Louisiana State Employees' Retirement System Revenue and Competitors

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.