Louisiana Retirement Benefits Plan is a government-sponsored retirement plan that provides retirement benefits to employees of the state of Louisiana. This comprehensive retirement program aims to ensure financial security and stability for retired individuals who have dedicated their careers to serving the public sector. The Louisiana Retirement Benefits Plan offers several types of retirement options, each tailored to cater to the specific needs and preferences of employees. These plans include: 1. Louisiana State Employees' Retirement System (LASERS): LASERS is a defined benefit plan that provides retirement benefits to state employees. It offers a guaranteed monthly retirement benefit based on a formula that considers factors like years of service, age, and average final compensation. LASERS also offers disability benefits and survivor benefits to eligible members. 2. Teachers' Retirement System of Louisiana (TESL): TESL is a pension plan designed for educators, including teachers, principals, and other education professionals working in Louisiana's public schools. It provides retirement benefits based on years of service and the average compensation. TESL also offers disability and survivor benefits, providing financial protection to members and their families. 3. Louisiana School Employees' Retirement System (USERS): USERS is another retirement plan specifically designed for non-teaching employees of Louisiana's public schools. It offers retirement benefits based on years of service and average compensation. USERS also provides disability and survivor benefits to eligible members. 4. Louisiana State Police Retirement System (LS PRS): LS PRS is a retirement plan tailored for sworn law enforcement officers employed by the Louisiana State Police. It offers retirement benefits based on years of service and average compensation. LS PRS also provides disability and survivor benefits, ensuring the financial well-being of its members and their families. 5. Municipal Employees' Retirement System of Louisiana (MERS): MERS is a retirement plan available to employees of various municipalities and local governments in Louisiana. This defined benefit plan offers retirement benefits based on years of service and average compensation. MERS also includes disability and survivor benefits for eligible members. These retirement plans strive to provide a secure and reliable source of income during retirement, promoting peace of mind and financial stability for employees. Regular contributions are made by both employees and employers to fund these retirement benefits, ensuring the sustainability of the retirement plans for future generations. In conclusion, Louisiana Retirement Benefits Plan comprises various retirement options, each designed to cater to the unique needs of public sector employees in the state. From LASERS and TESL to USERS, LS PRS, and MERS, these plans offer reliable retirement benefits, including disability and survivor benefits, ensuring a secure future for Louisiana's dedicated public servants.
Louisiana Retirement Benefits Plan
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Louisiana has a mild climate throughout the year, with warm temperatures that set up mild winters. This makes it an ideal place for retirees who want to escape the harsh winter months. April, May, and October are among the most pleasant in the state as they have lower humidity and fewer days of rain.
LASERS administers a qualified pension and retirement plan under section 401(a) of the Internal Revenue Code. LASERS is a trust fund created to provide retirement and other benefits for state officers, employees, and their beneficiaries.
30 years service credit at any age. 25 years service credit at age 55, 10 years service credit at age 60, or. 20 years service credit at any age with actuarially reduced benefit.
Retirement Formula (Years of service) X (2.5%) = % average of the 60 months highest consecutive years of salary. For more details, please contact the Benefits section at (504) 568-7780 for the retirement handbook for details of plan.
The minimum retirement age for service retirement for most members is 50 years with five years of service credit.
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart below lists the full retirement age by year of birth.