LASERS is a qualified defined benefit pension and
retirement plan under Section 401(a) of the Internal
Revenue Code. LASERS operates and maintains records on a
fiscal year basis.
LASERS is a public trust fund created in 1946 to
provide retirement allowances and other benefits for
state officers and employees and their beneficiaries.
Funding for LASERS comes from three sources: employer
contributions, employee contributions, and earnings from
trust fund investments.
A 12-member Board of Trustees oversees LASERS
operations. State law designates members of the Board as
follows:
- six elected trustees, who are active members of
the System;
- three elected trustees, who are retired members
of the System;
- Chairman of the House Retirement Committee, ex
officio;
- Chairman of the Senate Retirement Committee, ex
officio, and
- Treasurer of the State of Louisiana, ex officio.
LASERS nine elected trustees serve four-year,
staggered terms. System members and retirees elect
trustees every other year to fill vacancies. Beginning
on January 1, 1998, Trustees are limited to serving
three consecutive terms.
Louisiana law allows the Board to adopt rules and
regulations in administering LASERS programs and
benefits. The Board hears appeals from members and
issues decisions in such cases. The Board also appoints
the System’s executive director, assistant director, and
chief investment officer.
Board meetings are open to the public. The Board
usually holds its committee and Board meetings during
the fourth week of each month. Meetings are held on the
fourth floor of the Louisiana Retirement Systems
Building, 8401 United Plaza Boulevard, Baton Rouge, and
LA 70809.
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