Monday, May 20, 2013
Latest Study Reveals LASERS Impact on Louisiana’s Economy
The recent release of the Louisiana State Employees’ Retirement System (LASERS) 2012 Economic Impact Study reveals positive information for the State of Louisiana. Key findings show LASERS paid $1 billion to LASERS retirees and beneficiaries in fiscal year 2012, which in turn supported $1.2 billion in economic activity or output in the state. Over 90 percent of LASERS retirees live in Louisiana.
LASERS retirement benefits create economic security for tens of thousands of retired public servants. Louisiana state employees do not participate in Social Security and LASERS provides a modest guaranteed benefit. The average LASERS benefit paid to rank-and-file retirees is $22,236 per year.
“LASERS creates a huge economic footprint in the state,” said LASERS Executive Director Cindy Rougeou. “With over 40,000 retirees and beneficiaries depending on LASERS for their pensions, we are undoubtedly one of the largest ‘employers’ in Louisiana.”
In addition, LASERS has over $90 million invested in Louisiana companies via publicly traded securities and private investments. These investments help support thousands of jobs in Louisiana, providing additional fuel for the economy. One-third of LASERS investments are managed internally, saving millions of dollars per year in professional management fees. LASERS has been recognized as one of the top 10 pension plans in the United States based on a 10-year analysis of investment performance. LASERS realized a 14.3 percent market return for calendar year 2012.
For additional details on how LASERS gives back to Louisiana, read the 2012 Economic Impact Study onthe LASERS website.