Louisiana Administrative Code › Title 58 - RETIREMENT › Part III - Teachers' Retirement System of Louisiana › Chapter 7 - Renunciation of Benefits › Section III-701 - General

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any person
				eligible to receive, or receiving, a benefit from the Teachers' Retirement
				System of Louisiana (TRSL), may renounce such benefits on the following terms
				and conditions.
1. The renunciation shall be
				unconditional and irrevocable. Once a benefit is renounced, TRSL shall have no
				further obligation or liability with respect to that benefit, and the person
				renouncing the benefit shall, under no circumstances, be eligible to receive
				that benefit.
2. A base benefit may
				only be renounced in its entirety. If a base benefit is renounced, there shall
				be no eligibility for later adjustment of benefits of any kind. An adjustment
				to a base benefit (cost-of-living adjustment or adjustment for inflation) may
				only be renounced in its entirety. If an adjustment is renounced, the base
				benefit need not be renounced.
3. A
				benefit may be renounced before or after payment begins. If the renunciation is
				after the start of payments, any payments received prior to the effective date
				of the renunciation are not affected.
4. If the party making the renunciation is
				married, the spouse must join in the renunciation.
5. If the person making the renunciation is
				subject to a court order or community property settlement submitted to and
				approved by TRSL, in accordance with
				R.S.
				11:291, only that portion of the benefit due
				the person making the renunciation may be renounced, except as provided for in
				R.S.
				11:783.D.
6. If the person making the renunciation is
				legally separated or divorced but is not subject to a court order or community
				property settlement submitted to and approved by TRSL, in accordance with
				R.S.
				11:291, the renunciation must be approved by
				the court having jurisdiction over the separation or divorce.
7. If the person making the renunciation is
				retired and has named a joint and survivor beneficiary, the renunciation cannot
				affect the joint and survivor beneficiary or benefit, including adjustments to
				the joint and survivor benefit.
8.
				A renunciation must be made on a form provided by TRSL and must be executed
				before a notary public and two witnesses, neither of whom may be a spouse nor
				presently named beneficiary. The renunciation is effective and irrevocable when
				received by TRSL and may not be retroactive.
9. A person revoking, or participating in
				revocation of a benefit, must hold TRSL harmless from such action.
10. A revocation may not be used to terminate
				active participation in TRSL.
11.
				Amounts credited to a DROP account cannot be renounced.
12. TRSL makes no representation with respect
				to the effect of a revocation on a person's eligibility for receipt of any
				state or federal benefits or for participation in any private, local, state, or
				federal program. Eligibility for or participation in such programs or
				eligibility for or receipt of such benefits is an issue for which the person
				making the revocation is solely responsible. Ineligibility for or termination
				of participation in such programs or benefits shall not affect the irrevocable
				character of the renunciation.