(The Center Square) — The Louisiana State Employees’ Retirement System saw significant financial strides in the fiscal year ending June 30, 2024, according to LASERS’ annual comprehensive financial report.
The system’s net position grew by $1.5 billion, reaching $15.97 billion, while its investment portfolio earned a remarkable 14% gross return, placing it in the top 7% of similar public pension plans.
LASERS supports 41,989 retirees, an increase from 41,892 in 2023, with annual benefit payments totaling $1.5 billion, down 2% from the previous year. Active membership includes 39,089 state employees, with 3,902 in hazardous duty roles and 32,472 classified as regular employees.
The plan’s unfunded pension liability stands at $5.4 billion, or 240.8% of covered payroll, reflecting reforms to strengthen long-term financial stability. LASERS reduced its discount rate from 8.25% to 7.25% over several years, aligning with market expectations and improving stability despite increasing liabilities by $2.2 billion.