Greetings from LSERS
Welcome to the February Edition of LSERS Employer eNews. We have successfully completed the transition to Empower Retirement and have provided important information below. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.
Wishing you a safe and happy Mardi Gras season,
-Charles P. Bujol
Empower Retirement Transition Complete!
All DROP/IBRP LA accounts (eligible 1/1/2004 and after) were successfully transferred on 1/2/2020 to the Self-directed Plan (SDP) administered by Empower Retirement. We thank you all for your support of us and our membership during this transition. Based on some feedback during this transition, we recapped a list of terms and advantages as follows:
Participant Website: www.louisianadcp.com
- Plan Administrator – Empower Retirement is the SDP’s Administrator. Once DROP deposits stop or when a member retires under the IBRP, the DROP/IBRP account balance will be transferred to Empower Retirement. The member must contact Empower Retirement for any DROP/IBRP account needs, this includes beneficiary changes, fund investments and withdrawals.
Participant Call Center: 1.800.701.8255 or 1.800.937.7604
Call Center Hours: Mon-Fri 7 a.m. - 9 p.m. CT; Sat 8 a.m. - 4:30 p.m. CT
Baton Rouge Office: 9100 Bluebonnet Blvd., Suite 203, Baton Rouge, LA 70809
Office Hours: Mon-Fri 8 a.m. - 5 p.m. CT
NOTE: LSERS still manages All retiree monthly benefits, and “Old” DROP/IBRP accounts (eligible pre-1/1/2004), including beneficiary updates.
- Fund Investment – Initially, a member’s account balance will be transferred to the default investment option: Great-West Custom Stable Value Fund. This default fund is principal guaranteed and the account earns monthly interest. A member, by signing a waiver, may choose to allocate partial or all funds to other fixed income and equity investment options for higher return opportunities. The waiver is furnished by LSERS and must be returned to LSERS. A member is encouraged to gain full understanding of potential risk when self-directing their investments. Empower Retirement Plan Advisors are available to interested participants.
- Withdrawals – Once a member officially retires, they must contact Empower Retirement regarding withdrawals. In the event of death, a designated beneficiary should contact Empower Retirement for balance withdrawal. The withdrawal options with Empower Retirement are flexible, including periodic payments, fixed annuity payments, partial or full lump sum payments and roll-over transfers. Withdrawals are exempt from La. state income tax.
- Fee – Empower Retirement does charge a small administrative fee, 0.06% annually – applied monthly, which is very competitive compared to other plans.
- Correspondences and Statements – Once a member’s account is transferred to Empower Retirement, correspondences and statements will be issued from Empower Retirement. These include but are not limited to Welcome/Participation Letter, Withdrawal Notice, Quarterly Statements and Annual 1099-R Tax Form.
Online Resource Updates for the SDP with Empower Retirement Form 10 – Application for Service Retirement, IBRP, or DROP (11/19)
Form 10C – Application for Retirement After DROP (11/19)
Form 11 – Spousal Consent for DROP/IBRP Account (12/19)
Checklist – Beneficiary/Survivor (1/20)
Checklist – Service Retirement (1/20)
Checklist – Application for Retirement After DROP (1/20)
DROP/IBRP Interest Rates (12/19)
Fact Sheet 3 – Frequently Asked Questions (1/20)
Fact Sheet 8 – Retirement Application Process (1/20)
Fact Sheet 13 – DROP (1/20)
Fact Sheet 14 – IBRP (1/20)
Fact Sheet 20 – Special Tax Notice (1/20)
Fact Sheet 24 – DROP/IBRP Account Withdrawals (12/19)
No Longer in Use
Form 11D – DROP/IBRP Withdrawal (Any DROP/IBRP LA retirees must contact Empower Retirement regarding their DROP/IBRP accounts. “Old” DROP/IBRP members should contact LSERS for withdrawal requests.)
Checklist – DROP (now included in Checklist for Service Retirement)
Checklist – IBRP (now included in Checklist for Service Retirement)
2019 IRS Form 1099-R’s Were Mailed 1/15/20
Click here to read more on how to assist our members to obtain a copy of their 1099-R and understand Box 5. Thanks for all your help!
Holiday Office Closure
Our office will be closed on the following:
Tuesday, February 25, 2020 - Mardi Gras y.