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Greetings from LSERS


Welcome to the January 2020 Edition of LSERS' Employer eNews. On behalf of LSERS, we wish you a Happy New Year. You will find in this issue information on the Empower Retirement transition and the 1099-R mail out. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

- Charles P. Bujol
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DROP/IBRP LA Retiree Account Balances at Empower Retirement 1/2/2020
Effective 1/2/2020, DROP/IBRP LA participants must contact Empower Retirement for their withdrawals and account management at www.louisianadcp.com or 1.800.701.8255. This includes, but is not limited to, withdrawals and beneficiary changes. For members still working, when they are ready to officially retire, you/they must still contact our office to start the retirement process.

Numerous Forms, Fact Sheets and various other online materials are being revised to capture Empower!! Some have already been uploaded to our website; another large volume will be uploaded and effective in January. Two notable forms at that time are:
  • Form 11D – DROP/IBRP Withdrawal Selection will remain offline. Please contact us for the form if needed for Old DROP/IBRP retirees only.
  • Form 11 – Spousal Consent for DROP/IBRP is revised and back online for consent of beneficiary designation purpose only.
Please make sure to find the updated version of any online materials. LSERS will keep you posted regarding upcoming changes.
PRSAC approved Employer and Member Contribution Rates for Fiscal Year 2020-21
The Public Retirement Systems’ Actuarial Committee (PRSAC) approved the Louisiana School Employees’ Retirement System (LSERS) June 30, 2019 valuation which included the employer contribution rate of 28.7% effective July 1, 2020.  This is a 0.7 reduction from the current FY2019-20 employer rate of 29.4%.

The member contribution rates for FY2020-21 will remain at 7.5% for members hired before July 1, 2010 and 8.0% for new members with first state service on or after July 1, 2010. Click here for a copy of the signed memo to Superintendents, Directors, Business Managers, Human Resource Directors, and IT Directors of all LSERS Employing Agencies.

If you have any questions, please contact Chenfei Zhou, LSERS Assistant Director, at 225.925.6492 or via email at czhou@lsers.net.

 

It's tax time again!

1099-R’s for 2019 will be mailed to LSERS’ benefit recipients and refunded members in January 2020.

If you are assisting a member or a family member to obtain a copy in your office, the form will be available through:
online access > View Personal Information > 1099-R > Download Letter next to year 2019 to view/print.

More detailed information regarding the 1099-R tax form can be referred to the December Crossroads Newsletter article, Breaking down information on your tax Form 1099-R.

If a copy of the tax form cannot be retrieved via online access or they need further information, please email webmaster@lsers.net or call 1.800.256.3718 for assistance.

Reminder: Fiscal Year Midpoint Exceptions Checkup

We have approached the midpoint of our 2019-20 fiscal year. Let’s take this time to clear exceptions from July – December 2019.  This proactive approach will lessen the stress and crunch time at the year-end.  Any questions? Contact Kimberlyn Stewart at kstewart@lsers.net or 225.925.4411.

Holiday Office Closures

Our office will be closed on the following:
Wednesday, January 1, 2020 – New Year’s Day
Monday, January 13, 2020 – Inauguration Day
Monday, January 20, 2020 – Martin Luther King, Jr. Day

And, as always, we appreciate and welcome any and all comments, as this helps
us identify ways to make improvements for you and provide better service to our
members and employers. Feel free to provide feedback and suggestions using
the LSERS Satisfaction Survey on our "Contact Us" page on the LSERS website.

Copyright © 2019 Louisiana School Employees' Retirement System, All rights reserved.