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Greetings from LSERS

We would like to wish everyone a Happy 4th of July.  This issue includes important information on the Employer Contribution rate and the 2019 Legislative Session. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

-Charles P. Bujol

Fiscal Year-End Close 2019

The fiscal year end is upon us all!  The deadline to submit Salary Contributions Reporting for FY 2018-19 is July 15. Payment of any outstanding balance is due to avoid interest charges. 

Also, the last day to correct exceptions is July 24.  If you are having difficulty clearing the new “part-time reporting” exception, or any exception, please contact us at your earliest convenience so we may provide assistance. 

The Salary Contributions Reporting and Corrections form will be closed between July 25 – 31.  It will be reopened August 1 for FY2019-20 reporting, and FY2018-19 Prior Year Corrections will begin.

You may click here for a quick refresher course on year-end closeout processes.  We encourage you to please call our Accounting Department for personal assistance in wrapping up this fiscal year, at 800.256.3718.

September 1st Deadline for Reporting Critical Shortage of Bus Operators

The enrollment for retirees returning to work under La. R.S. 11:1007 will open for FY2019-20 on 7/1/2019 and close on 9/1/2019.  The requirements in this statute must be met before enrollments will be accepted. For more information, please refer to LSERS’ Fact Sheet 18 – Retirees Who Return to Work and the LSERS memo published in our website’s News section on June 25, 2019.
 
Questions? Please contact Kimberly Stephens at 225.922.0220 or email her at kstephens@lsers.net.

 
Employer Contribution Rate - FY 2019-2020Effective July 1, 2019, the employer contribution rate will be 29.4%.  The member contribution rate will remain at either 7.5%, or 8% if the member’s first state service date is on or after July 1, 2010. 

2019 Legislative Wrap-up

The 2019 regular legislative session that ended on June 6 generated two laws affecting LSERS’ membership.

Senate Bill 16 by Senator Gerald Long of Natchitoches, now Act 78, provides LSERS with legal authority to hire a third-party administrator to manage DROP/IBRP accounts when they become eligible to earn interest.  LSERS intends to exercise this authority with an anticipated effective date of January 1, 2020. At that time, DROP/IBRP balances eligible to earn interest may experience higher rates of return than previously earned. Senator Long and the Senate Retirement Committee staff worked closely with LSERS on this bill. LSERS will put out more information on this change in the coming months.

Separately, House Bill 20 by Representative Kevin Pearson of Slidell, now Act 90, fixes a minor error in current law regarding the vesting period for those whose first state service date is on or after July 1, 2015. The new law will cause NO change to vesting requirements or our current practice.  Representative Pearson sponsored this bill at LSERS’ request.

Holiday Office Closure

Our office will be closed on the following:

Thursday, July 4, 2019 – Independence 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.