reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 4 - Purchase of Service Credit › Section III-401 - Purchase of Service Credit for Involuntary Furlough or Leave without Pay (LWOP) Due to Gubernatorially Declared Disaster/Emergency

Current through Register Vol. 50, No. 6, June 20, 2024
A. General Provisions. If a TRSL member is on
				involuntary furlough or LWOP anytime during the period of August 29, 2005
				through June 30, 2006, due to a gubernatorially declared disaster or emergency,
				he may purchase service and salary credit for each day of service he was on
				involuntary furlough or LWOP during this period under this provision if such
				service is not credited to his account.
1.
				TRSL members eligible to purchase service and salary credit under this rule
				must make application to TRSL prior to remitting any funds.
2. TRSL must receive certification from the
				member's employer as follows:
a. the member
				was or is on involuntary furlough or on LWOP due to a gubernatorially declared
				disaster or emergency;
b. the
				period of time during which the member was or is on involuntary furlough or
				LWOP due to a gubernatorially declared disaster or emergency; and
c. the member's full time salary as of August
				29, 2005.
3. Invoices
				calculated under this provision will include interest charges at 15 day
				intervals should the payment become delinquent in accordance with
				R.S.
				11:281.
4. Monthly payments must be paid after the
				close of month being purchased. For example: payments due for the month of
				February 2006 must be paid after February 28, 2006.
5. Payments to purchase service and salary
				credit cannot be made in advance. For example, an invoice issued in December
				2005 for the January 2006's service and salary credit cannot be paid in
				December 2005.
6. DROP and
				Active-DROP members are not allowed to purchase service credit in accordance
				with
				R.S.
				11:728(A).
7. Members may purchase all credit or partial
				credit while on involuntary furlough or LWOP.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-501 - Definitions and General Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. As used herein, the following words and
				phrases have the meanings ascribed to them in this Section unless a different
				meaning is plainly required by the context:
DROP Participant
-a member for whom deferred
				  retirement option plan participation has commenced due to TRSL having received
				  a physically or electronically signed DROP application and who lives for at
				  least 30 days after the effective date of DROP participation.
Involuntary Termination
-the participant is
				  terminated by the employer prior to completing the selected participation
				  period and is not rehired by another TRSL employer on the following day.
Voluntary Termination
-the participant, for
				  any reason, elects to withdraw from DROP prior to completing the selected
				  participation period and also terminates employment and is not rehired by
				  another TRSL employer the following day.
Year
-one full calendar year, 365 days, or
				  366 days in a leap year.
B.
				These general provisions apply to applications submitted to participate in DROP
				unless otherwise indicated.
1. Applications
				for DROP may be mailed, faxed or sent electronically, but must be complete and
				signed.
2. A member shall not begin
				his DROP participation until TRSL has received a signed application for DROP on
				an authorized TRSL form. The member should complete, sign and submit all
				portions of the authorized TRSL DROP application form.
3. In the event an employer fails to submit
				the application in a timely fashion, the provisions of
				R.S.
				11:761 shall apply.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-502 - Service Requirements for School Food Service Plan A

Current through Register Vol. 50, No. 6, June 20, 2024
A. Members of School Food Service Plan A of
				the Teachers' Retirement System of Louisiana (TRSL), in lieu of terminating
				employment and accepting a retirement allowance, may elect to participate in
				the deferred retirement option plan (DROP) in accordance with R.S. 11:786-791
				when the following eligibility requirements for plan participation are met.
1. 30 years of service credit at any
				age;
2. 25 years of service credit
				and at least age 55; and
3. 10
				years of service credit and at least age 60 (excluding military
				service).
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-503 - Management of DROP Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Deposits to DROP accounts will be effective on the first day of each month of
				participation in the plan. Any DROP account deposit attributable to the first
				month of DROP participation shall be prorated to coincide with the first day of
				DROP participation. Any DROP account deposit attributable to the last month of
				DROP participation shall be prorated to coincide with the last day of DROP
				participation.
B. DROP account
				statements will be issued on a quarterly basis as follows:
1. statements issued during DROP
				participation will reflect all account deposits for a quarterly
				period;
2. statements issued after
				completion of DROP participation and termination of employment will reflect all
				account withdrawals for a quarterly period; and
3. statements issued after completion of DROP
				participation and prior to termination of employment will reflect total account
				deposits and interest earned for the quarterly period.
4. withdrawal payments from DROP accounts
				will be issued on the fifteenth day of each month.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-505 - Duration of DROP Participation

Current through Register Vol. 50, No. 6, June 20, 2024
A. Participation in DROP may not exceed a
				period of three consecutive years.
1. In
				order to participate for the maximum three consecutive years, the member must
				begin DROP participation within 60 calendar days after the first possible
				eligibility requirement for participation is met.
2. The participation period must end not more
				than three years and 60 calendar days from the date the member first became
				eligible to participate.
3. The
				participation period may only be shortened by the participant's termination of
				employment or death.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-507 - Retirement Benefits (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:739 and R.S.
				  11:786-791.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-510 - Distributions Provided for by Gulf Opportunity Zone Act of 2005 (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:786-791 and the U. S. Gulf Opportunity
				  Zone Act of 2005.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-511 - Change of DROP Withdrawal Method

Current through Register Vol. 50, No. 6, June 20, 2024
A. The participant will have one opportunity
				per 12-month period to change the chosen withdrawal method and/or amount if the
				original method selected was either
				§509.A 2, 3, 4, or 5.
				Any change must be made in accordance with the life expectancy of the
				participant.
1. For participants under age
				72, any change in the withdrawal method must be made in accordance with the
				life expectancy of the participant at the time of his retirement, and at no
				time may the disbursement from the account be less than the amount of the
				originally selected periodic payment.
2. For participants over age 72 at the time
				of the change, the change in the withdrawal method may allow the participant to
				reduce the disbursement only if the participant was not age 72 at the time he
				began withdrawals. Otherwise the rule under §511.A.1 will apply.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-513 - Termination of DROP Participation

Current through Register Vol. 50, No. 6, June 20, 2024
A. When termination of the DROP participation
				period occurs because of the death of the participant, or if the death of the
				participant occurs in the absence of an executed affidavit of plan election,
				the provisions of
				R.S.
				11:783 and
				R.S.
				11:762 shall apply.
B. In the event of the death of the DROP
				participant/retiree, a spousal beneficiary shall select a withdrawal method
				from the options listed in §509 A, and may make changes in accordance with
				§511 If the disbursements from the account began prior to the participant's
				death, the spousal beneficiary may make changes in accordance with §511
C. In the event of the death of
				the participant during DROP participation, or after the end of the period of
				participation, but before total distribution of the DROP account balance, a
				beneficiary(ies) other than the participant's surviving spouse shall
				immediately receive a lump sum equal to the participant's balance in the DROP
				account.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-515 - Death of Beneficiary

Current through Register Vol. 50, No. 6, June 20, 2024
A. In
				the event of the death of a surviving spousal or nonspousal beneficiary, any
				remaining DROP account balance will be paid to the estate of the
				beneficiary.
B. DROP accounts will
				be subject to all Louisiana laws governing community property, inheritance, and
				estate matters and will be administered in accordance with applicable state
				laws and orders of the court.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:739 and R.S.
				  11:786-791.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-517 - Affidavit of Plan Election

Current through Register Vol. 50, No. 6, June 20, 2024
A. If
				a member fails to return a completely executed and notarized affidavit of plan
				election to choose a retirement benefit option by 120 calendar days after the
				member's receipt of the unsigned affidavit or by 120 calendar days after the
				beginning of the member's DROP participation, whichever is later, then the
				member will have be deemed to not have elected to participate in DROP. Employee
				and employer contributions and appropriate interest or actuarial cost must then
				be remitted to TRSL for the prior period of TRSL employment in order to receive
				service credit for that period.
B.
				For purposes of §517 A, the signed affidavit must be postmarked no later than
				90 calendar days after receipt by member of the unsigned affidavit or by 90
				days after the beginning of his/her DROP participation, whichever is
				later.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-521 - Teaching Experience (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:739 and R.S.
				  11:786-791.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 5 - Deferred Retirement Option Plan (DROP) › Section III-523 - DROP Distributions Provided for by Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of this Section,
coronavirus-related distribution
shall mean a distribution
				from a participant's Deferred Retirement Option Plan (DROP) account on or after
				August 3, 2020 and before December 1, 2020, to a participant:
1. who is diagnosed with the virus SARS-CoV-2
				or with the coronavirus disease 2019 (COVID-19) by a test approved by the
				Centers for Disease Control and Prevention;
2. whose spouse or dependent is diagnosed
				with such virus or disease by such a test;
3. who experiences adverse financial
				consequences as a result of being quarantined, being furloughed or laid off or
				having work hours reduced due to such virus or disease;
4. who experiences adverse financial
				consequences as a result of being unable to work due to lack of child care due
				to such virus or disease;
5. who
				experiences adverse financial consequences as a result of closing or reducing
				hours of a business owned or operated by the individual due to such virus or
				disease; or
6. who meets any other
				factors as determined by the Secretary of the Treasury of the United
				States.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 9 - Computation of Final Average Compensation › Section III-901 - Time Frames for Computation (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:701(5).
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1101 - General

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any TRSL
				retiree, beneficiary, or survivor is eligible to participate in a program
				established for the voluntary deduction from his/her retirement benefit for
				life, health, supplemental, dental, cancer, or other insurance premiums and for
				deductions for savings, loans, or other payments to be sent to banks and credit
				unions.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:821.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1103 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Application for participation in the program must be made by the insurance
				carrier, bank, or credit union which is the provider of the coverage, product,
				service, or depositor of monies and shall be signed by two officers of the
				company, bank, or credit union. The completed application must be submitted to
				TRSL for approval prior to any deductions being withheld from the retiree's
				monthly benefit.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:821.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1105 - Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. Domestic
				companies shall:
1. have been licensed to do
				business in the state of Louisiana for not less than five years;
2. have a current rating in A.M. Best of "B"
				or better;
3. have been doing
				business under the same name for not less than three years;
4. provide a like product, service, or
				coverage to citizens of Louisiana;
5. be in compliance with all procedural,
				accounting, and reporting requirements governing employee deductions.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1107 - Disclaimer

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				company/credit union is prohibited from stating that any product offered has
				been endorsed or approved by TRSL.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:821.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1109 - Transmittal of Withheld Amounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Amounts will normally be transmitted to
				company/credit union by wire transfer by the tenth of each month. If the tenth
				is a weekend, the first working day after the tenth will be the date of
				transmittal. In the event of computer/technical production problems beyond the
				control of TRSL, it is possible that transmittal of funds would not be made on
				the tenth day of the month.
B. TRSL
				will provide the company/credit union a computer printout of the names of
				individuals, Social Security numbers, and the amounts withheld.
C. TRSL may adjust printout totals by amounts
				owed TRSL due to death of an individual. These individuals will be identified
				by name and Social Security number.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:821.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 11 - Voluntary Deductions from Retiree Benefits Payroll › Section III-1111 - Termination of Payroll Deduction

Current through Register Vol. 50, No. 6, June 20, 2024
A. The board of trustees may terminate the
				voluntary payroll deduction program by providing the company/credit union with
				at least 30 days written notice.
B.
				Immediately upon notice from TRSL individual company/credit unions may be
				terminated for unethical conduct or practices.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:821.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 13 - Cost-of-Living › Section III-1301 - Cost-of-Living Adjustment-July 2, 1995

Current through Register Vol. 50, No. 6, June 20, 2024
A. Effective July 2, 1995, the Board of
				Trustees of the Teachers' Retirement System of Louisiana shall increase the
				retirement benefit or other benefit of each retiree, or the beneficiary or
				survivor of any member eligible to receive benefits on account of the death of
				the member or retiree. This increase in benefit shall be provided from the
				Employee Experience Account held at the Teachers' Retirement System of
				Louisiana.
B. The increase in
				benefit granted from the Employee Experience Account shall be a monthly
				increase in the benefit of each eligible recipient, as determined in accordance
				with the formula, X (A + B + C), where:
1. A =
				the number of years of credited service accrued at the time of retirement or
				death of the member or retiree;
2.
				B = the number of years since retirement or since death of the member or
				retiree to July 1, 1994;
3. C = the
				number of years of service credit greater than 30 years; and
4. X = $1.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 13 - Cost-of-Living › Section III-1303 - Cost-of-Living Adjustment-July 1, 1998

Current through Register Vol. 50, No. 6, June 20, 2024
A. Effective July 1, 1998, the Board of
				Trustees of the Teachers' Retirement System of Louisiana shall increase the
				retirement benefit or other benefit of each retiree, or the beneficiary or
				survivor of any member eligible to receive benefits, on account of the death of
				the member or retiree. This increase in benefit shall be provided from the
				Employee Experience Account held at the Teachers' Retirement System of
				Louisiana.
B. The increase in
				benefit granted from the Employee Experience Account shall be a monthly
				increase in the benefit of each eligible recipient as determined in accordance
				with the formula: $10 + W + 2X + Y + 2Z, where:
1. W = $1 per year since retirement or death
				of the member or retiree to June 30, 1997;
2. X = $1 per year since retirement or death
				of the member or retiree in excess of 10 years as of June 30, 1997;
3. Y = $1 per year of credited service at the
				time of retirement or death of the member or retiree;
4. Z = $1 per year of credited service
				greater than 25.0 years at the time of retirement or death of the member or
				retiree.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1503 - Plan Year

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The plan year for the plan shall be the fiscal year commencing July 1 through
				June 30. The limitation year is the calendar year.
B. The plan administrator and ORP provider
				shall be entitled to rely on the assumption that a participant's taxable year
				is the calendar year.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1505 - Establishment of Plan

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The plan sponsor and plan administrator intend that the plan conform to the
Internal Revenue Code
of 1986 requirements for favorable
				federal tax treatment under IRC §401(a) and is a governmental plan within the
				meaning of IRC §414(d), with employee contributions picked up under an
				arrangement consistent with IRC §414(h)(2) Therefore, the plan administrator
				will construe and interpret the plan to state provisions that conform to the
				requirements of IRC §401, as applicable to a governmental plan under IRC
				§414(d) When the
Internal Revenue Code
is amended through
				subsequent legislation, or interpreted through revenue rulings, the plan
				administrator will construe and interpret the plan as stating provisions
				consistent with such amendment of relevant law.
B. To the extent required for this plan to
				qualify under IRC §401(a), the provisions of this plan shall be construed,
				consistent with treasury reg. §1. 401-1(b)(1)(i), to provide:
1. a definite pre-determined formula for
				allocating contributions and a definite pre-determined formula for allocating
				investment earnings (and losses) among accounts;
2. periodic valuation of plan assets
				(including investment options) and trust assets at least once each
				year;
3. periodic valuation of
				accounts at least once each year; and
4. distribution of plan accounts after
				severance from employment or the occurrence of some event.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1509 - Employee Contributions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each participant shall contribute a mandatory monthly employee contribution
				percentage into the plan, as provided by law. Each employer shall pick-up
				employee contributions for all earnable compensation paid after the effective
				date. The employee contributions so picked up shall be treated as employer
				contributions pursuant to IRC §414(h)(2) The employer shall remit the picked up
				contributions to the TRSL for direct transfer to the ORP provider, instead of
				paying such amounts to the participants, and such contributions shall be paid
				from the same funds that are used in paying salaries to participants. Such
				contributions, although designated as employee contributions, shall be paid by
				the employer in lieu of contributions by participants. Participants may not
				elect to receive such contributions directly instead of having them paid by the
				employer to the plan. Employer contributions so picked up shall be treated for
				all purposes of the plan and state law, other than federal tax law, in the same
				manner as employee contributions made without a pick-up. See PLR
				8633052.
B. The entirety of each
				participant's contribution, less any monthly fee established by the board of
				trustees to cover the cost of administration and maintenance of the plan, will
				be remitted to the ORP provider for application to the participant's
				account.
C. If a participant first
				became eligible for membership in the TRSL, or the plan, on or after July 1,
				1996, the employee contributions remitted by the TRSL to any ORP provider shall
				not be based on compensation in excess of the annual limit of IRC §401(a)(17)
				as amended and revised pursuant to IRC §401(a)(17)(B)
D. A participant who attains his or her
				eligibility for a distribution and continues to be an employee will continue to
				make employee contributions, and will continue to participate under the plan
				until his or her severance from employment or the occurrence of some other
				event. Further, a participant's and spouse's right to his/her account is
				nonforfeitable as of his/her eligibility for a distribution.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1511 - Employer Contributions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each employer shall contribute a mandatory monthly employer contribution
				percentage into the plan, as provided by law. Upon receipt of the employer
				contribution, the TRSL will promptly forward the amount established in
				compliance with law to the ORP provider. Such amount paid over to the ORP
				provider shall be credited to the participants account. The TRSL shall retain
				the balance of the employer contribution for application to the unfunded
				accrued liability of the TRSL.
B.
				If a participant first became eligible for membership in the Teachers'
				Retirement System of Louisiana, or the ORP, on or after July 1, 1996, the
				employer contributions remitted by the Teachers' Retirement System of Louisiana
				to any ORP provider shall not be based on compensation in excess of the annual
				limit of IRC §401(a)(17) as amended and revised pursuant to IRC
				§401(a)(17)(B)
C. A participant who
				attains his eligibility for a distribution and continues to be an employee will
				continue to receive employer contributions, and will continue to participate
				under the plan until his or her severance from employment or the occurrence of
				some other event. Further, a participant's and spouse's right to his/her
				account is nonforfeitable as of his/her eligibility for a
				distribution.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1513 - Distributions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Retirement
				benefits shall be payable to plan participants or their beneficiaries by the
				ORP providers. Subject to the provisions of the contract, retirement benefits
				shall be paid in the form of a lifetime income, unless the participant or
				beneficiary requests a trustee-to-trustee single-sum cash rollover payment
				between qualified plans, or payment made directly to an individual retirement
				account, but death benefits may be paid in the form of a single-sum cash
				payment paid directly to the beneficiary or estate, whichever is
				applicable.
B. The ORP provider
				shall offer ORP participants the following singe-sum cash payments:
1. direct transfers by and between OPR
				providers;
2. death
				benefits.
3. an initial benefit
				payable upon retirement, provided such benefit is approved by the ORP provider.
				The initial benefit shall not exceed an amount equal to the participant's
				monthly benefit, payable as a single-life annuity with no guarantees, times
				36.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1517 - Benefit Limitation

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Annual additions with respect to a member shall not exceed the lesser of
				$40,000 (as adjusted pursuant to IRC §415(d) percent of the member's
				compensation.
1. For purposes of this
				Section, the following definition shall apply.
Annual Additions
-the sum (for any year) of
				  employer contributions to a defined contribution plan, member contributions,
				  and forfeitures credited to a member's individual account. Member contributions
				  are determined without regard to rollover contributions and to picked-up
				  employee contributions that are paid to a defined benefit plan.
2. For purposes of applying IRC
				§415(c) and for no other purpose, the definition of compensation where
				applicable will be compensation actually paid or made available during a
				limitation year, except as noted below and as permitted by treasury regulation
				§1. 415(c)-2, or successor regulation; provided, however, that member
				contributions picked up under IRC §414(h) shall not be treated as
				compensation.
3. Compensation will
				be defined as wages within the meaning of IRC §3401(a) and all other payments
				of compensation to an employee by an employer for which the employer is
				required to furnish the employee a written statement under IRC §6041(d) and
				will be determined without regard to any rules under IRC §3401(a) that limit
				the remuneration included in wages based on the nature or location of the
				employment or the services performed [such as the exception for agricultural
				labor in IRC §3401(a)(2)].
a. However, for
				limitation years beginning after December 31, 1997, compensation will also
				include amounts that would otherwise be included in compensation but for an
				election under IRC §§125(a), 402(e)(3), 402(h)(1)(B), 402(k), or
				457(b).
b. For limitation years
				beginning after December 31, 2000, compensation shall also include any elective
				amounts that are not includible in the gross income of the member by reason of
				IRC §132(f)(4)
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1519 - Annual Compensation Limitation

Current through Register Vol. 50, No. 6, June 20, 2024
A. In addition to other applicable limits
				stated by the plan and notwithstanding any other provision of the plan to the
				contrary, the amount of earnable compensation determined for the purposes of
				the contributions to the plan shall not exceed the limit prescribed by IRC
				§401(a)(17) as adjusted each year according to IRC §401(a)(17)(B)
B. For purposes of this Section, the
				following definition shall apply.
Annual Compensation
-earnable compensation
				  during the plan year or such other consecutive 12-month period over which
				  compensation is otherwise determined under the plan (the determination period).
				  The cost-of-living-adjustment in effect for a calendar year applies to annual
				  compensation for the determination period that begins with or within such
				  calendar year.
C. If the
				plan year or applicable period for determining
annual
				compensation
contains fewer than 12 calendar months, then this
				compensation limit is the amount equal to the annual IRC §401(a)(17) limit for
				the applicable calendar year during which the compensation period begins
				multiplied by the ratio that is obtained by dividing the number of full months
				in the period by 12.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1521 - Fiduciary Responsibility

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Any person electing to participate in the plan shall agree to the provisions of
				the plan in accordance with
				R.S.
				11:929.
B. The ORP providers may not engage in any
				prohibited transactions.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1523 - Plan Assets

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Except as provided in Subsection B of this Section, plan assets shall be held
				by the ORP providers in an individual or group annuity contract, or custodial
				account which meets the requirements of IRC §401(f) in order to be treated as a
				qualified trust.
B. A separate
				trust is hereby established under state law for the purpose of segregating fees
				to be used for the payment of reasonable plan expenses. This trust shall be
				administered by the board of trustees.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1525 - Vesting

Current through Register Vol. 50, No. 6, June 20, 2024
A. A participant's
				interest in his/her account shall immediately become and shall at all times
				remain fully vested and non-forfeitable.
B. The plan shall be construed consistently
				with IRC §401(a)(4) as in effect on September 1, 1974.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1527 - Governing Law

Current through Register Vol. 50, No. 6, June 20, 2024
A. The plan,
				and actions under or relating to the plan, and the statute of limitations for
				such actions shall be governed by and enforced by the laws of the state of
				Louisiana and shall be construed, to the extent that any construction beyond
				the written plan is necessary, according to the laws of the state of Louisiana
				or the
Internal Revenue Code
or other federal law, where
				applicable.
B. If, under any
				application filed by or on behalf of the plan, the IRS determines that the plan
				as amended and restated does not qualify under IRC §401(a), and the
				determination is not contested, or if contested, is finally upheld (or
				otherwise finally determined), the plan administrator may retroactively amend
				the plan to the earliest date permitted by treasury regulations to the fullest
				extent that the plan administrator considers necessary to obtain an IRS
				determination that the plan qualifies under IRC §401(a) Such actions may be
				taken without further authorization or consent from the plan sponsor, provided
				amendments are not contrary to state law.
C. If any contribution (or any portion of a
				contribution) is made by the employer by a good faith mistake of fact, upon
				receipt in good order of a proper request, the plan administrator or the ORP
				provider shall return the amount of the mistaken contribution(s), except as
				limited below, to the employer in accordance with rev. rul. 91-4. The amount of
				any contribution returned may not exceed the difference between the amount
				actually contributed and the amount which would have been contributed had there
				been no mistake of fact and may not include the earnings attributable to such
				contribution. The amount of the contributions returned must be reduced by any
				losses attributable to the contribution, and no participant may have his
				benefit payable hereunder reduced by the return of the contribution to less
				than such benefit would have been had the returned contribution never been
				made. The amount of the erroneous contributions will be corrected and returned
				no later than 30 days after notification of the error if such correction and
				return can be completed within one year of the erroneous
				contributions.
D. In any event, any
				correction under this section shall be made in accordance with the Internal
				Revenue Service employee plans compliance resolution system (or similar IRS
				correction program).
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 11:921-929.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 15 - Optional Retirement Plan (ORP) › Section III-1531 - ORP Providers

Current through Register Vol. 50, No. 6, June 20, 2024
A. In
				the selection of ORP provider(s) as required by law, the board of trustees
				will, at a minimum, consider the following criteria in the selection process:
1. portability of the contracts offered or to
				be offered by the company, based on the number of states in which the
				designated company provides contracts under similar plans;
2. efficacy of the contracts in the
				recruitment and retention of employees for the various state public
				institutions of higher education and higher education boards;
3. nature and extent of the rights and
				benefits to be provided by the contracts for participating employees and their
				beneficiaries;
4. relation of the
				rights and benefits to the amount of the contributions to be made pursuant to
				the provisions of the Plan;
5.
				suitability of the rights and benefits to the needs and interests of
				participating employees and employers; and
6. ability of the designated company or
				companies to provide the rights and benefits under such contracts.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 17 - Defined Benefit Plan Internal Revenue Code Provisions › Section III-1701 - Use of Plan Assets

Current through Register Vol. 50, No. 6, June 20, 2024
A. At
				no time shall it be possible for the plan assets to be used for, or diverted
				to, any person other than for the exclusive benefit of the members and their
				beneficiaries, except that contributions made by the employer may be returned
				to the employer if the contribution was made due to a mistake of fact as
				permitted by revenue ruling 91-4.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 17 - Defined Benefit Plan Internal Revenue Code Provisions › Section III-1703 - Heroes Earnings Assistance and Relief Tax Act of 2008

Current through Register Vol. 50, No. 6, June 20, 2024
A. Effective January 1, 2007,
				26 U.S.C.
				401(a)(37), as enacted by
				the Heroes Earnings Assistance and Relief Tax Act of 2008, shall apply to the
				retirement system as provided herein. Effective with respect to deaths
				occurring on or after January 1, 2007, while a member is performing qualified
				military service (as defined in chapter 43 of title 38,
United States
				Code
), to the extent required by section 401(a)(37) of the
Internal Revenue Code
, survivors of a member in a state or
				local retirement or pension system, are entitled to any additional benefits
				that the system would provide if the member had resumed employment and then
				died, such as accelerated eligibility or survivor benefits that are contingent
				on the member's death while employed. In any event, a deceased member's period
				of qualified military service must be counted for eligibility purposes.
B. Effective January 1, 2009,
				26
				U.S.C. 3401(h)(2), as
				enacted by the Heroes Earnings Assistance and Relief Tax Act of 2008, shall
				apply to the retirement system as provided herein. Beginning January 1, 2009,
				to the extent required by section 414(u)(12) of the
Internal Revenue
				Code
, an individual receiving differential wage payments (as defined
				under section 3401(h)(2) of the
Internal Revenue Code
) from an
				employer shall be treated as employed by that employer, and the differential
				wage payment shall be treated as compensation for purposes of applying the
				limits on annual additions under section 415(c) of the
Internal Revenue
				Code
. This provision shall be applied to all similarly situated
				individuals in a reasonably equivalent manner.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 17 - Defined Benefit Plan Internal Revenue Code Provisions › Section III-1705 - Domestic Relations Orders

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				If benefits are payable pursuant to a domestic relations order that meets the
				requirements of section 414(p) of the
Internal Revenue Code
,
				then the applicable requirements of section 414(p) of the
Internal
				Revenue Code
will be followed by the retirement system.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 17 - Defined Benefit Plan Internal Revenue Code Provisions › Section III-1707 - Limitations on Contributions and Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A. Adjustments for Form of Benefit
1. If the form of benefit without regard to
				the automatic benefit increase feature is not a straight life annuity or a
				qualified joint and survivor annuity, then the adjustment under
				R.S.
				11:784.1(B)(3)(a) is applied
				by either reducing the section 415(b) of the
Internal Revenue
				Code
limit applicable at the annuity starting date or adjusting the
				form of benefit to an actuarially equivalent amount [determined using the
				assumptions specified in treasury regulation section 1. 415(b)-1(c)(2)(ii)]
				that takes into account the additional benefits under the form of benefit as
				described in Subparagraphs A.1.a and b below, as applicable.
a. For a benefit paid in a form to which
				section 417(e)(3) of the
Internal Revenue Code
does not apply
				(generally, a monthly benefit), the actuarially equivalent straight life
				annuity benefit that is the greater of:
i.
				the annual amount of the straight life annuity (if any) payable to the member
				under the plan commencing at the same annuity starting date as the form of
				benefit to the member; or
ii. the
				annual amount of the straight life annuity commencing at the same annuity
				starting date that has the same actuarial present value as the form of benefit
				payable to the member, computed using a 5 percent interest assumption (or the
				applicable statutory interest assumption) and:
(a). for years prior to January 1, 2009, the
				applicable mortality tables described in treasury regulation section 1.
				417(e)-1(d)(2) (revenue ruling 2001-62 or any subsequent revenue ruling
				modifying the applicable provisions of revenue rulings 2001-62); and
(b). for years after December 31, 2008, the
				applicable mortality tables described in section 417(e)(3)(B) of the
Internal Revenue Code
(Notice 2008-85 or any subsequent
				Internal Revenue Service guidance implementing section 417(e)(3)(B) of the
Internal Revenue Code
).
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 17 - Defined Benefit Plan Internal Revenue Code Provisions › Section III-1709 - Group Trust Participa tion

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The board of trustees may, unless restricted by law, transfer assets of the
				plan to a collective or common group trust, as permitted under revenue ruling
				81-100 and revenue ruling 2011-1 (or subsequent guidance), that is operated or
				maintained exclusively for the commingling and collective investment of monies,
				provided that the funds in the group trust consist exclusively of trust assets
				held under plans qualified under section 401(a) of the
Internal Revenue
				Code
, individual retirement accounts that are exempt under section
				408(e) of the
Internal Revenue Code
, eligible governmental
				plans that meet the requirements of section 457(b) of the
Internal
				Revenue Code
, and government plans under section 401(a)(24) of the
Internal Revenue Code
. For this purpose, a trust includes a
				custodial account that is treated as a trust under section 401(f) or under
				section 457(g)(3) of the
Internal Revenue Code
.
B. For purposes of valuation, the value of
				the interest maintained by the plan in such group trust shall be the fair
				market value of the portion of the group trust held for the plan, determined in
				accordance with generally recognized valuation procedures.
C. The board of trustees may adopt one or
				more group trust(s) as part of the plan, by executing appropriate participation
				and/or adoption agreements with the group trust's trustee.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 19 - ReNEW Charter Management Organization › Section III-1901 - ReNEW Charter Management Organization Employees

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of determining membership in
				the Teachers' Retirement System of Louisiana under
				R.S.
				17:3997,
				R.S.
				11:162, and
				R.S.
				11:701, et seq., membership eligibility,
				service credit, and return-to-work status shall be determined in a manner
				consistent with the June 29, 2017, agreement between ReNEW Charter Management
				Organization and the Teachers' Retirement System of Louisiana. All applicable
				provisions of Title 11 of the Louisiana Revised Statutes of 1950 shall be
				construed in accordance with the June 29, 2017, agreement to the extent
				consistent with the law of Louisiana, the tax qualification requirements
				applicable to governmental retirement plans under the Internal Revenue Code, as
				the same may be amended, and any compliance statement rendered by the Internal
				Revenue Service under the Voluntary Correction Program relating to such
				agreement.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:826.
Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 21 - Uniformed Services Employment and Reemployment Rights Act (USERRA) › Section III-2101 - Military Service Purchases and Compliance with the Uniformed Services Employment and Reemployment Rights Act (USERRA)

Current through Register Vol. 50, No. 6, June 20, 2024
A. This Section is adopted in accordance with
				R.S.
				11:152,
				R.S.
				11:152.1,
				R.S.
				11:153,
				R.S.
				29:411, et seq., and the Uniformed Services
				Employment and Reemployment Rights Act (USERRA,
				38 U.S.C.
				4301 et seq.).
B. Purchase of service credit for military
				service shall be in accordance with
				R.S.
				11:153.
C. The board shall comply with the
				requirements of the Uniformed Services Employment and Reemployment Rights Act
				(USERRA,
				38 U.S.C.
				4301 et seq.) as well as rules and
				regulations issued by the United States Department of Labor relating to
				USERRA.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:152.1 and
				  826.