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Lasers state retirement question
Posted on 8/2/22 at 8:38 pm
Posted on 8/2/22 at 8:38 pm
Hire Date was in 2017. When will my pension be fully vested? Is it 10 years or 5 years. Thanks
10
Posted on 8/2/22 at 8:38 pm to GeauxZone90
6.9 years
Posted on 8/2/22 at 8:39 pm to GeauxZone90
I had under 5. So I got zilch.
This post was edited on 8/2/22 at 8:40 pm
Posted on 8/2/22 at 8:41 pm to lsu xman
So if it is over 5 do I only get a certain percentage of the pension? and fully vested at 10 years (100%) of pension?
Posted on 8/2/22 at 8:42 pm to GeauxZone90
Man you’re way off. 40 years at 2.5% ti get full pension. 2.5% of salary per year of service. Then have to meet retirement qualifying age first.
This post was edited on 8/2/22 at 8:44 pm
Posted on 8/2/22 at 8:43 pm to GeauxZone90
Stayed at a Holiday Inn Express. Believe it is 10.
Posted on 8/2/22 at 8:44 pm to HeadedToTheWoods
May be worse depending on hire date.
They changed the rules at some point and it isn’t 2.5% per year like most long term employees.
They changed the rules at some point and it isn’t 2.5% per year like most long term employees.
Posted on 8/2/22 at 8:45 pm to GeauxZone90
Either 3.50yrs or 2.88yrs
Posted on 8/2/22 at 8:47 pm to GeauxZone90
TRSL (teacher retirement) is 5 years.
Posted on 8/2/22 at 8:48 pm to teke184
May be worse depending on hire date.
They changed the rules at some point and it isn’t 2.5% per year like most long term employees.
—-
Yeah. That’s the good ole system most are in. I wouldn’t work for the state. I believe 60 yo is the minimum age now
They changed the rules at some point and it isn’t 2.5% per year like most long term employees.
—-
Yeah. That’s the good ole system most are in. I wouldn’t work for the state. I believe 60 yo is the minimum age now
Posted on 8/2/22 at 8:48 pm to GeauxZone90
10 years to be vested in traditional LASERS
Posted on 8/2/22 at 8:48 pm to GeauxZone90
Nothing at 5. You get your contributions back. Vested at 10 for 25% of your salary.
Posted on 8/2/22 at 8:48 pm to GeauxZone90
Yellow
Posted on 8/2/22 at 8:49 pm to HeadedToTheWoods
Yeah but if you work a certain amount of years you get to keep your employers contributions and roll it over to a 401k . How many years to get the full amount?
Posted on 8/2/22 at 8:54 pm to GeauxZone90
You came in after they changed the State Retirement. If I’m correct you only draw 2% per year, but to answer your question you will be vested at 10 years. If you leave after 10 yrs and leave your retirement in LASERS, you will be eligible to draw from it when you turn 60. You will draw 20% of your high 3 years.
Posted on 8/2/22 at 8:56 pm to CoyillonTiger
Thanks!
Posted on 8/2/22 at 8:57 pm to CoyillonTiger
quote:
You came in after they changed the State Retirement
Yes, and they have since changed it again.
Pretty sure it’s on iteration 3. Number 2 started sometime in the mid-2000s.
Posted on 8/2/22 at 9:07 pm to GeauxZone90
quote:
Hire Date was in 2017. When will my pension be fully vested? Is it 10 years or 5 years. Thanks
Vested after 10 years. After being vested your retirement will be based off the average salary for your thirty-six highest successive months. From there it's 2.5% of that amount for every year of employment (so 100% after 40 years).
That's generally the the formula but it can be different depending on the department (State Police have a different formula, I believe).
Posted on 8/2/22 at 9:11 pm to Bard
I'm pretty sure these answers aren't accurate anymore. From Lasers:
And that "actuarial reduction" is an arse kicking.
quote:
If you are a Regular Member of LASERS hired
on or after July 1, 2015, you become eligible for
retirement upon reaching one of the criteria below:
NOTE: Your LASERS Annual Account Statement
will identify you as “Regular Employee 4” and you
will have these eligibilities.
• 5 years of service at age 62
• 20 years of service at any age, actuarially
reduced (Deferred Retirement Option Plan
[DROP] participation and retirement with an
Initial Benefit Option [IBO] are not available
to members who choose this option). The
actuarial reduction is based on the number
of months you are away from eligibility for an
unreduced retirement.
You cannot use unused annual and sick leave
to reach eligibility for retirement. Also, certain
service purchases may not be used to meet
retirement eligibility.
And that "actuarial reduction" is an arse kicking.
Posted on 8/2/22 at 9:12 pm to Bard
Thank you
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