Employees hired in a hazardous duty position on or after 01/01/2011 are automatically enrolled in the LASERS Hazardous Duty Plan. Employees contribute 9.5% of their gross salary. Effective 7/1/201, the University contributes 37.6% of the employee's gross salary.
Employees hired in a hazardous duty position before 01/01/2011 have the option to join the LASERS Hazardous Duty Plan. Please note: choosing to transfer from LASERS to LASERS Hazardous Duty Plan is an irrevocable decision. Also, employees choosing to join the plan and transfer their accrued service credit from LASERS to the LASERS Hazardous Duty Plan may see a significant increase in their health insurance premium at the time of retirement.
Employees in this plan have different retirement eligibility than regular rank and file members:
*12 years at age 55,
*25 years at any age, or
*20 years at any age, with a reduced benefit
Also, for employees whose last 10 years of service credit were accrued exclusively in a defined hazardous duty position, the accrual rate for your benefit calculation will be 3.33% as opposed to the 2.5% for regular rank and file members.
For more information about Louisiana State Employees Retirement System (LASERS), please visit their home page athttp://www.lasers.state.la.us
For more information regarding the new hazardous duty plan, please visithttp://lasersonline.org/uploads/2010ACT992Handbook2.pdf