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Employer and Member Contribution Rates for Fiscal Year 2014-15

The Public Retirement Systems’ Actuarial Committee (PRSAC) approved an employer contribution rate of 33.0% for the Louisiana School Employees’ Retirement System (LSERS) for the fiscal year 2014-15 effective July 1, 2014.
 
The member contribution rates for 2014-15 will remain at 7.5% for members hired before July 1, 2010 and 8.0% for new members with first state service on or after July 1, 2010.
 
If you have any questions, please contact Carolyn Forbes, LSERS Assistant Director, at 225.925.6490 or via email at cforbes@lsers.net.

 


Government Accounting Standards Board (GASB) Reporting Standards

 
In June 2012, the Governmental Accounting Standards Board issued GASB Statement 68, Accounting and Financial Reporting for Pensions, which will substantially change the accounting and financial reporting of pensions for LSERS employers.

Effective for fiscal years beginning after June 15, 2014 GASB 68 replaces the accounting and financial reporting requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 50, Pension Disclosures.
 
The key implications for LSERS employers resulting from GASB 68 includes pension reporting standards for employers participating in public pension plans and:
  • Requires employers to recognize their proportionate share of the collective net pension liability in their financial statements
  • Establishes recognition of deferred inflows/outflows of resources depending on changes in the net pension liability
  • Provides a new definition of pension expense (or income)
  • Requires new note disclosures and supplementary information.
LSERS will provide updates regarding GASB 68 through the LSERS GASB web page located under Employers. LSERS will prepare a schedule for the appropriate measurement of each employer’s collective net pension liability for use in employer accounting, financial statements, and note disclosures.
 
If you have questions, please contact LSERS Chief Financial Officer, Melinda Carson, CPA, at 225.925.6491 or via email at mcarson@lsers.net.
 
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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 © 2014 Louisiana School Employees' Retirement System, All rights reserved.


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