LASERS Retirement Plan
Louisiana State Employees’ Retirement System (LASERS) offers a defined benefit, or guaranteed lifetime monthly benefit, to its retirees which is calculated based on a formula. LASERS also offers disability and survivor benefits once vesting has been met.
- Defined Benefit Plan for Classified Employees
- Retirement Benefit based on years of service and high average salary, see below.
Enrollment
Eligible employees are automatically enrolled into LASERS at the time of employment and will begin retirement contributions with their first paycheck.
Participation in LASERS is mandatory for all classified, civil service employees appointed for greater than 50% of full-time effort (more than 20 hours per week) and for duration more than 2 years (except those excluded by law).
Participation in LASERS is optional only for Classified employees who are 60 years of age or greater at the time of employment, OR for employees who are 55 years of age or greater at the time of employment and who have credit for at least 40 quarters in the Social Security System. These employees have the option to participate in the Louisiana Deferred Compensation Plan (DCCL) or Social Security in lieu of LASERS.
Employee Contributions
Members who joined LASERS on or before June 30, 2006, will contribute 7.5% of earned compensation (base pay) as defined by LASERS.
Members who joined LASERS on or after July 1, 2006, will contribute 8% of earned compensation (base pay) as defined by LASERS.
HAZ PLAN Members contribute 9.5% of earned compensation (base pay) as defined by LASERS.
LSU’s employer contribution rate is determined each year by the state. Retirement benefits are based on your years of service and high average salary (see Retirement Benefit Calculation section below).
Retirement Eligibility
* Retirement eligibility is determined by the date you joined LASERS. Refer to the minimum eligibility requirements below to find out when you can retire or enter the Deferred Retirement Option Plan (DROP).
Employees considering retirement or Deferred Retirement Option Plan (DROP) should contact LASERS at 1-800-256-3000 to schedule an appointment to discuss benefit options and receive a benefit estimate. After making the final decision to retire, employees should schedule an appointment with LSU HRM at benefits@lsu.edu to fill out important documents related to their decision. Retirement and DROP applications can be submitted as early as six months ahead of the effective date of retirement/DROP.
Refer to the LASERS website for additional information.
Any member who joined LASERS on or before June 30, 2006, shall be eligible to retire if he/she has:
- 30 years of service or more regardless of age
- 25 years of service or more at age 55 or later
- 10 years of service or more at age 60 or later
- At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.
Any member who joined LASERS between July 1, 2006 and June 30, 2015, shall be eligible for retirement if he/she has:
- 5 years of service or more at age 60 or thereafter
- At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.
Any member who joined LASERS on or after July 1, 2015, shall be eligible to retire if he/she has:
- 5 years of service or more at age 62 or thereafter
- At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.
Any Hazardous Duty personnel who joined LASERS on or after January 1, 2011 or the Hazardous Duty personnel employed before January 1, 2011 who made the affirmative choice to join the HAZ PLAN, shall be eligible for retirement if he/she has:
- 12 years or more of service credit at age 55
- 25 years or more of service credit regardless of age
- At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on the number of months you are away from HAZ PLAN Regular retirement eligibility.
All years must be worked as a member of the HAZ PLAN, unless you transferred your prior service into the HAZ PLAN.
Under HAZ PLAN retirement, you will not select a retirement option as your benefits are directed by statute.
If you are a member of the HAZ PLAN, and do not meet the eligibility requirements described above, you may retire with five years of service credit at age 60. If you retire under this option, your benefit will be calculated at 2.5 percent of your average compensation and will be paid in accordance with the LASERS regular plan options. The retirement benefit and survivor benefit provisions of the HAZ PLAN will not apply if you retire under this option.
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 [Accrual Rate %] x [36-month High Average Salary] = Annual Retirement Benefit
Ex: 25 Years of Service x 2.5% x $30,000 = $18,750
*Employees who became members before July 1, 1986, will be entitled to $300 per year in supplemental benefits upon retirement.
A member who joined LASERS on or after July 1, 2006, will have his/her retirement benefit calculated as follows:
[Years of Service] x [Accrual Rate %] x [60-month High Average Salary] = Annual Retirement Benefit
Ex: 30 Years of Service x 2.5% x $30,000 = $22,500
Additional Information
The links below provide basic information regarding the benefits of your LASERS retirement plan. The links below include information regarding your LASERS benefits upon leaving LSU, diagnosed with a disabling condition, and the provisions that govern death and survivor benefits.
There are options available to you if you leave state service before you are eligible
to retire – you may qualify for a monthly benefit upon reaching minimum retirement
age, transfer/rollover service to another qualified plan, or refund your employee
contributions.
Deferred Retirement Qualifications:
- Must have obtained credit for the minimum number of years of service needed to retire (vested), and
- Not reached the required age, and
- Left your contributions on deposit with LASERS
- You must provide written application for retirement to LASERS 30 days prior to reaching the required retirement age
Transfer of Service Credit:
Your retirement system service credit may be transferred to another Louisiana State
or statewide retirement system.
Refund/Rollover:
You can apply for a refund of your employee contributions by submitting your LASERS Refund Form directly to LASERS at the address or fax number listed on the form. Forms should
not be returned to LSU.
If you are vested in LASERS (5 years of participation), please contact LASERS directly at (225)922-0600 to discuss possible retirement options.
You are eligible to apply for Disability retirement if you are a Regular Member, are unable to perform your work duties, and you meet both of the following criteria:
- 10 years of service at any age
- Disability occurred while in active state service
If you are a Regular Member eligible for Regular retirement, including the 20 years at any age actuarially reduced retirement, you cannot apply for Disability benefits.
Visit the LASERS Survivor Benefits PDF for additional information.
Social Security Administration has an online calculator that allows members who are eligible for a pension from LASERS and the SSA to calculate the windfall elimination provision (WEP), which can reduce Social Security retirement benefits for most retirees who collect pensions from jobs not covered by Social Security.