The Louisiana State Employees Retirement System (LASERS)

Is A Defined Benefit Plan With Options

Louisiana’s State Employee Retirement System (LASERS) is a Defined Benefit plan funded through a combination of employee contributions, employer contributions, and earnings from investments during the working life of an employee. 

Membership in LASERS is mandatory and automatic for all employees working for state agencies that participate in LASERS (there are some exceptions exempted by state law).

Employee contributions begin with the first paycheck and the percentage of an employee’s contribution is based on their hire date.

What LASERS Members Need To Know About Social Security

Most Louisiana State employees don’t pay into the Social Security system through Social Security payroll taxes.

For LASERS employees who have had some Social Security-covered employment during their working years, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) rules may apply when they retire.

Also note, for employees who are between the ages of 55 and 60 at the time they are first hired, participation in LASERS is optional; they may choose between contributing to Social Security, or the Louisiana Deferred Compensation Plan in lieu of LASERS (a minimum of 40 quarters of Social Security credit is required).

The Deferred Retirement Option Plan (DROP)

DROP allows state employees who are eligible to retire to defer their retirement benefit for a maximum of 36 months while continuing to work. This means neither you nor your employer will pay contributions to LASERS, and you do not earn additional service credit during the participation period.

Your monthly DROP benefit will be deposited into an individual DROP account that you can access after you retire. Keep in mind you’ll continue to earn your regular salary and accrue annual and sick leave while in DROP.

LASERS Retirement Eligibility Is Based On Hire Date

Hired on or before June 30, 2006:

  • 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)

Hired on or after July 1, 2006:

  • 5 years of service at age 60
  • 20 years of service at any age (Actuarially Reduced)

Hired on or after July 1, 2015:

  • 5 years of service at age 62
  • 20 years of service at any age (Actuarially Reduced)

Other Louisiana State Retirement Systems

  • Teachers’ Retirement System of Louisiana (TRSL)
  • Louisiana State Employees’ Retirement System (LASERS)
  • Louisiana School Employees’ Retirement System (LSERS)
  • Louisiana State Police Retirement System (LSPRS)

For complete information about all of Louisiana’s Pension Plans click here:  https://lasersonline.org/

 

Missouri Pension Plans

MOSERS FAQ's

How long do I need to work before I am vested in MOSERS?

The vesting requirement for MOSERS-eligible employees is 5 years of credited service.
  • MSEP (hired prior to July 1, 2000): Full Benefit retirement may be taken at age 65 with 15 years of credited service or when the age of the employee and years in credited service is equal to 80.
  • MSEP 2000 (hired on or after July 1, 2000 but prior to January 1, 2011): Full benefit retirement begins at age 62 with at least 5 years of service or age 48 if the sum of the age and years of credited service equals 80.
  • MSEP 2011 (hired on or after January 1, 2011): Full benefit retirement can be taken at age 67 with at least 5 years of credited service or at least age 55 when the age and years of service combined equal 90.

Do I have to pay Federal Income Taxes on MOSERS retirement benefit?

Yes, once you retire and start receiving MOSERS retirement benefits as income, those payments become subject to Federal taxes. Your MOSERS retirement benefit is also subject to state income taxes if you continue to reside in Missouri after you retire.

Will my MOSERS retirement benefits be reduced by Social Security Benefits I receive?

No, MOSERS does not reduce your benefit once you become eligible for Social Security.
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