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.
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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 |
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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. |
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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. |
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