Louisiana Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The Louisiana Supplemental Retirement Plan (LSP) is a voluntary retirement savings program established by the State of Louisiana to provide additional retirement benefits for its employees. The LSP is designed to supplement the primary retirement plan for state employees, the Louisiana State Employees' Retirement System (LASERS). The Louisiana Supplemental Retirement Plan offers state employees the opportunity to contribute a portion of their salary to this plan on a pre-tax basis, allowing for tax-deferred growth of their retirement savings. The contributions are deducted directly from the employee's paycheck and invested in various investment options offered by the plan. The earnings from these investments also grow on a tax-deferred basis. The LSP offers a range of investment options to suit the different risk tolerances and investment preferences of plan participants. These options include diversified stock funds, bond funds, money market funds, and target date funds. Plan participants can choose how to allocate their contributions among these investment options based on their individual financial goals and risk tolerance. In addition to the regular LSP, the Louisiana Supplemental Retirement Plan also offers two distinct plans: 1. Deferred Retirement Option Plan (DROP): The DROP allows eligible state employees to accumulate additional retirement benefits while continuing to work beyond their regular retirement date. Under this plan, employees who are eligible to retire can choose to participate in the LSP while they continue working, with their retirement benefits accruing in a separate account. The accumulated benefits become payable upon actual retirement. 2. Portable Supplemental Plan (PSP): The PSP is specifically designed for Louisiana State Troopers who transition from active duty to the reserves or retire. It allows them to continue contributing to the LSP and accumulate retirement benefits while serving in the reserves or after retiring. Participating in the Louisiana Supplemental Retirement Plan provides employees with a valuable opportunity to save for retirement on a tax-advantaged basis, potentially increasing their overall retirement income. It offers flexibility, diversification, and the ability to personalize investment choices. Additionally, employees can enjoy the convenience of automated contributions and professional investment management. In summary, the Louisiana Supplemental Retirement Plan is a voluntary retirement savings program offered to state employees, aimed at supplementing their primary retirement plan. It enables tax-deferred contributions and growth, while offering a range of investment options. The plan also includes specific options such as the Deferred Retirement Option Plan (DROP) and Portable Supplemental Plan (PSP) for eligible employees. By participating in the LSP, employees can enhance their long-term financial security and achieve their retirement goals.

The Louisiana Supplemental Retirement Plan (LSP) is a voluntary retirement savings program established by the State of Louisiana to provide additional retirement benefits for its employees. The LSP is designed to supplement the primary retirement plan for state employees, the Louisiana State Employees' Retirement System (LASERS). The Louisiana Supplemental Retirement Plan offers state employees the opportunity to contribute a portion of their salary to this plan on a pre-tax basis, allowing for tax-deferred growth of their retirement savings. The contributions are deducted directly from the employee's paycheck and invested in various investment options offered by the plan. The earnings from these investments also grow on a tax-deferred basis. The LSP offers a range of investment options to suit the different risk tolerances and investment preferences of plan participants. These options include diversified stock funds, bond funds, money market funds, and target date funds. Plan participants can choose how to allocate their contributions among these investment options based on their individual financial goals and risk tolerance. In addition to the regular LSP, the Louisiana Supplemental Retirement Plan also offers two distinct plans: 1. Deferred Retirement Option Plan (DROP): The DROP allows eligible state employees to accumulate additional retirement benefits while continuing to work beyond their regular retirement date. Under this plan, employees who are eligible to retire can choose to participate in the LSP while they continue working, with their retirement benefits accruing in a separate account. The accumulated benefits become payable upon actual retirement. 2. Portable Supplemental Plan (PSP): The PSP is specifically designed for Louisiana State Troopers who transition from active duty to the reserves or retire. It allows them to continue contributing to the LSP and accumulate retirement benefits while serving in the reserves or after retiring. Participating in the Louisiana Supplemental Retirement Plan provides employees with a valuable opportunity to save for retirement on a tax-advantaged basis, potentially increasing their overall retirement income. It offers flexibility, diversification, and the ability to personalize investment choices. Additionally, employees can enjoy the convenience of automated contributions and professional investment management. In summary, the Louisiana Supplemental Retirement Plan is a voluntary retirement savings program offered to state employees, aimed at supplementing their primary retirement plan. It enables tax-deferred contributions and growth, while offering a range of investment options. The plan also includes specific options such as the Deferred Retirement Option Plan (DROP) and Portable Supplemental Plan (PSP) for eligible employees. By participating in the LSP, employees can enhance their long-term financial security and achieve their retirement goals.