Copy

Greetings from the Executive Director

Welcome to the June Edition of LSERS’ Employer eNews!  Of note in this issue, year-end is here, the upcoming 2017 annual retirement salary file process, and some updates and enhancements we have made.  I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

-Charles P. Bujol

Year End is here!

As of May 31, we still have 525 outstanding exceptions. This is a great improvement over May 31 of last year with 1,067 exceptions--this is a 103% improvement! Your efforts are noticed and you should see the effect of your hard work at year- end closing!
Friendly reminder – all salaries and contributions reportings and retiree return to work earnings reportings for July 2016 through May 2017 should be reported.  June 2017 reportings are due July 15 and the final deadline for clearing all exceptions is Friday, July 21.  Any changes received after July 21 will be processed as a prior year correction, which will include an interest charge.  If you need a refresher on this topic, view our Year-End Closeout video from last year.  
If you need any assistance, anyone in the accounting department can help you.  Just call 225.925.6484 or 1.800.256.3718 if calling from outside the Baton Rouge area.

 

Annual Retirement Salary (RET) File Due August 15th

Each school board and charter school must submit to LSERS an annual retirement salary file for the fiscal year ended June 30, 2017. The salary file should include annual earnings of all individuals paid by the employer. Please note, for bus drivers do not include the payments for reimbursement of operating expenses that are not subject to retirement contributions.
Please submit the fixed length text file on or before August 15, 2017 via LSERSWeb portal. Refer to the procedures for uploading the file on the web: Salary, Insurance & Retirement Uploads - Retirement. The naming convention for the file should be:  RETnnnn_2017 where nnnn is the employer id number.
 If you have any questions, contact Carolyn Forbes  at 225.925.6490 or via email cforbes@lsers.net

 

Contributions Payment Transmittal (Form 4C)

The Contributions Payment Transmittal (Form 4C), is due at the time the contribution payments are sent to ensure payments are posted timely and correctly.  Whether paying by paper check or electronically, please complete the online Form 4C.  Here is a link to the Procedures to assist with completing the Form 4C.  If you need help or have questions, please contact Kimberlyn Stewart, kstewart@lsers.net, 225.925.4411 or Chenfei Zhou, czhou@lsers.net, 225.925.6492.

Eligibility credit now showing on member online records

There is a new column under the Account Balances section on the Personal Summary page and on the Account History page titled “Eligible” which reflects eligibility credit.  It is important to understand the difference between eligibility credit and service credit.  Eligibility credit determines when a member is eligible to receive a retirement benefit.  Service credit determines how much that benefit will be.
These two figures may be different for several reasons.  The most common reasons would be when a member contributes on an amount less than 100% of their regular pay as in the case of worker’s compensation or for working as a part-time employee.  Under these examples, the member may receive “eligibility” towards retirement but the total service credit will be based on the percentage of contributions paid.
Example:  Jane Doe was hired as a 180-day custodian to work only 5 hours out of 8 hours a day.  Jane worked all 180 days this year but only worked part time.  So, for this year she would receive 1.00 full year eligibility credit towards meeting retirement eligibility but only .63 of a year service credit that would be used in the computation of her retirement benefit.
180/180 days = 1.00 (full year) Eligibility 
5/8 hours = .63 of a year Service Credit
LSERS is continuing to correct member records as certifications are received from employers.  If you have a part-time employee or one who contributes on less than 100% of full pay, you may want to review the record and certify the years.

Fact Sheet and Form Updates

Our disability forms have been revised and renumbered.  Here is a synopsis of all changes:
Form 12 Disability Application
  • Consolidated Form 12 and 12E (Member Statement) into one form.
  • Section 2 now pertains to the Member Statement which has been simplified to relevant facts
  • Section 3 has been added to designate beneficiaries (if member on or after 7/1/2010)
Form 12B
  • Removed Employer Verification
  • Modified the questions from the supervisor’s point of view
Form 12C
  • Consolidated four forms (Forms 12C, 12CP, 12CR, and 13H2) into one.  These forms were almost verbatim and therefore have been abolished.
Our Fact Sheet 16 Disability Retirement and Disability Checklist has been updated with the revised form numbers.
 

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 © 2017 Louisiana School Employees' Retirement System, All rights reserved.