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2015 Legislative Session

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

The LSERS Board of Trustees met on April 14th and took official positions on two of the four bills which affect our system.  The Board decided not to take positions on two bills in their current form but rather to monitor their status and revisit taking a position at the next board meeting on May 18.   
  • Senate Bill 16 by Chairman Guillory provides clarification of administration and actuarial implications of the elements of ACT 399 of the 2014 Session (COLA reform). Support. 
  • Senate Bill 14 by Chairman Guillory requires payment of administrative expenses annually rather than amortization of such costs. Neutral.
  • House Bill 11 by Rep. Price provides exceptions to the required payment of unfunded accrued liability resulting from privatization of positions.  No Position.
  • House Bill 42 by Rep. Jones authorizes a maximum 1.5% COLA for eligible retirees to be paid out of the experience account.  No Position.                
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Year End Closing Deadline Set
 

Fiscal year end closing for employers will be Friday, July 24, 2015.  This means all exceptions must be cleared and any changes to salary and contributions using a Contribution Correction Report (CCR) must be completed on or before this deadline.  After that date, any changes to salary and contributions for FY 2014-15 will require submission of a Form 4P, Prior Year Correction of Earnings and Contributions.
 
Our Education Division will be conducting webinars on this subject in the next two months.  Start planning now to attend one of these webinars:
              
    Tuesday, 5/12/2015 @10:30 AM and 3:00 PM
    Thursday, 5/28/2015 @ 10:30 AM and 3:00 PM
    Wednesday, 6/10/2015 @ 10:30 AM and 3:00 PM

 
Approximately one week prior to these webinars, you will receive an email invitation to register.  If you have any questions about the upcoming webinars, contact Patty Traylor at 225.287.7493 or ptraylor@lsers.net or if you have questions about the year end closing process, contact Chenfei Zhou at 225.925.6492 or czhou@lsers.net
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One Salary Upload or Online Salary Contributions Form per Month
 

In order to keep our system updating smoothly, please submit only one monthly salary upload or complete one online salary contribution form per month.  For example, after submitting your April 2015 data via either uploading a data file or using the online salary contribution form and subsequently discovering a member missing, that missing member will display as an exception assuming the member was properly enrolled.  In order to add that member’s April 2015 salary and contributions to clear the exception, complete an online Contribution Correction Report (CCR) to add the missing member's salary and contributions.
 
This is a limitation for the online salary upload process.  There is an ongoing project to integrate the external portal with our internal retirement application that will ultimately provide a real-time processing environment.  LSERS will keep working on improving our system. Thank you for your support and cooperation on this issue.
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Return-to-Work Retirees Online Enrollment and Form 15, Salary Reporting Webinars

As we announced in our March eNews, employers will begin enrolling return-to-work retirees online through LSERSWeb effective July 1, 2015.  This applies to both retiree groups (earnings limit and certified shortage of full-time bus drivers).  The online enrollment will replace the paper Form 15N for both retiree groups.  Also, the Form 15 used for monthly reporting of salary earned by those under earning limits will be replaced with online reporting.  This change for reporting purposes will only affect the earnings limit retirees where their salaries are currently submitted by Form 15 on a monthly basis. 
 
Our Education Division will be conducting webinars in the upcoming months.  Start planning now to attend one of these webinars:
            
    Wednesday, 5/20/2015 @ 10:30 AM and 3:00 PM
    Friday, 6/5/2015 @ 10:30 AM and 3:00 PM
    Tuesday, 6/23/2015 @ 10:30 AM and 3:00 PM

 
If you have any questions about the upcoming webinars, contact Patty Traylor at 225.287.7493 or ptraylor@lsers.net or if you have questions about this new process, contact Chenfei Zhou at 225.925.6492 or czhou@lsers.net
 
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GASB 68 is effective for LSERS participating employers for the fiscal year beginning after June 15, 2014

Helpful articles, summaries, fact sheets, videos and implementation guidance are available on GASB.org on the Implementation Toolkit for Governments webpage. Use this toolkit to improve your understanding of the pension accounting and reporting changes in Statements No. 67 and 68.
 
This link to the Implementation Toolkit can also be found on LSERS website on the GASB webpage accessible from either the "Quick Links" or from the Employers page.  
 
The allocation of each employer's portion of the net pension liability will be posted to LSERS website in the near future after the system's auditors, Duplantier, Hrapmann, Hogan & Maher, LLP, complete the audits of the Schedules of Employer Allocations and Pension Amounts by Employer and accompanying notes for fiscal years ending June 30, 2013 and 2014.
 
If you have any questions, contact our chief financial officer, Melinda Carson, at 225.925.6491 or mcarson@lsers.net.
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Crossroads Newsletter

The April 2015 members' Crossroads newsletter is now available for online viewing.  Printed copies will be mailed by the end of April to all members, retirees and beneficiaries.

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.


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