reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 27 - DROP Program › Subchapter D - "New" DROP › Section I-2721 - Participation in New DROP

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  member will be eligible for DROP as soon as he is eligible for
				  retirement.
B. DROP participation
				  will be limited to three years.
C.
				  The member must enter DROP within a "window" of time. If he does not enter DROP
				  within the window, he loses his right to enter DROP.
D. The "window" begins 60 calendar days after
				  his earliest date of eligibility for retirement and continues for three years
				  and 60 days from the date of eligibility. In effect, the window sets an ending
				  date for DROP participation. Eligibility to participate in DROP must end no
				  later than three years and 60 days after the first retirement eligibility date.
				  A member may enter DROP on the date he is eligible for regular retirement,
				  without waiting 60 days to start DROP; however, he may only participate in DROP
				  for three years.
E. If a member
				  waits to enter DROP at some point after eligibility, the length of time he may
				  participate in DROP is reduced. For example, if he enters DROP one year after
				  first becoming eligible, he can stay in DROP for two years and 60
				  days.
F. The participant may not
				  end DROP prior to the stated ending date unless he terminates employment. This
				  is a change from the old DROP. Also, the stated participation period cannot be
				  extended.
G. The participant may
				  elect to continue working after DROP participation. The calculation of the
				  retirement benefit will be the same as in the old DROP program, except for the
				  conversion of unused leave.
H. The
				  amount of unused sick and annual leave at the date of termination can be
				  converted to retirement credit, including the leave that was earned during the
				  DROP participation period. If the participant terminates at the end of DROP or
				  works less than three years after DROP, the benefit based on the leave
				  conversion will be calculated using the final average compensation at the
				  beginning of DROP participation. If the participant works more than three years
				  after DROP participation, the benefit based on the leave conversion will be
				  calculated using the final average compensation for the period of employment
				  after DROP.
I. The participant may
				  choose to receive the actuarially reduced lump sum payment for unused leave in
				  lieu of converting it to retirement credit.
J. Anyone who elects to participate in DROP
				  cannot elect the initial benefit option (lump sum provision).
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 27 - DROP Program › Subchapter D - "New" DROP › Section I-2723 - Initial Benefit Option

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  This option will be available on January 1, 1996. Only members who have not
				  participated in DROP can select this option. Disability retirees cannot select
				  this option.
B. This option may be
				  selected at the time of retirement and will pay the retiree a lump sum amount
				  at the time of retirement, and the future monthly retirement benefit will be
				  reduced on an actuarial basis.
C.
				  The retiree must select the retirement option first. He cannot select Option 1.
				  He can then elect to receive part of his future retirement benefits in an
				  actuarially reduced lump sum payment. The value of the lump sum cannot exceed
				  36 months of the maximum monthly retirement benefit. The retiree may elect to
				  receive the maximum lump sum amount or any smaller amount.
D. The retiree may also elect to receive
				  unused leave in a lump sum payment rather than converting it to retirement
				  credit. This election must be made by the retiree before the initial benefit
				  option can be calculated.
E. The
				  monthly retirement benefit of both the retiree and beneficiary will be
				  actuarially reduced to offset the cost of the initial benefit. If the retiree
				  retires under the special provisions for wildlife agents or judges and he
				  selects the initial benefit option, his monthly benefit will also be
				  actuarially reduced.
F. The retiree
				  can receive the "initial benefit" in a lump sum payment, or it can be deposited
				  in an account like the DROP accounts. The interest earnings and withdrawals
				  will be the same as for DROP accounts. The main difference is that it will be
				  created at the time of retirement with a lump sum instead of accumulated over a
				  DROP participation period. The account will begin accumulating interest at the
				  time it is set up.
G. If a retiree
				  selects the initial benefit and later changes, the retirement option to the
				  maximum due to divorce or death of the beneficiary, the maximum benefit will be
				  actuarially reduced at that time.
H. A retiree who elects this option and later
				  returns to work will be governed by the same rehired retiree provisions as
				  other retirees.
I. Future COLAs
				  will be based on the amount of the monthly reduced benefit.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 29 - Spousal Consent › Section I-2901 - Spousal Consent to Retirement Option

Current through Register Vol. 50, No. 6, June 20, 2024
A. If a member is married and wishes to elect
				to retire under either the maximum plan, Option I, or else choose from Options
				II, III or IV(B) while naming someone other than his spouse as his beneficiary,
				he must obtain the consent of his spouse in writing on a form provided by
				LASERS executed before a notary public.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:446,
				  R.S.
				  11:477 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 29 - Spousal Consent › Section I-2903 - Instances Where Spousal Consent Is Not Required

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following list sets out those
				instances where spousal consent is not necessary and will not be required:
1. the spouses are divorced, in which case
				LASERS needs a certified copy of a judgment of divorce;
2. the spouse is legally incompetent to give
				consent, in which case the spouse's legal guardian may give consent, even if
				the guardian is the member, in which case LASERS needs a certified copy of the
				court order appointing the guardian;
3. the spouse has abandoned the member, in
				which case the following shall be required:
a. a certificate by the local newspaper
				certifying that a legal notice has been run for at least three days requesting
				information from anyone knowing the whereabouts of the spouse; and
b. a notarized affidavit signed by the member
				stating that the spouse has abandoned him or her and outlining the steps that
				the member has taken to locate the spouse and obtain his or her signature;
				or
c. a certified copy of a court
				order indicating that the spouse is an absentee or has abandoned the
				member;
4. the spouses
				have entered into a matrimonial agreement establishing a regime of separation
				of property pursuant to La. C.C. Art. 2328 between them which remains in effect
				at the time of retirement, in which case LASERS needs:
a. a certified copy of the agreement;
				and
b. a notarized affidavit signed
				by the spouses affirming the existence of a matrimonial agreement as required
				by this rule.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3101 - Participation

Current through Register Vol. 50, No. 6, June 20, 2024
A. All retired
				members and beneficiaries of the system whose retirement or survivor or
				beneficiary benefits from the system for a plan year have been limited by IRC
				§415 are participants in this plan. Participation in the plan is determined for
				each plan year. Participation in the plan will cease for any plan year in which
				the retirement benefit of a member of the system or a survivor or beneficiary
				is not limited by IRC §415.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3103 - Benefit

Current through Register Vol. 50, No. 6, June 20, 2024
A. A participant in
				the plan shall receive a monthly benefit equal to the difference between the
				participant's monthly retirement benefit otherwise payable from the system
				prior to any reduction or limitation of IRC §415 and the actual monthly
				retirement benefit payable from the system as limited by IRC §415. The monthly
				benefit shall be subject to withholding for any applicable income or employment
				taxes. The form of the benefit paid to a participant from the plan shall be the
				same as otherwise selected by the participant and payable by the
				system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3105 - Contributions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The system shall
				determine the required contribution to pay plan benefits for each plan year.
				The required contribution for each plan year shall be the total amount of
				benefits payable to all participants and their survivors or beneficiaries and
				such amount as determined by the system to pay the administrative expenses of
				the plan and the employer's share of any employment taxes on the benefits paid
				from the plan.
B. The required
				contributions as determined in the preceding Subsection shall be paid into the
				plan fund from an allocation of the employer contributions paid to the
				system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3107 - Excess Plan Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Contributions to the plan shall be deposited on a monthly basis in a separate
				fund established and administered by the system. This fund is intended to be
				exempt from federal income tax under IRC §115
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3109 - Funding Assets

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The benefit liabilities of the plan shall be funded on a month to month basis.
				The fund established hereunder shall not be accumulated to pay benefits payable
				in future months. Any assets of the fund not used for paying benefits for a
				current month shall be used, as determined by the system, for the payment of
				administrative expenses of the plan for future months or paid to the system as
				an additional employer contribution.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3111 - Non-Assignability of Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The benefits payable under the plan may not be assigned or alienated by a
				participant, except as otherwise permitted for benefits payable by the
				system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3113 - Plan Administration

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The system shall have the authority to administer the plan as provided at
				R.S.
				11:454.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3115 - Retirement Benefit

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Any and all payments made pursuant to this plan shall be considered part of a
				retirement benefit as provided for any member, survivor or beneficiary of the
				system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 31 - Excess Benefit Arrangement › Section I-3117 - DROP Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The DROP benefit of any member may not exceed the annual benefit authorized by
				Section 415(b) of the
Internal Revenue Code
. For purposes of
				determining whether a member's benefit exceeds the limitations of this
				Subsection, the following shall apply:
1.
				Adjustment if benefit not a straight life annuity.
a. If the form of benefit is other than a
				straight life annuity, such benefit shall be adjusted actuarially to the
				equivalent of a straight life annuity to determine whether the limitations set
				forth in this Subsection are met.
b. For the purposes of this Subsection, no
				adjustment shall be taken into account for any ancillary benefit which is not
				directly related to retirement income benefits.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3501 - Plan Year

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The Plan Year for the Optional Retirement Plan (ORP) shall be July 1 through
				June 30.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3503 - Participation

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				state employees shall be eligible to make an irrevocable election to
				participate in the optional retirement plan:
1. any unclassified state employee who is
				appointed by a statewide elected official and whose appointment is subject to
				confirmation by the Louisiana Senate;
2. any unclassified state employee who is a
				member of the immediate staff of any such employee described in Paragraph 1 of
				this Section;
3. the chief
				executive officer of the State Employee Group Benefits Program;
4. any member of the executive career service
				establishment by the State Civil Service Commission.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3507 - Employee Contributions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each participant in the ORP shall contribute monthly the same amount that a
				regular member would have contributed under
				R.S.
				11:62(5)(e). This amount
				shall be forwarded to the ORP provider, less an administrative cost that shall
				be established by LASERS. The initial administrative cost shall be set at 1
				percent of employee earnings but may be adjusted annually in writing to reflect
				the actual cost incurred by LASERS to perform this function, but shall not
				exceed 1 percent without an amendment to this rule.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3509 - Employer Contributions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each employer agency shall contribute to LASERS on behalf of each participant
				in the ORP the same amount that would have been contributed to the defined
				benefit plan. LASERS shall pay over to the ORP provider an amount equal to the
				employer's portion of the normal cost contributions as set forth in the
				actuarial valuation of the retirement system. LASERS shall maintain that
				portion of the employer's contribution, which applies to the unfunded accrued
				liability, which exceeds the employer's portion of the normal cost
				contribution. LASERS may also retain an additional portion of the employer
				contributions for any adverse actuarial impact as a result of employees
				participating in the ORP in accordance with
				R.S.
				11:502.3. B.(3).
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3511 - ORP Provider

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The system shall provide no more than three providers, selected by a
				competitive process, for participants to utilize in selecting investment
				options for the employee and employer contributions that are provided for by
				the preceding Sections.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3513 - Investment Options

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The investment options available to participants shall be those as established
				by the ORP provider and selected by the ORP participant.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3515 - Benefit Obligations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				All benefits payable to participants under the ORP shall be the sole obligation
				of the ORP provider to which contributions are made, and shall not be the
				obligation of LASERS. Payments to participants or their beneficiaries shall be
				made by the ORP provider and not LASERS in accordance with the contracts
				approved for use in the ORP. Participants in the ORP shall not be entitled to
				any benefits under the defined benefit plan, and once a choice is made by a
				participant to participate in the ORP, that individual will be ineligible to
				participate in the defined benefit plan.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 35 - Optional Retirement Plan › Section I-3517 - Distribution

Current through Register Vol. 50, No. 6, June 20, 2024
A. Distribution
				from the ORP to participants shall only be made after termination of employment
				with the state of Louisiana in accordance with applicable
Internal
				Revenue Code
provisions.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 37 - Leave Conversion to Retirement Credit or Cash Payment › Section I-3701 - Conversion of Leave to Retirement Credit

Current through Register Vol. 50, No. 6, June 20, 2024
A. All annual and sick leave certified by the
				employee's employing agency to be accrued in accordance with the leave accrual
				rates established by the Department of State Civil Service and for which
				payment cannot be made in accordance with law at the time of retirement shall
				be credited to the employee and may be converted to retirement credit in
				accordance with
				R.S.
				11:424.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 37 - Leave Conversion to Retirement Credit or Cash Payment › Section I-3703 - Lump Sum Payment of Leave

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				An employee, in lieu of conversion of leave to retirement credit, may request
				in writing that he be paid the actuarial value of such leave, as determined by
				the retirement system's actuary, in a lump sum cash payment. The employee shall
				be paid the actuarial value of the conversion of leave to cash. This lump sum
				cash payment shall be paid to the employee on the first of the month after all
				pertinent documentation is received from the employee's employing agency needed
				to finalize the employee's retirement benefit.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 37 - Leave Conversion to Retirement Credit or Cash Payment › Section I-3705 - Tax Liability

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The employee requesting the lump sum cash conversion of leave shall be solely
				responsible for any tax consequences of this decision, and the employee must
				acquire any tax advice from a private source (CPA or tax attorney) as LASERS
				shall not be responsible for any tax liability that may impact the employee as
				a result of the decision to take a lump sum cash distribution of leave in lieu
				of converting leave to retirement credit.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4101 - SDP Provider

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				System shall procure a single provider, selected by a competitive process, for
				participants in the Self-Directed Plan ("SDP") to utilize in providing
				investment options for the deposits made during the accumulation period in the
				Deferred Retirement Option Plan ("DROP") or funds acquired through the Initial
				Benefit Option ("IBO"). The investment options shall not be available to the
				participants until the DROP funds are transferred to the SDP provider at the
				end of the accumulation period, or until after the IBO funds are so
				transferred.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4103 - Persons Vesting for DROP Prior to January 1, 2004

Current through Register Vol. 50, No. 6, June 20, 2024
A. Persons who became eligible for regular
				retirement prior to January 1, 2004 are eligible for participation in the SDP.
				Those persons may make an irrevocable election to transfer their DROP funds
				into the SDP. The DROP or IBO participants electing to transfer their funds
				into the SDP must transfer their entire DROP or IBO balance.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4105 - Eligibility for Transfer of Funds into SDP

Current through Register Vol. 50, No. 6, June 20, 2024
A. The only funds which may be transferred
				into the SDP are LASERS DROP or IBO funds. Transfers or rollovers from other
				sources shall not be allowed.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4107 - Rollovers Out of SDP to Other Providers

Current through Register Vol. 50, No. 6, June 20, 2024
A. At all times after becoming eligible to
				withdraw funds from the SDP, DROP participants may elect to rollover funds to
				eligible providers. Such rollovers shall be subject to applicable federal laws
				and the terms of the SDP.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4109 - Right to Recover Overpayments

Current through Register Vol. 50, No. 6, June 20, 2024
A. In the event of overpayment of funds are
				made by LASERS, then LASERS retains the ability at all times to recall funds
				from member at provider or to reduce future benefits pursuant to
				R.S.
				11:192 to recover any such
				overpayment.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4111 - Time to Transfer Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Except in emergency circumstances as determined by the executive director:
1. LASERS shall forward the entire deposit
				balance of a participant to the third party administrator within 10 working
				days from the end of the DROP accumulation period. LASERS may supplement or
				otherwise correct balances forwarded in those instances where there are errors,
				missing documents or incomplete reports submitted by agencies reporting
				earnings for the participant;
2.
				for participants in the Initial Benefit Option ("IBO") or for those DROP
				participants whose accumulation period is less than six months, LASERS shall
				transfer 80 percent of the DROP/IBO balance within 45 days from the date of
				initial transfer into the SDP.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4113 - Spousal Consent

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				LASERS may halt the processing of a participant's request to enter the SDP
				until any spousal consent form required by law or proof of divorce has been
				presented to the system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4115 - Completion of Notification Form

Current through Register Vol. 50, No. 6, June 20, 2024
A. All DROP participants shall complete and
				submit a form (#9-2 or #9-2a) to inform LASERS that they are ending the
				accumulation period. This form shall be submitted at least 30 days prior to
				that date. Failure to submit this form could result in delaying access to DROP
				funds.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4117 - Distributions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Distributions
				shall be in accordance with the provisions of Title 58, Part I, Chapter 27 of
				the Louisiana Administrative Code.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4119 - No In-Service Distribution

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Distributions prior to the date of termination from employment with the state
				of Louisiana are strictly prohibited in accordance with applicable
Internal Revenue Code
Provisions. The selected provider shall
				not make a distribution without a verification of termination from
				LASERS.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4121 - Civil Service Reinstatement

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				DROP participants who have been removed from state employment, then reinstated
				pursuant to a ruling by the Civil Service board, shall immediately notify
				LASERS in writing of their reinstatement, along with a projected date of
				retirement.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4123 - Beneficiary

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each participant
				shall initially designate a beneficiary or beneficiaries to receive any amounts
				which may be distributed in the event of the death of the participant prior to
				the complete distribution of benefits. A participant may change the designation
				of beneficiaries at any time by filing a written notice on a form approved by
				LASERS. If no such designation is in effect at the time of participant's death,
				or if the designated beneficiary does not survive the participant by 30 days,
				his beneficiary shall be his surviving spouse, if any, and then his
				estate.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4125 - Investment Options

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				LASERS shall in its sole discretion select certain investment options to be
				used to determine income to be accrued on deferrals. These investment options
				may include specified life insurance policies, annuity contracts, or investment
				media issued by an insurance company. In any event, it shall be the sole
				responsibility of LASERS to ensure that all investment options offered under
				the plan are appropriate and in compliance with any and all state laws
				pertaining to such investments.
B.
				In the absence of a written directive from the participant, the provider shall
				automatically invest the participant's DROP funds in its discretion in an
				appropriate interim investment until specific investment directions are
				received. Such instructions regarding the delegation of investment
				responsibility shall remain in force until revoked or amended in writing by the
				participant. LASERS shall not be responsible for the propriety of any directed
				investment.
C. LASERS may, from
				time to time, change the investment options under the plan. If LASERS
				eliminates a certain investment option, all participants who had chosen that
				investment shall select another option. If no new option is selected by the
				participant, money remaining in the eliminated investment option shall be moved
				at the direction of LASERS. The participants shall have no right to require
				LASERS to select or retain any investment option. To the extent permitted by
				and subject to any rules or procedures adopted by the administrator, a
				participant may, from time to time, change his choice of investment option. Any
				change with respect to investment options made by LASERS or a participant,
				however, shall be subject to the terms and conditions (including any rules or
				procedural requirements) of the affected investment options and may affect only
				income to be accrued after that change.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4127 - Participant Investment Direction

Current through Register Vol. 50, No. 6, June 20, 2024
A. Participants shall have the option to
				direct the investment of their personal contributions and their share of any
				employer contributions among alternative investment options established as part
				of the overall SDP, unless otherwise specified by LASERS. A participant's right
				to direct the investment of any contribution shall apply only to making
				selections among the options made available under the SDP.
B. Each participant shall designate on the
				proper form or via website or telephone direction the investment that shall be
				used to determine the income to be accrued on amounts deposited. If the
				investment chosen by the participant experiences a gain, the participant's
				benefits under the SDP likewise shall reflect income for that period. If the
				investment chosen by a participant experiences a loss, or if charges are made
				under such investment, the participant's benefits under the SDP likewise shall
				reflect such loss or charge for that period.
C. Neither the state of Louisiana, LASERS,
				the administrator, nor any other person shall be liable for any losses incurred
				by virtue of following the participant's directions or with any reasonable
				administrative delay in implementing such directions.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4129 - Distributions from the Plan

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The payment of benefits in accordance with the terms of the plan may be made by
				the trustee, or by any custodian or other person so authorized by LASERS to
				make such distribution. Neither LASERS, the trustee nor any other person shall
				be liable with respect to any distribution from the plan made at the direction
				of the employer or a person authorized by the employer to give disbursement
				direction.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4131 - Domestic Relations Orders

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				In all instances wherein a person participating in the SDP is a party to a
				Domestic Relations Order ("DRO"), properly worded and approved by LASERS, and
				such DRO is to divide DROP funds with the participant's former spouse, LASERS
				shall establish a means whereby the former spouse may choose the investment
				options for his or her portion of the SDP. Until such time as the portion
				belonging to the former spouse is placed in a separate SDP account in that
				person's name, those funds shall remain in a conservative fixed income
				investment vehicle within the SDP such as a stable value fund.
B. The selection of investment options shall
				be in accordance with
				§4125 of this Chapter.
C. Withdrawals from the SDP by either the
				member spouse (under whom all service credit accumulated) or the former spouse
				are prohibited until such time as the member spouse terminates state
				employment.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:451.4 and
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4133 - Disclaimer

Current through Register Vol. 50, No. 6, June 20, 2024
A. LASERS makes no
				endorsement, guarantee or any other representation and shall not be liable to
				the plan or to any participant, beneficiary, or any other person with respect
				to:
1. the financial soundness, investment
				performance, fitness, or suitability (for meeting a participant's objectives,
				future obligations under the plan, or any other purpose) of any investment
				option in which amounts deferred under the plan are actually invested;
				or
2. the tax consequences of the
				plan to any participant, beneficiary or any other person.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 41 - Self-Directed Plan › Section I-4135 - No DROP Interest

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Participants in the SDP shall not receive interest paid by LASERS on
				traditional DROP/IBO accounts under the provisions of LAC 58:I.2715.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:511 and
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 43 - Actuarial Calculations › Section I-4301 - Charges for Actuarial Calculations

Current through Register Vol. 50, No. 6, June 20, 2024
A. The system shall collect a fee of $150
				from those persons requesting certain actuarial calculations which must be
				obtained from the actuarial firm with whom LASERS contracts actuarial services.
				Except as otherwise provided in
				R.S.
				11:446.E, the fee must be payable to LASERS
				and will be forwarded to the actuarial firm.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:515.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 45 - Effects of Act 75 of the 2005 Regular Session › Section I-4501 - Members Affected

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				This Chapter concerns those members of LASERS affected by Act 75 of the 2005
				Regular Session of the Louisiana Legislature.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:515 and
				  R.S.
				  11:537.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part I - Louisiana State Employees' Retirement System › Chapter 45 - Effects of Act 75 of the 2005 Regular Session › Section I-4503 - Vesting Because of Prior State Employment

Current through Register Vol. 50, No. 6, June 20, 2024
A. Members whose first employment making them
				eligible for membership in the system began on or before June 30, 2006 and who
				subsequent to that date cease such employment shall remain vested under the
				retirement eligibility provisions existing on that date, but only so long as
				they do not receive a refund of their accumulated employee contributions on or
				after July 1, 2006.
B. Upon
				application for and acceptance of a refund of accumulated contributions, all
				rights in the system are cancelled. For the purposes of this Section, a refund
				shall be considered accepted by the member upon the cashing or negotiating of a
				check or deposit by electronic funds transfer of an amount representing the
				bulk of the employee contributions deposited in his or her LASERS account based
				upon the period of their employment.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:515 and
				  R.S.
				  11:537.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 1 - General Provisions › Section III-101 - Mandatory Submission of Monthly Salaries and Contributions Reports, Contributions Corrections, Prior Years Certification/ Corrections of Member Data and (RET) Annual Salary Files

Current through Register Vol. 50, No. 6, June 20, 2024
A. Monthly Salaries and Contributions
				Reports. Each month all employers shall certify to the Teachers' Retirement
				System of Louisiana (TRSL) Board of Trustees, by means of file transfer
				protocol or by secure on-line web based reporting, the amounts of each
				employee's actual salary, fulltime salary, and the amounts of contribution
				deductions from the employee's actual salary to be paid to the annuity savings
				fund and then credited to the individual accounts of the employee from whose
				compensation the deductions were made. All file transfer protocol and web-based
				reporting formats must be in compliance with criteria established by TRSL and
				transferred in the manner as required by TRSL. All certified monthly salaries
				and contributions reports must be submitted by the fifteenth day of the month
				following the month covered by the report.
1.
				All employers reporting 100 or fewer employees must submit monthly salaries and
				contributions reports by file transfer protocol, by direct file upload
				submission via the internet or manually through TRSL's secure on-line web-based
				inquiry system.
2. All other
				employers must submit monthly salaries and contributions reports by file
				transfer protocol or by direct file upload submission via the internet through
				TRSL's secure on-line web-based inquiry system.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 1 - General Provisions › Section III-103 - Rulemaking Procedures and Commentary

Current through Register Vol. 50, No. 6, June 20, 2024
A. All rules of the board shall be adopted,
				amended or repealed in accordance with the Administrative Procedure
				Act.
B. The board, on its own
				motion or in response to the petition of any interested person, may request the
				adoption, amendment, or repeal of a rule pursuant to
				R.S.
				49:953(C).
C. Request by an interested person shall be
				made on an approved form, which may be obtained from the Teachers Retirement
				System of Louisiana upon request of the director.
1. Such petition shall be in writing; and
a. clearly state that it is a petition for
				adoption, amendment or repeal of a rule;
b. state the name, address, telephone number,
				and email address of its author;
c.
				be signed and dated by its author;
d. contain a brief description stating:
i. whether the petition is requesting the
				adoption, amendment or repeal of a rule;
ii. the need for the adoption, amendment or
				repeal of the proposed rule;
iii.
				the specific citation of any legal authority purporting to authorize the
				adoption, amendment or repeal of the proposed rule, if known; and
iv. the fiscal impact of the adoption,
				amendment or repeal of the proposed rule, if known.
e. state the reasons or grounds for the
				proposed adoption, amendment or repeal;
f. contain proposed wording, content or
				description of the suggested language of a newly proposed rule and/or the
				suggested language of a proposed amendment to an existing rule;
i. A petition for the repeal of an existing
				rule shall cite the rule to be repealed. The interested person may attach a
				copy of the rule with a strike through of all portions proposed to be
				repealed.
g. contain
				specific citation to any statute that specifically relates to the content of
				the requested rule change, if known; and
h. include any data, views or arguments in
				support of the rules adoption, amendment, or repeal.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 2 - Earnable Compensation Accounts › Section III-201 - Earnable Compensation Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Earnable compensation shall not include
				compensation paid to an active member or to an inactive member of Teachers'
				Retirement System of Louisiana (TRSL) if the compensation is paid by a
				secondary employer and is reported to the Internal Revenue Service (IRS) on a
				Form 1099, but only if both the following occur.
1. The individual contract is for $1,000 or
				less, and a Form 1099 is issued.
2.
				The cumulative amount of the Form 1099 payments issued by a single secondary
				employer to that member does not exceed $15,000 in a fiscal year.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 3 - Charter Schools › Section III-301 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Whenever used in
				this chapter, each of the following terms has the meaning stated below.
Participating Charter School
-a charter
				  school whose approved charter provides for membership in the Teachers
				  Retirement System of Louisiana in accordance with
				  R.S.
				  17:3997.
School-Based Employee
-an employee assigned
				  to work solely for a participating charter school.
School-Based Services
-services performed at
				  a participating charter school or related to a student or students enrolled in
				  a participating charter school.
System
-the Teachers Retirement System of
				  Louisiana
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 3 - Charter Schools › Section III-303 - Membership

Current through Register Vol. 50, No. 6, June 20, 2024
A. For a nonprofit
				corporation operating multiple approved charter schools in the state with at
				least one participating charter school, but where not all of the nonprofit
				corporations approved charter schools in the state are participating charter
				schools, system membership of employees who are assigned to work (for all or
				part of their time) at a participating charter school shall be determined as
				follows.
1. An employee assigned to work as a
				school-based employee shall be deemed to be employed in a public elementary or
				secondary school in the state for purposes of eligibility for any and all
				retirement benefits which would otherwise accrue under state law to such an
				employee in any other elementary or secondary school.
2. An employee who is not a school-based
				employee, but who performs school-based services shall be deemed to be employed
				in a public elementary or secondary school in the state for purposes of
				eligibility for any and all retirement benefits which would otherwise accrue
				under state law to such an employee in any other elementary or secondary
				school, provided system membership is not prohibited by
				R.S.
				11:162.
a.
				When applying the provisions of
				R.S.
				11:162, the number of hours the employee
				performs school-based services at the participating charter school or schools,
				as applicable, shall be used to determine the nature of employment with respect
				to a participating charter school or schools.
b. If system membership is not prohibited by
				R.S.
				11:162, all earnable compensation
				attributable to the employees performance of school-based services at the
				participating charter school or schools shall be reported to the system in
				accordance with applicable law.
3. An employee who is not a school-based
				employee and who does not perform school-based services shall not be eligible
				for system membership.