Louisiana Deferred Comp For State Employees In Houston
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FAQ
The Louisiana State Employees' Retirement System (LASERS) was established by an Act of the Louisiana Legislature in 1946. LASERS administers a qualified pension and retirement plan under section 401(a) of the Internal Revenue Code.
To retire, a Louisiana State Employees' Retirement System (LASERS) member must meet minimum requirements as to age and years of service. To be eligible for regular retirement, you must have: 30 years service credit at any age.
Louisiana Deferred Compensation Plan (LDCP) is a voluntary retirement savings plan that offers eligible employees the option to contribute pre-tax or post tax (Roth) contributions through payroll deductions.
The 457(b) plan offers LSU employees one option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account. The Roth 457(b) feature provides an additional way to save for retirement.
Article VII, §14 of the Louisiana Constitution prohibits the payment of a bonus, or any other gratuitous unearned payment, to public employees. Payments of additional compensation to public employees, in order to be constitutionally valid, must be in the form of prospective salary increases.
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
How Does It Work? With the Deferred Compensation Plan, you can set up automatic payroll deposits, adjust your investment allocations at any time, participate for as long as you choose, and access a range of investment options and support.
You may defer between one and 100 percent of your available salary after mandatory deductions (minus your tax-sheltered pension or other voluntary tax-sheltered contributions) with an annual dollar maximum in 2025 of $23,500 ($30,500 for individuals age 50 and older).
