Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 23 - Renunciation of Benefit › Section I-2301 - Terms and Conditions of Renunciation of Benefit

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any person eligible to receive, or
				receiving, a benefit from the Louisiana State Employees' Retirement System may
				renounce such benefit under the following terms and conditions.
1. The renunciation shall be unconditional
				and irrevocable. Once a benefit is renounced, LASERS shall have no further
				obligation or liability with respect to that benefit, and the person renouncing
				the benefit shall, under no circumstances, be eligible to receive that
				benefit.
2. A base benefit may be
				renounced in whole or in part. An adjustment to a base benefit (cost-of-living
				adjustment, adjustment for inflation, or one-time supplemental payment) may
				only be renounced in its entirety. If an adjustment is renounced, the base
				benefit need not be renounced.
3.
				If more than one person is entitled to receive a particular survivor benefit,
				each person entitled to a portion of the benefit may renounce his entitlement.
				The person or persons who continue to have an entitlement in that benefit shall
				receive the benefit to which they are entitled without consideration of the
				person who becomes ineligible through renunciation. Any adjustment shall be
				prospective only.
4. If the party
				making the renunciation is married, the spouse must join in the
				renunciation.
5. If the person
				making the renunciation is subject to an executed and effective community
				property settlement, only that portion of the benefit due the person making the
				renunciation may be renounced, except as provided for in
				R.S.
				11:446.E.
6. If the person making the renunciation is
				legally separated or divorced, but is not subject to an executed and effective
				community property settlement, the renunciation must be approved by the court
				having jurisdiction over the separation or divorce.
7. If the person making the renunciation is
				retired and has named a joint and survivor beneficiary, the renunciation cannot
				affect the joint and survivors' beneficiary or benefit, including adjustments
				to the joint and survivor benefit.
8. If a benefit is renounced by a member
				prior to receipt by the member of a sum equal to his or her accumulated
				contributions, the balance of the accumulated contributions will be paid to the
				member.
9. A renunciation must be
				made on a form provided by LASERS, and must be executed before a notary public
				and two witnesses, neither of whom may be a spouse nor presently named
				beneficiary. The renunciation is effective and irrevocable when received by
				LASERS.
10. A person revoking or
				participating in renunciation of a benefit must hold LASERS harmless from such
				action.
11. A renunciation may not
				be used to terminate active participation in LASERS.
12. Amounts credited to a DROP account cannot
				be renounced.
13. A benefit or
				portion of a benefit that has been renounced may be used to recoup benefits or
				refunds of accumulated contributions paid by administrative error or
				mistake.
14. Only those persons who
				have selected the maximum benefit or Option 1 under
				R.S.
				11:441 may renounce their entire monthly
				benefit.