Reduction in Employer Contribution Rate for FY 2015-16
The system actuary presented LSERS’ annual valuation to the Public Retirement Systems’ Actuarial Committee (PRSAC) on November 19, 2014. PRSAC approved the valuation including:
- A reduction in the employer contribution rate from 33% to 30.2% effective 7/1/2015 equating to a savings in excess of 13 million dollars spread across the school systems. Click here for a copy of signed memo to Superintendents, Directors, Business Managers, Human Resource Directors, and IT Directors of all LSERS Employing Agencies.
- An increase of $138.7 million in valuation of assets equating to an actuarial rate of return of 13.63% for fiscal year ending June 30, 2014
- An increase in the system funded rate from 62.1% to 66.9%
- DROP rate of 13.13% for those in the old DROP program (eligible for DROP or IBRP before 1/1/2004). The DROP interest will be posted to the members’ accounts in the near future and will be reflected on their next quarterly DROP statement.
If you have any questions, please contact Carolyn N. Forbes, LSERS Assistant Director, at 225.925.6490 or via email at cforbes@lsers.net
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One Contribution Correction Report (CCR)
per member per month per day
In order to keep our system updating smoothly, please submit only one CCR a day for any given member for the same month. However, if you have an additional CCR for a member but for a different month, it can be processed on the same day. For example, if you replaced a member’s 09/2014 salary contribution then realized on that same day the 09/2014 reporting should have been deleted, you must wait until the next day to process the delete since you had already processed a replace transaction for 09/2014 earlier in the day for that same member. If you need to replace a member’s 09/2014 and 10/2014 salary contribution, you could do them both on the same day since they are for different months.
This is a temporary limitation for the online CCR. This is an ongoing project to integrate the external portal with our internal retirement application that will ultimately provide a real-time processing environment. LSERS will keep working on improving our system to handle multiple updates in one day. Thank you for your support and cooperation on this issue.
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Don’t forget about our LSERS Education Assessment
In order to reach the largest number of attendees when we visit your area, we invite you to share your comments and suggestions by completing our online LSERS Education Assessment Survey. We look forward to any and all comments or suggestions you can share with us to educate and prepare our members for their Golden Years! If you have any questions, please contact Michelle Bridges at mbridges@lsers.net or 225.925.6922.
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Employer Statements to be ready for online viewing in December
LSERS is pleased to announce that Employer Statements will be available through the secure online portal LSERSWeb in December. A new Payments and Charges Report will also be ready to be viewed online. Here are the procedures on how to access Employer Statements and Payments and Charges Reports online. If you have any questions about your statements and reports, please contact Accounting Manager, Chenfei Zhou, at 225.925.6492 or by email at czhou@lsers.net.
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Our office will be closed the following dates in observance of the upcoming holidays: Thursday and Friday, November 27 – 28 for Thanksgiving; Thursday and Friday, December 25 – 26 for Christmas; and Thursday and Friday, January 1 – 2 for New Year.
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