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Greetings from LSERS'

Welcome to the March Edition of LSERS Employer eNews. We have a new fact sheet available for Empower Retirement. Additionally, we will be joining TRSL for an Employer Training Session this month. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

Sincerely,

-Charles P. Bujol

 
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NEW FACT SHEET – 25 DROP/IBRP LA Self-directed Plan
Fact Sheet 25 was created to assist with understanding our relationship with Empower Retirement.

Empower FAQs (quick reference)

Q:  When can a member withdraw?

A:  After termination of employment and when a DROP retiree’s monthly benefit is in        estimated status or when an IBRP retiree’s monthly benefit is finalized.

Q:  What is Empower’s payment issue/withdrawal schedule?

A:  Empower inherits the 5th of each month and keeps that date unless a member
      requests changes by contacting them. Empower’s withdrawal schedule is flexible.


Q:  Who does a member contact regarding beneficiary changes on the
      DROP/IBRP account?


A:  Before the account balance is transferred to Empower – LSERS. 
      After account balance is transferred to Empower – Empower.


Q:  When is the account balance transferred to Empower?

A:  DROP – after monthly deposits stop.  IBRP – after the monthly estimated
      benefit is setup; although withdrawals cannot begin until the monthly
      benefit is finalized.


Q:  When can a member self-direct/move the account balance to other
      investment options?


A:  When the account balance is transferred to Empower; however, the member
      must sign a
waiver and return it to LSERS. A copy of the waiver can be located
      in the previous link or by contacting LSERS.  Affected members were also
      mailed a letter inclusive of the waiver on 11/5/19.


Questions?  Contact Michelle Bridges at mbridges@lsers.net or 800.256.3718
Please select Option 6.


Upcoming Employer Training at TRSL

LSERS is excited to again join TRSL’s annual employer training event. Please join us on Tuesday, March 10, 2020, from 1 p.m. to 3 p.m. Topics will include Reporting Requirements, Return to Work Provisions, Enrollments and Reporting, Empower Retirement and more. We look forward to seeing you there!

TRSL Building - 8401 United Plaza Blvd., 4th Floor, Baton Rouge, LA  70809

Registration via TRSL Website 


Website Information Updates

We strive to ensure that our website contains current versions of all fact sheets, forms, and publicly available information.  In order to avoid processing delays, we ask that you only use forms downloaded directly from our website.  This practice will also help alleviate confusion of potential use of forms generated by other retirement systems, as our forms contain legal requirements specific to LSERS.  We thank you for your understanding and cooperation.

Form 3 – Named Beneficiary has recently been updated.

2020 Legislative Session

The 2020 Regular Legislative Session is scheduled to convene at noon on Monday, March 9, 2020 and will adjourn by 6:00 p.m. on Monday June 1, 2020.  LSERS has not sponsored any bills this session; however, we are tracking a number of bills.  Please refer to the Legislation page on our website for details. Questions?  Contact LSERS’ Executive Counsel, John Strange, at jstrange@lsers.net or 225.925.6485.

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 © 2020 Louisiana School Employees' Retirement System, All rights reserved.


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