1, 2006

  • The formula for maximum retirement benefits for employees hired prior to July 1, 2006 is 2.5% times creditable years of service (inclusive of leave credit) times the average salary for your thirty-six (36) highest successive months. 
  • The employee contribution is 7.5%. 
  • Minimum regular retirement eligibility requirements are:
    • 10 years at age 60; 
    • 25 years at age 55;
    • 30 years at any age;
    • 20 years at any age with an actuarial reduced benefit.

    Employees Hired on or After July 1, 2006 - December 31, 2010

  • The formula for maximum retirement benefits for employees hired on or after July 1, 2006 is 2.5% times creditable years of service (inclusive of leave credit) times the average salary for your sixty (60) highest successive months. 
  • The employee contribution is 8.0%. 
  • Minimum regular retirement eligibility requirements are: 
    • 5 years at age 60. (Changed from 10 to 5 with Act 992 in 2010)

Side-by-Side Comparison of Changes Resulting From Act 75 of 2005

     Employees Hired on or After January 1, 2011

  • The formula for maximum retirement benefits for employees hired on or after January 1, 2011 is 2.5% times creditable years of service (inclusive of leave credit) times the average salary for your sixty (60) highest successive months.
  • The employee contribution is 8.0%.
  • Minimum regular retirement eligibility requirements are:
    • 5 years at age 60. 
  • Changes to Survivor Benefits (see comparison linked below)

Side-by-Side Comparison of Changes Resulting from Act 992 of 2010


Please Note

  • LASERS members may be entitled to disability retirement benefits if they have accumulated at least 10 years of service credit and become totally incapable of performing normal duties and your incapacity is likely to be permanent.
  • LASERS members are vested after either 5 or 10  years of service credit - depending on hire date. (See above).
  • Classified employees may be paid for up to 300 hours of annual leave upon retirement.
  • Employees who retire under LASERS may have a portion of their unused sick and annual leave converted to retirement credit OR they may be paid the actuarial value (not the hourly salary rate) in a lump sum.

For additional information, go directly to the LASERS website at: http://www.lasersonline.org/home

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