Opinions on the State Retirement system | TigerDroppings.com

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LaFBfan
Washington Fan
Baton Rouge
Member since Jan 2013
651 posts

Opinions on the State Retirement system


or LASERS I think its called...good deal if you stick with it? Anyone know someone who retired from this?






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TDsngumbo
LSU Fan
Member since Oct 2011
5272 posts

re: Opinions on the State Retirement system


LASERS is for civil service workers which means you're poor.








Sorry, a little of the OT came out of me for a second there. LASERS is a decent retirement plan and better than most but I'm not very familiar with it. I'm with the state but not LASERS.






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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
22817 posts

re: Opinions on the State Retirement system


Lasers is a pension plan for some state workers





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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15307 posts

re: Opinions on the State Retirement system


LASERS is a dedfined benefit plan as opposed to a defined contribution plan. As such the retirees receive benefits determined by a mathematical formula based on several factors. In general defined benefit plans are considered superior to defined contribution plans for the participants, and they are definitely more expensive for the employer. The few people still covered by defined benefit plans are mostly government employees and union employees. Many defined benefit plans are underfunded due to their high costs and ability of plan sponsors to defer funding.


Several of my clients collect benefits from LASERS. The income is exempt from Louisiana income tax which is an added benefit.






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Springlake Tiger
LSU Fan
Uptown
Member since Aug 2006
12154 posts

re: Opinions on the State Retirement system


my wife works for the state and is on the plan. I think the way it works is they deduct 8% from each check.

The formula they use to to multiply your years of service by 2 or 2.5(I think it is 2.5). So if you work for the state for 30 years, you multiply 30 by 2.5, which is 75. 75 is the percentage of the salary that you were earning when you retired. So if my wife works for the state for 30 years and is making $80k when she retires, she will make $60,000 (80k * .75) a year in retirement income till she dies which is exempt from state income tax. Not too shabby a benefit in my opinion. That plus social security that I will receives means I won't probably ever need to touch my 401k or IRA and pass on to my kids.






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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
8515 posts

re: Opinions on the State Retirement system


quote:

Poodlebrain
quote:

Many defined benefit plans are underfunded due to their high costs and ability of plan sponsors to defer funding.


Worst problem we've had. Every Legislature since Edwards has kicked that can down the road. Now Jindal wants to say its the fault of "bloated state government" that we're underfunded.

I can understand him not wanting to take on the true challenge of keeping the promises others have made when they never paid for it, but turning the gun around at state employees is cowardly.






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rsande2
LSU Fan
Member since Jan 2006
3423 posts

re: Opinions on the State Retirement system


quote:

Opinions on the State Retirement system or LASERS I think its called


I am familiar with the state retirement system but not with Lasers. The retirement system my parents retired from the benefits are treated as income and taxable but your conributions are taken out pre tax so it lowered their taxable income for 35 years.

I left the state retirement system and didn't get any return on my money. I got what I put in and that's it, so if you stick with it, yea it's good, provided they continue to fund it. If you ever think about leaving it sucks pretty much.






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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
22817 posts

re: Opinions on the State Retirement system


quote:

The retirement system my parents retired from the benefits are treated as income and taxable


In Louisiana you don't pay income taxes on benefits from a LA plan.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81083 posts

re: Opinions on the State Retirement system


quote:

Opinions on the State Retirement system

It, along with all the other La. state pension funds, should be closed down with the beneficiaries paid off with their currently vested balance and all state employees should then be enrolled in social security with the rest of us schmucks...

That's probably not the kind of opinion you were looking for. Sorry.






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LaFBfan
Washington Fan
Baton Rouge
Member since Jan 2013
651 posts

re: Opinions on the State Retirement system


quote:

That's probably not the kind of opinion you were looking for. Sorry.


Now I need info on why you're so butthurt about it?






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81083 posts

re: Opinions on the State Retirement system


quote:

Now I need info on why you're so butthurt about it?
Who do you think pays for the lifetime 100% of salary pensions without retirees having to pay state income taxes on the pensions?

How many tens of millions of dollars are paid annually to investment advisors, asset custodians and pension agency employees which must be replaced by ever increasing payments by taxpayers into the pension funds?

And for what? So politicians can buy off state workers to get their votes by increasing pension benefits or by reducing the years of service required to get bigger pensions.

And all state workers do is gripe about how abused they are. And this is in spite of a 2010 compensation survey which showed public employees in Louisiana now have a higher average compensation that the average private sector employee.

When I'm elected governor I will make it my top priority to close down all public employee pension funds, pay out the vested benefits and put all public employees into social security.

The only pension staff remaining will process the monthly checks of already retired state employees until all of those retired employees die off.

ETA: Thanks for letting me vent. I spent most of the weekend working on my fed and state income taxes. I'm feeling much better now, thank you very much......



This post was edited on 3/25 at 4:15 pm


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TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2428 posts

re: Opinions on the State Retirement system


you just read my mind. I agree 100%





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81083 posts

re: Opinions on the State Retirement system


quote:

I agree 100%

That means you're pretty damn smart!!







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rsande2
LSU Fan
Member since Jan 2006
3423 posts

re: Opinions on the State Retirement system


quote:

In Louisiana you don't pay income taxes on benefits from a LA plan.


Actually you do, first hand experience.....






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15307 posts

re: Opinions on the State Retirement system


quote:

Thanks for letting me vent. I spent most of the weekend working on my fed and state income taxes. I'm feeling much better now, thank you very much
I'd have been more than willing to sell you the leisure time you used this weekend to prepare your tax returns, and saved you from the aggitation and frustration you experienced. Just think how much more enjoyment you could have had during that time using Poodlebrain to prepare your tax returns? Not to mention the confidence you would have knowing someone of my expertise prepared you return. And I'd be willing to bet I could get a lower tax liability for you as well.

Sorry for the self-promoting threadjack, but you can't lob softballs like that.

And now back to our regularly scheduled programming.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81083 posts

re: Opinions on the State Retirement system




Thanks. I do my own taxes to force myself to stay up to date on tax laws and regs. TurboTax Deluxe handles my needs.

You probably could find some more deductions, especially considering I'm self employed, and probably lower my tax liability but I don't like to screw around with the IRS. I know I've overpaid over the years but I sleep better knowing it.






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