defined benefit plans

LASERS is a defined benefit pension plan.  What does that mean?

             Your benefit is guaranteed for your lifetime after you retire.  The amount of your benefit is calculated on a formula based on your years of service, your highest average compensation, and your benefit accrual rate.  Your benefit is not determined by the amount of contributions you make to the retirement system.

The LASERS defined benefit plan provides a secure, predictable retirement income that cannot be outlived.  Since the LASERS assets are pooled and professionally managed over a long-term horizon, our professional management team can maintain a well diversified portfolio over time.