Lasers Forms for Tarrant
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FAQ
Submit an Application for Service Retirement, ILSB, or DROP (Form 11), including the federal income tax withholding information.If you are not entering DROP, submit a Direct Deposit of Benefits (Form 15D).
Can I borrow money from my LASERS account? No. Am I allowed to take a one-time lump-sum payment from my regular LASERS account at the time of retirement? No, unless you choose the Deferred Retirement Option Plan (DROP) or Initial Benefit Option (IBO) when you apply for retirement.
The LASERS' Self-Directed Plan (SDP) is a powerful tool that gives you the ability to manage the funds from your Deferred Retirement Option Plan (DROP) or Initial Benefit Option (IBO) so that you can reach your retirement dreams.
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. The LASERS Board of Trustees governs your retirement system.
The State Police is set up for retirees over the age of 60 to receive a 2 percent increase and those over the age of 65 to receive 4 percent. The increase LSPRS retirees see depends a lot on their age, the work they did, how long they've been retired and at what benefit.
Your retirement benefits are subject to federal taxes. When filling out your retirement paperwork with your Human Resources office, make sure you complete Form W-4P Withholding Certificate for Pension or Annuity Payments, indicating the amount of federal income taxes to be deducted from your retirement check.