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.
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
- 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:
Side-by-Side Comparison of Changes Resulting From Act 75 of 2005
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 10 years of service credit.
- 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.
LASERS Forms
For additional information, go directly to the LASERS website at www.lasers.state.la.us/.