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Privatization Fact Sheet 22
School boards should be aware of the liability that they will incur in the event they privatize LSERS eligible positions. We encourage school boards to request from LSERS, in writing, an estimated privatization cost calculation when considering this option.
The Privatization Fact Sheet 22 is available on LSERS website for more information. If you have any questions or need assistance, contact Lauren Bailey at 225.925.6560 or lbailey@lsers.net.
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Fiscal Year End Fast Approaching!
LSERS provides many tools on the secured LSERSWeb site to assist employers. You don’t have to wait until July to make corrections for the fiscal year ending June 30, 2016. Here are some of the helpful tools to assist with fiscal year end closing and reconciling your payroll records with your retirement reportings:
- Review the Member Salary Contribution Report that lists all salaries and contributions reported for each employee per month. This tool will help ensure each employee data has been properly recorded and agrees with your payroll records.
- Review the Retiree RTW1006 Exception Report listing those retirees who are enrolled as return to work, but no salary was reported. NOTE: If retiree return to work (RTW) salaries were reported with your regular salary upload, there will be an exception on the Contributions Exceptions Report, “No matching employment record.”
- Review the Contributions Exception Report that lists all exceptions that have not yet been cleared for the current fiscal year.
- Review the Charges/Payments Contributions Report that lists the current fiscal year total charges and payments by month.
- Review the Employer Statement Report to ensure contribution payments, charges and prior year corrections for the current fiscal year have been properly recorded in aggregate. This report lists the beginning and ending balances for member and employer contributions and changes during the fiscal year from prior year corrections, payments, charges and interest.
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Changes to Actuarial Costs
Effective July 1, 2016, LSERS will begin providing members, at no cost, with an estimated invoice reflecting the “minimum” cost to purchase service credit based on an actuarial cost. If the member is interested in getting an official actuarial cost calculation, $125.00 actuarial fee payable to LSERS will be due.
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