July 26, 2021 Update
The LASERS office is open with current occupancy limits in effect.
Face masks must be worn by all individuals entering the Retirement Systems Building.
Phone, video, and in-person appointments are offered. Schedule an appointment by calling 800.256.3000 (toll-free) or 225.922.0600 (Baton Rouge).
Lobby seating is minimal and spaced on social distancing protocol. Members arriving for individual counseling and walk-in appointments may be asked to wait in their cars until called.
HOW TO SUBMIT YOUR DOCUMENTS:
Members may drop off and pick up paperwork at the front desk lobby Monday – Friday, 8:00 a.m. – 4:30 p.m. Documents may also be faxed or emailed.
SAFETY PROTOCOL:
- Face masks must be worn by all individuals entering the building;
- Practice 6 ft. social distancing from all individuals;
- Two people are limited to an elevator at one time;
- Wash your hands, use our hand sanitizing stations, and avoid touching your face;
- If you are feeling ill, have been exposed to COVID-19, or experiencing symptoms, please reschedule your visit.
CONTACT US:
Email: Email your questions to us through AskLASERS.
Fax: 225.935.2856
Mailing address: P.O. Box 44213, Baton Rouge, LA 70804-4213
CARES Act of 2020:
Detailed information is provided below in response to inquiries about the recently enacted CARES Act of 2020.
Important CARES Act Information
The CARES Act was enacted by Congress to provide relief to taxpayers and businesses because of the economic hardships created by the COVID-19 virus. It does not change the monthly benefit paid by LASERS to retirees and beneficiaries.
One of the provisions of the CARES Act provides an economic stimulus payment to taxpayers. Those taxpayers who normally receive refunds or make tax payments by electronic funds transfers (EFT) will receive the stimulus payment by EFT. Those taxpayers who do not have an account set up with the IRS must wait for a paper check.
It is for this reason that the IRS suggests using the newly released Non-Filer tool, which will allow the IRS to deposit your payment directly in your account. Go to IRS.gov and look for Non-Filers: Enter Payment Info Here.
This stimulus payment is in the nature of a grant and does not have to be repaid. It is paid by the federal government, not LASERS.
More details on the CARES Act may be found at www.irs.gov/coronavirus.
Required Minimum Distributions (RMDs)
RMDs are required by the Internal Revenue Service (IRS) for retirees over age 70½ or 72 who have DROP or IBO accounts. The IRS requires these members to take a certain amount out of their DROP or IBO account each year. The CARES Act waives this requirement for 2020.
If you are not over 70½, or age 72 if born before on or after July 1, 1949, or do not have a DROP or IBO account, this CARES Act provision does not apply to you.
If you have been notified by LASERS that you must take an RMD this year, and did not take that RMD by March 27, 2020, you may notify us in writing by December 10, 2020 that you wish to decline to take your RMD for 2020. This is a one-time waiver of the RMD for 2020 allowed by the CARES Act.
A letter to LASERS with your Social Security Number stating that you do not want your 2020 RMD is sufficient for the required notice. Or, you may return the letter sent to you by LASERS in March about the RMD stating that you decline the RMD for 2020. You must sign the notice you send to us.
Withdrawals from DROP Accounts
The CARES Act allows you to withdraw up to $100,000 from your DROP or IBO account for COVID-19 related expenses. Tax consequences for withdrawal of these funds will be avoided if you repay your account within three years from the date of the withdrawal of the funds. Use Form 09-03cov19: COVID-19 Withdrawal from DROP/IBO Account (Only Accounts Held at LASERS) to make a withdrawal or contact Empower Retirement if your funds are in the Self-Directed Plan.
You may also roll over funds to an IRA. Keep in mind that such a rollover would cause you to lose your Louisiana state tax exemption.
LASERS strongly recommends that you consult with your tax advisor before making such a withdrawal or rollover.
Active Members
Active members are not allowed to withdraw contributions from LASERS or Empower Retirement.
