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Louisiana State Employees Retirement System (LASERS)

Eligibility:

Classified or Unclassified employees (who were members of LASERS prior to July 1, 1991) are eligible for membership in LASERS.
Part-time (20 hours of less per week) and temporary employees are not eligible for membership in LASERS.
Persons who are 60 years or older at the time of employment have the option to join LASERS, if all other eligibility requirement are met.

Contribution Rates:

Retirement Plan

Description

Member Contribution

Regular State Employee Hired before 07/01/2006.

Regular State Employee Hired on or after 07/01/2006.

Regular State Employee Hired on or after 01/01/2011.

Regular State Employee Hired on or after 07/01/2016.

Personnel Hired on or after 01/01/2011

Retirement:

If you are a Regular Member of LASERS, and were hired on or before June 30, 2006, you become eligible for retirement upon reaching one of the criteria below:

30 years of service at any age.
25 years of service at age 55.
10 years of service at age 60.
20 years of service at any age *actuarially reduced

If you are a Regular Member of LASERS, and were hired on or after July 1,2006, and on or before June 30, 2015, you become eligible for retirement upon reaching one of the criteria below:

5 years of service at age 60
20 years of service at any age *actuarially reduced

If you are a Regular Member of LASERS, and were hired on or after July 1, 2016, you become eligible for retirement upon reaching one of the criteria below:

5 years of service at age 62
20 years of service at any age *actuarially reduced

*If you are a HAZ PLAN Member, your retirement criteria is different.

Retirement Benefit Calculation:

A member who joined LASERS on or before June 30, 2006, will have his/her retirement benefit calculated as follows:

[Years of Service] x [Formula %] x [36-month High Average Salary] = Annual Retirement Benefit

A member who joined LASERS on or after July 1, 2006, will have his/her retirement benefit calculated as follows:

[Years of Service] x [Formula %] x [60-month High Average Salary] = Annual Retirement Benefit

Termination of Employment before Retirement:

If employment is terminated prior to retirement eligibility, the employee can request a refund of retirement contributions. The employee must be out of state service at least 30 days to obtain a refund. Since retirement contributions are tax deferred, taxed and related penalties will apply to cash refunds.

For more information about Louisiana State Employees Retirement System (LASERS), please visit their homepage.