Paying approximately 1.3 billion dollars to our members and their beneficiaries in fiscal year 2019. Since 92 percent of our retirees live in Louisiana, this is a real economic stimulus for our state;
LASERS remains among the best performing systems nationally over a 10 year time period for similarly sized pension plans;
Increasing the actuarial value of assets by $160 million, bringing the total to 12.5 billion dollars for the fiscal year ending June 30, 2019;
Stabilizing the unfunded accrued liability or UAL of the System at approximately 7 billion dollars, and our funded ratio at 64.1 percent;
Decreasing the employer normal cost or portion of retirement paid by the state to 3.24 percent. Compare that to Social Security, which costs the employer 6.2 percent, and you’ll see that LASERS is a great bargain;
Implementing legislative reforms since 2010 has resulted in over half a billion dollars from investment earnings applied to reduce the UAL; reforms are expected to result in a $3 billion cost savings;
Internally managing approximately one-third of our investments, saving millions of dollars per year in professional management fees;
Investing in Louisiana companies which support economic activity and enhance the investments of the pension plan;
Providing outreach to members with training classes (LEO) and our website, through the Member Connection email service, and social media;
Utilizing MINT, Millennials Investing Now for Tomorrow, which provides assistance with planning early for retirement to our millennial members;
Developing the Retirement Readiness program, which integrates financial security, healthy living, and happiness/engagement to help members put the retirement puzzle pieces together;
Providing excellent customer service to our members over the past year:
Counseled over 6,100 members in our offices;
Counseled 327 individual members in the field during 31 individual counseling sessions held statewide;
Participated in 44 workshops, reaching 2,288 members and retirees;
Provided 55 seminars, including PREP and PREP-to-Go sessions, reaching nearly 1,359 members;
Handled almost 67,000 phone calls.
A Solid Foundation for the Future
LASERS has provided retirement security for Louisiana’s public employees for more than 70 years. Through good times and bad, LASERS has been a strong, reliable presence in our members’ lives.
A report by the Louisiana Budget Project shows that Louisiana’s state pension systems are critical to working families and retirees across the state, and serve as key economic drivers in every parish in Louisiana.