Copy

Coming Soon: 2015 Regular Legislative Session

The 2015 Regular Legislative Session convenes at noon on Monday, April 13, 2015, and must adjourn by 6:00 p.m. on Monday June 11, 2015. 

LSERS is closely monitoring all bills which would impact the system and its active and retired members.  The Board of Trustees will meet on April 13, 2015 to take official positions on each legislative instrument which is filed that would impact LSERS.  We will post the board positions on www.lsers.net under the “Legislation” tab. If you would like to receive email updates, simply enter your email address in the Email Subscription Sign-up box located in the bottom right side of the website.
______________________________________________

Update on GASB 67 and 68 Implementation
 

In January 2014, a GASB 67/68 Task Force was organized by the Office of Statewide Reporting and Accounting Policy (OSRAP).  This task force's objective was to standardize the calculation and presentation of information that employers will need from the state retirement systems.  The task force members included representative of LSERS, LASERS, TRSL, OSRAP, Legislative Auditor, Legislative Actuary, CPA's and actuary firms.

LSERS was required to implement GASB 67 for the fiscal year ending June 30, 2014.  GASB 67 required disclosure of Net Pension Liability (NPL) and other pension-related data in LSERS financial statements.  LSERS full implementation of GASB 67 is included in the 2014 Auditor's Report located on our website under Resources>Publications>Annual Reports.

 
Employers participating in public pension plans are required by GASB 68 to recognize their proportionate share of the collective NPL in their financial statements. Additionally, GASB 68 establishes guidelines for recognition of deferred inflows/outflows depending on changes in the NPL. This statement replaces the requirements of Statement No.27, Accounting for Pensions by State and Local Governmental Employers, as well as the requirements of Statement No. 50, Pension Disclosures.
 
The task force is currently finalizing the details regarding the calculation and format of GASB 68 information and developing a communication plan to state retirement plan employers.  LSERS will keep you informed as updates become available.

For more information refer to the GASB page on LSERS website. If you have any questions, contact Melinda Carson, Chief Financial Officer, at 225.925.6491.
__________________________________________________

 

Are you on Facebook?  So are we!
 

We would love to connect with you via Facebook!  Our page is frequently updated with share-worthy information about your retirement system – LSERS! 
 
Like us on Facebook now by clicking the “Like” button next to our name on our Facebook Page!
______________________________________________

 

Your Membership Booklet

Your Membership Booklet has been updated and posted to LSERS website.  Updates include version date to January 2015; updated Accounting and Information Technology fax numbers; updated Fact Sheet (3 on website, 5 name change and 22 was added).
__________________________________________________

Fact Sheets

The following fact sheets have been revised and are now available on LSERS website:

Fact Sheet 9 - Electronic Deposit - Updates include information on payment notifications will only be sent out for first time setup or when a change occurs and updated Accounting and Information Technology fax numbers.

 
Fact Sheet 12 - DROP (Deferred Retirement Option Plan) - Updates include eligibility requirements for DROP and new requirement for those who enroll in LSERS on or after 7/1/2015 (Act 226 of 2014).
 
Fact Sheet 14 - IBRP (Initial Benefit Retirement Plan) - Updates include eligibility requirement for IBRP and new requirements for those who enroll in LSERS on or after 7/1/2015 (Act 226 of 2014).

 

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 © 2015 Louisiana School Employees' Retirement System, All rights reserved.


Email Marketing Powered by Mailchimp