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Correction to LSERS FY 2014-15 Employer Rate 33.0%

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Correction to LSERS FY 2014-15 Employer Rate 33.0%

Correction to LSERS FY 2014-15 Employer Rate 33.0%

LSERS’ June 30, 2013 valuation has been revised after the discovery of a miscalculation in the amortization schedules and payments. The revised valuation on the website reflects the changes highlighted in yellow on pages 2 and 8. Based on updates to the amortization schedules and payments, the projected FY 2014-15 employer contribution rate will be 33.0%, rather than 35.4% which was previously projected.

On Tuesday, December 3, 2013 the Board of Trustees approved the revised valuation as recommended by the system’s actuary. This recommendation will be presented to the Public Retirement Systems’ Actuarial Committee (PRSAC) in early 2014 for approval and, unless the legislature adopts changes, this will be the employer contribution rate for 2014-15. LSERS will notify all employers of the approval after the PRSAC meeting.

We apologize for any inconvenience this may have caused you.