Season’s Greetings from the Executive Director
On behalf of the LSERS Board of Trustees and the entire Staff, I would like to wish you and your family a Very Merry Christmas! We look forward to working with you in 2017!
- Charles P. Bujol
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LSERS Employer Rate for Fiscal Year 2017-18
Approved by PRSAC
The Public Retirement Systems' Actuarial Committee (PRSAC) met on Wednesday, November 30, 2016 and approved LSERS valuation for fiscal year ending June 30, 2016. This approval included the 2017-18 employer rate of 27.60%.
If you have any questions, contact Carolyn N. Forbes, Assistant Director, at 225.925.6490 or cforbes@lsers.net.
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More Flexible Withdrawal Options for DROP & IBRP
LSERS has established more flexible DROP/IBRP withdrawal options pursuant to Act 321 of the 2016 Regular Legislative Session. Changes include the following:
- Members will no longer have a mandatory withdrawal requirement—previously, withdrawals were required to begin within 12 months of retirement.
- Members may start or stop withdrawals at any time after retirement—previously, stopping a withdrawal was not allowed. However, the IRS required minimum distribution (RMD) rule still applies to those who reach age 70½ after retirement. An annual RMD still must be withdrawn.
- Members may choose a partial lump sum withdrawal—previously, only a total account balance withdrawal or a fixed withdrawal was allowed.
- Members may decrease their withdrawal amounts—previously, only increases were allowed.
- Withdrawal options, frequency, and withdrawal amounts are allowed to be changed up to twice a year—previously, changes were allowed only once a year.
Withdrawals are paid on the 5th of every month. Updated Form 11D, DROP or IBRP Account Withdrawal Selection, will be released in December. Please discard all older versions of the Form 11D.
If you have any questions, please contact Leslie Freeman via email at lfreeman@lsers.net or 225.925.7509 or 1.800.256.3718 if outside the Baton Rouge calling area. |
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LSERS Now Offering Estimated Cost to Purchase Service Credit
We now provide service credit purchase estimates at no charge for purchases that would be an actuarial cost. The estimated amount will reflect the MINIMAL amount it may cost, but the final amount may be higher than the minimal estimated cost. Eligible service includes leave without pay (LWOP), substitute, part-time, temporary, worker’s compensation, extended sick leave, or out-of-state public or private school employment. All we need are the dates and salary earned or could have earned during the time frame. If the employee is still interested in purchasing the time after receiving what the minimal amount would be, they must submit a completed Form 9A and a $125.00 actuarial fee payable to LSERS.
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LSERSWeb Enhancement - Insurance Deduction Form
An enhancement has been made to automatically process insurance deductions upon submission. You may notice a difference in performance with this enhancement.
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New Employer Reporting Process Coming!
A newly designed employer salary reporting feature will launch in 2017. The much anticipated deployment promises to streamline the employer salary reporting by providing exceptions upon upload and immediately displaying updates to our system. This enhancement was prompted by employer feedback. Stay tuned for the big announcement and launch date.
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Updated Facts & Forms on LSERS.net
A revised Fact Sheet 22 - Privatization has been posted to LSERS website that updates the Cost Calculation per the 2016 Actuarial Valuation.
A revised Fact Sheet 17 – Survivor Benefits has been posted to LSERS website. The updates include information pertaining to benefits for those whose first membership was effective 7/1/2010, a link to the Form 13S Student Certification and a link to the current version of the Form 13H2 Physician Report of Disability. This form was updated to replace the disability terminology.
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