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Get the free Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time - lasersonline

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This document outlines the eligibility and process for LASERS members to purchase air time for retirement eligibility and benefits computation, includes cost examples for hypothetical members, and
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How to fill out Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time

01
Obtain the Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time form from the appropriate state retirement system website or office.
02
Read the instructions provided with the application form carefully to ensure you understand the requirements.
03
Fill out Section 1 with your personal information, including your name, address, and contact details.
04
Complete Section 2 with your employment history, including dates of service and positions held.
05
In Section 3, provide details regarding the service you wish to purchase, including the type of service and the amount of air time.
06
Attach any required documentation to support your application, such as proof of employment or prior service records.
07
Review the application for any errors or missing information.
08
Sign and date the application at the designated area.
09
Submit the completed application and any attachments to the appropriate office as instructed.

Who needs Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time?

01
Employees of the state of Louisiana who are eligible for retirement benefits and wish to purchase additional service credit.
02
Members of the Louisiana state retirement systems seeking to enhance their retirement benefits through the purchase of air time.
03
Individuals who have previous service that they wish to buy back to qualify for retirement.
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People Also Ask about

30 years service credit at any age. 25 years service credit at age 55, 10 years service credit at age 60, or. 20 years service credit at any age with actuarially reduced benefit.
25 years of service or more at age 55 or later. 10 years of service or more at age 60 or later. At 20 years of service you may retire at any age but your benefit will be reduced on an actuarial basis which is based on your age, length of service and number of years from your regular retirement age.
With few exceptions, the State of Louisiana does not participate in the Social Security program.
Reported benefits Health Insurance 4. 31 Ratings. Dental Insurance 3. 2 Ratings. Flexible Spending Account (FSA) 4. Pension Plan 4.5. 4 Ratings. Retirement Plan 4. 10 Ratings. Maternity & Paternity Leave 4.3. 6 Ratings. Military Leave 5. 1 Ratings. Vacation & Paid Time Off 3.9. 12 Ratings. Sick Days 4. 3 Ratings.
Louisiana state law, Act 322, allows employees with at least five years of service credit in LASERS to purchase up to five years of service credit (commonly called air time) in one-year increments that can be used for retirement eligibility.
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 State Employees' Retirement System (LASERS) offers a defined benefit, or guaranteed lifetime monthly benefit, to its retirees which is calculated based on a formula. LASERS also offers disability and survivor benefits once vesting has been met.
LASERS administers a qualified pension and retirement plan under section 401(a) of the Internal Revenue Code. LASERS is a trust fund created to provide retirement and other benefits for state officers, employees, and their beneficiaries.

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The Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time is a formal request that allows eligible members of certain retirement systems in Louisiana to purchase credit for service time based on air time, which may include time spent in certain service-related capacities.
Members of the Louisiana State Employees' Retirement System or local retirement systems who wish to purchase air time credit are required to file this application.
To fill out the Application for Purchase of Service Under La. R.S. 11:429(B) - Air Time, applicants must provide personal information, employment history, and any relevant documentation that verifies their eligibility for purchasing air time.
The purpose of this application is to allow eligible members to enhance their retirement benefits by purchasing additional service credit, which can increase their total years of service and potentially improve their retirement income.
The application must report information such as the member's full name, social security number, retirement system, periods of service being purchased, prior employment, and any documentation supporting the request for the service purchase.
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