FACULTY/STAFF POLICY & PROCEDURE MANUAL

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4.14. Retirement System

As a condition of employment, classified employees become a member of the Louisiana State Employees’ Retirement System (LASERS) effective the date of employment. A deduction of 7.5 percent will be made from the salary each payday as the contribution to the system during each fiscal year. The University will contribute an amount equal to 13 percent of salary toward retirement.

Employees hired after April 1, 1986, are required to contribute 1.45 percent for Medicare eligibility (shown as Medi–FICA on your check stub).

The money contributed belongs to the employee and will be held for credit until retirement age. If the employee leaves state service, the money is refunded upon request.

Employees 55 years or older upon entering state service have a choice as to whether or not they wish to join the Louisiana State Retirement System or continue paying Federal Social Security. Human Resources will provide details on retirement rules.

Those employees who contemplate retirement, either under Social Security or under the retirement system, should contact Human Resources concerning separation by retirement at least six months prior to the proposed date of retirement.

 

 

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