Louisiana Administrative Code › Title 58 - RETIREMENT › Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity › Chapter 7 - Partial Buy Back and Partial Restoration of Forfeited Credits of Service › Section V-701 - Partial Buy Back and Partial Restoration of Forfeited Credits of Service

Current through Register Vol. 50, No. 6, June 20, 2024
A. An old or new
				system member shall partially buy back a portion of his forfeited credits of
				service and shall do so by satisfying the following requirements, as set forth
				herein.
1. A member must have returned to
				employment with the fire department and remain in such employment for a period
				of four years or more.
2. The
				amount of a partial buy back, and accordingly a partial restoration of
				forfeited credits, shall be determined by calculating the amount the member
				withdrew of his accumulated employee contributions on his initial termination
				of employment, plus 3 1/2 percent of interest, compounded annually, for each
				calendar year the member retained his withdrawn accumulated employee
				contributions, which total amount shall be referred to as the "total buy back
				amount" (interest shall be prorated for any period less than a calendar year
				period).
a. The "total buy back amount" shall
				be prorated by months based on the total years of forfeited credits as follows.
Total Buy Back Amount Monthly Buy Back Amount Total
							 Number of Months = for Each Month of Forfeited of Forfeited Credits Credit
b.
				The annual buy back amount for each forfeited year of credit shall be
				determined by multiplying the monthly buy back amount by the number of years (a
				12-month consecutive period) the member wishes to buy back.
3. A member may restore his total
				number of years of forfeited credit on a piecemeal basis, provided the member
				restores at least two or more years of forfeited credit, in increments of 12
				consecutive months. A member is prohibited from restoring his forfeited credits
				of service on a monthly basis and is prohibited from restoring less than two
				years, unless the restoration of credits is his final restoration request or
				the restoration request is for his total forfeited credits.
4. A year of credit shall mean a 12-month
				consecutive period.
5. A member
				shall elect a partial buy back and partial restoration of forfeited credits of
				service by completing and filing the applicable forms with the trustees. A
				member may revoke any election for a partial buy back and partial restoration,
				provided such revocation is in writing and filed with the trustees.
6. The trustees shall adjust the member's
				years of credit service as a result of the partial restoration of forfeited
				credits upon receipt of the annual buy back amount for each year the member
				elects to restore. Until the full payment of the partial buy back amount is
				received by the board, no adjustment or restoration of the member's forfeited
				credits shall be made.
7. A member
				is strictly prohibited hereunder from receiving his accumulated employee
				contributions upon his termination of employment in a form other than a full
				and total lump sum payment.
8.
				Nothing contained herein shall be interpreted in violation of
				R.S.
				11:3365.C and
				R.S.
				11:3363.C nor shall the provisions hereunder
				be applied on a discriminatory basis.