To be eligible for regular retirement, you must have:
You may apply for a "vested" retirement if you meet the following requirements:
This benefit is not automatic. You must apply for retirement, usually 30 days before you reach the required retirement age.
The effective date of retirement is the date the application is filed with LSPRS or the day after you end your employment, whichever is later.
LSPRS computes estimates of benefits upon written request. Using the retirement date you provide, LSPRS calculates benefits payable at your specified retirement date. Benefit estimates are based on projected service credit. Unused annual and sick leave calculations are included. We urge you to have a retirement estimate computed by LSPRS before applying for retirement but limited to within one year of your estimated date.
You must apply for retirement in writing. Termination of state service does not automatically constitute application for retirement. You may obtain a retirement application from LSPRS's office located at 3100 Brentwood Dr Ste B, Baton Rouge, LA. LSPRS considers your application officially filed when received at our office. Retirement benefits become effective the day after you terminate state service to retire or the day LSPRS receives your application, whichever date is later. We recommend you submit your retirement application at least 30 days before your last official day of work (termination date).
Retirement benefits are calculated by first determining years of creditable service (see explanation below). For example, if a person has 25 years, 6 months and 14 days of service, this is equal to 25.53 years. The number of years of service is then divided by 30 (equals 3 1/3%) to determine the percentage of the person's final average compensation that would be paid. In the example above, 25.53 divided by 30 equals 85.10%. Therefore, this individual would retire at 85.10% of his/her final average compensation.
Creditable service includes years of service credit, credit for unused sick and annual leave, and any other service credit purchased.
When determining final average compensation, the law (R.S. 11:231 [B]) sets a limit on the amount of increase during the 36 months that can be used in the calculation. The annual salary increase is limited to 25 percent per year for the 36-month period used to calculate the final average compensation.
Act 1160 relative to the recomputation of the pre-DROP benefit and the pre-DROP final average compensation applies to you if (1) you participated in DROP on or before June 30, 2001, (2) continued in state police employment after participation in DROP without a break in service, and (3) remained in such continuous employment on or after July 1, 2001. These special provisions do not apply to members who retired on or before June 30, 2001.
If You Entered DROP With Less Than 25 Years of Hard State Trooper Service:
Your LSPRS retirement benefit is payable to you for your lifetime. This benefit is not subject to Louisiana income tax, however, you must file an annual Louisiana State Income Tax return to claim the exemption. Federal income tax is payable on the benefit. You may elect to have the following withheld from your monthly benefit check:
You must authorize the deductions in writing. The deductions may be changed at any time by submitting a written request.
You may recover a portion of the unsheltered contribution each year according to provisions of the Internal Revenue Code. Unsheltered contributions are the amount of employee contributions paid into LSPRS during employment. This amount includes all employee contributions paid for the purposes of additional service credit or repayment of refunds. LSPRS calculates the unsheltered, nontaxable portion using the safe-harbor method established by the Internal Revenue Code and reports that amount on the form 1099-R that is sent to you each year.
LSPRS offers automatic direct deposit of monthly retirement benefits to your checking or savings account at any financial institution that is a member of the Automated Clearing House System. LSPRS guarantees direct deposit funds to be available on the last business day of each month. Benefit checks for retirees not using direct deposit are mailed the last business day of each month.
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