The Louisiana State Employees’ Retirement System (LASERS) is a qualified defined benefit plan and retirement plan under Section 401(a) of the Internal Revenue Service code. A defined benefit plan allows both the employee and the LSU System to make contributions to a pool of funds from which employee’s receive a retirement income based on a benefit formula.
- Employee contributes 7.5%, 8%, or 9.5% of salary, depending on date of membership in LASERS
- Must have 10 years of service at age 60 in order to receive a benefit, unless date of membership in LASERS began after January 1, 2006 or a HAZ PLAN member
- Vested after 10 years of service for regular plan members or 12 years of service for HAZ PLAN members
Members who joined LASERS on or before June 30, 2006, will contribute 7.5% of earned compensation (base pay) as defined by LASERS. Members who joined LASERS on or after July 1, 2006, will contribute 8% of earned compensation (base pay) as defined by LASERS. HAZ PLAN Members contribute 9.5% of earned compensation (base pay) as defined by LASERS.
*The employer contribution is determined each year based on an actuarial formula determined by the State.