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LOUISIANA STATE EMPLOYEES' RETIREMENT SYSTEM (LASERS)
Retirement Eligibility (La. R.S. 11:441)
If you are a Regular Member of LASERS, and were hired on or before June 30, 2006, you become eligible for retirement upon reaching one of the criteria below:
NOTE: Your LASERS Member Annual Account Statement will identify you as a “Regular Member,” and you will have these retirement eligibilities.
- 30 years of service at any age
- 25 years of service at age 55
- 10 years of service at age 60
- 20 years of service at any age, actuarially reduced (Deferred Retirement Option Plan [DROP] participation and retirement with an Initial Benefit Option [IBO] are not available to members who choose this option). The actuarial reduction is based on the number of months you are away from eligibility for an unreduced retirement. This reduction can be affected depending on whether you are in state service or out of state service at the time of your retirement.
If you are a Regular Member of LASERS hired on or after July 1, 2006, and on or before June 30, 2015, you become eligible for retirement upon reaching one of the criteria below:
NOTE: Depending on your date of hire, your LASERS Annual Account Statement will identify you as “Regular Employee 2” or “Regular Employee 3,” and you will have these retirement eligibilities.
•5 years of service at age 60
•20 years of service at any age, actuarially reduced (Deferred Retirement Option Plan [DROP] participation and retirement with an Initial Benefit Option [IBO] are not available
to members who choose this option). The actuarial reduction is based on the number of months you are away from eligibility for an unreduced retirement.
If you are a Regular Member of LASERS hired on or after July 1, 2015, you become eligible for retirement upon reaching one of the criteria below:
NOTE: Your LASERS Annual Account Statement will identify you as “Regular Employee 4” and you will have these eligibilities.
- 5 years of service at age 62
- 20 years of service at any age, actuarially reduced (Deferred Retirement Option Plan [DROP] participation and retirement with an Initial Benefit Option [IBO] are not available to members who choose this option). The actuarial reduction is based on the number of months you are away from eligibility for an unreduced retirement.You cannot use unused annual and sick leave to reach eligibility for retirement. Also, certain service purchases may not be used to meet retirement eligibility.
NOTE: Retiring out of state service may impact your coverage eligibility with the Office of Group Benefits (OGB). Contact OGB for more information.