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Greetings from LSERS'

Welcome to the May Edition of LSERS Employer eNews. We want to assure you that our staff is currently working on your behalf through this difficult time. We have provided vital information on our current operations in this edition. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

Sincerely,

-Charles P. Bujol


 

 
CARES Act Applies to LSERS Refunds and Lump-sum Distributions
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed/enacted.  What this means:
  • DROP/IBRP Accounts’ Required Minimum Distributions (RMDs) for 2020 are waived, including those who turned 70.5 in 2019 and postponed their distribution  to 2020.
  • The 20% federal income tax withholding and the possible 10% tax penalty (early withdrawal) for a lump-sum distribution up to $100,000 may be waived under certain conditions.
Conditions Summary:
  • The member tested positive for COVID-19 by a facility approved by Centers for Disease Control and Prevention.
  • A member’s spouse or dependent tested positive.
  • A member experiences adverse financial consequences due to:
    a. Furloughed, quarantined or laid off 
    b. Paid work hours reduced due to coronavirus
    c. The close or reduction of business due to coronavirus
    d. Individual is unable to work due to lack of childcare
Please assist us to encourage our members to consult with their tax advisors for any tax consequences before and/or after making COVID-19 related distributions.

Questions? Please contact Melinda Carson at mcarson@lsers.net or 225.925.6491.


NOTE:  If the member's account is not in a posture that would normally allow refund, DROP/IBRP withdrawals, or any other type of lump sum withdrawal, they cannot withdraw! 

Salary Contribution Reporting and Exceptions Clearing

Friendly reminder: Salary Contribution Reporting is due by the 15th of each month.  Please timely submit the salary files as well as the coinciding payments to avoid delinquent interest charges. We encourage you to clear exceptions on a timely basis.  Accurate, up-to-date data assists our members and makes closing the fiscal year smoother.
 
Questions? Please contact Kim Stewart at kstewart@lsers.net or 225.925.4411.

Working Together in Trying Times

We are blessed to be working successfully through it all!  During these trying times, we encourage you to let us know how we can help you and our members with challenges in furnishing information to us. 

Also, please share any ideas you may have on how to resolve. We sincerely pray for good health for all!

Please contact us at webmaster@lsers.net or call 1.800.256.3718.

Deadlines!! FYE 2019-20

Fiscal year-end 2019-20 is coming soon! As you prepare, please keep the following reporting deadlines in mind:
  • July 15, Wednesday – Deadline to report active member salary contributions and retiree return-to-work (RTW) earnings 
  • July 23, Thursday – Deadline to correct all exceptions
  • July 24, Friday – FY2019-20 officially closed.  Form 4P – Prior Year Corrections of Earnings and Contributions (PYCs) will be required for any FY2019-20 corrections and will not be processed until after July 31st; interest charges apply.
Resources for your preparation:
  1. Review records now via Employer Access to minimize last minute adjustments
  2. Procedures for both active member and RTW exception reports are on our website
  3. Review the Employer Transaction Report via Employer Access to reconcile your account
Questions? Please contact Kim Stewart at kstewart@lsers.net or 225.925.4411.

Holiday Office Closures

Our office will be closed on the following:
Monday, May 25, 2020 – Memorial 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 © 2020 Louisiana School Employees' Retirement System, All rights reserved.


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