reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part V - Additional Plans and Operations › Chapter 4 - PPO/Consumer-Driven Health Plan Structure-Pelican HSA 775 Plan › Section V-403 - Out of Pocket Maximums

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Out-of-Pocket Maximum Per Benefit Period
Includes All Eligible Deductibles Coinsurance
							 Amounts and Prescription Drug Copayments:
Network
Non-Network
Individual:
$5,000
$10,000
Family:
$10,000
$20,000
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  42:801(C) and
				  802(B)(1).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part V - Additional Plans and Operations › Chapter 4 - PPO/Consumer-Driven Health Plan Structure-Pelican HSA 775 Plan › Section V-407 - Prescription Drug Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Prescription Drug Benefits
Network Pharmacy
Member pays
Generic
$10 co-pay
Preferred
$25 co-pay
Non-preferred
$50 co-pay
Specialty
$50 co-pay
Prescription drug benefits-31 day refill
Maintenance drugs: not subject to deductible;
							 subject to applicate co-payments above.
Plan pays balance of eligible expenses
Member who chooses a brand-name drug for which an
							 approved generic version is available, pays the cost difference between the
							 brand-name drug & the generic drug, plus the co-pay for the brand-name
							 drug
Medications available over-the-counter in the same
							 prescribed strength are not covered under the pharmacy plan.
Smoking Cessation Medications:
Benefits are available for Prescription and
							 over-the-counter (OTC) smoking cessation medications when prescribed by a
							 physician. (Prescription is required for over-the-counter medications). Smoking
							 cessation medications are covered at 100%.
This plan allows benefits for drugs and medicines
							 approved by the Food and Drug Administration or its successor that require a
							 prescription. Utilization management criteria may apply to specific drugs or
							 drug categories to be determined by PBM.
B.
				OGB shall have discretion to adopt a pharmacy benefits formulary to help
				enrollees select the most appropriate, lowest-cost options. The formulary will
				be reviewed on a quarterly basis to reassess drug tiers based on the current
				prescription drug market. The formulary may be changed from time to time
				subject to any applicable advance notice requirements. The amount enrollees pay
				toward prescription medications will depend on whether they purchase a generic,
				preferred brand, non-preferred brand, or specialty drug.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  42:801(C) and
				  802(B)(1).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part V - Additional Plans and Operations › Chapter 5 - PPO/Consumer-Driven Health Plan Structure-Pelican HRA 1000 Plan › Section V-501 - Deductibles

Current through Register Vol. 50, No. 6, June 20, 2024
Deductible Amount Per Benefit
							 Period:
Network
Non-Network
Individual:
$2,000
$4,000
Family:
$4,000
$8,000
Coinsurance:
Plan
Plan Participant
Network Providers
80%
20%
Non-Network Providers
60%
40%
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  42:801(C) and
				  802(B)(1).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part V - Additional Plans and Operations › Chapter 5 - PPO/Consumer-Driven Health Plan Structure-Pelican HRA 1000 Plan › Section V-503 - Out of Pocket Maximums

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Out-of-Pocket Maximum per Benefit Period
Includes All Eligible Deductibles, Coinsurance
							 Amounts and Copayments
Network
Non-Network
Individual
$5,000
$10,000
Family
$10,000
$20,000
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  42:801(C) and
				  802(B)(1).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part V - Additional Plans and Operations › Chapter 5 - PPO/Consumer-Driven Health Plan Structure-Pelican HRA 1000 Plan › Section V-507 - Prescription Drug Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Prescription Drug Benefits
Network Pharmacy
Member pays
Tier 1 - Generic
50% up to $30
Tier 2 - Preferred
50% up to $55
Tier 3 - Non-preferred
65% up to $80
Tier 4 - Specialty
50% up to $80
90 day supplies for maintenance drugs from mail order
							 OR at participating 90-day retail network pharmacies
Two and a half times the cost of your applicable
							 co-payment
Co-Payment after the Out Of Pocket Amount of
							 $1,500 Is Met
Tier 1 - Generic
$0
Tier 2 - Preferred
$20
Tier 3 - Non-preferred
$40
Tier 4 - Specialty
$40
Prescription drug benefits-31 day
							 refill
Maintenance drugs: not subject to deductible; subject
							 to applicable copayments above.
Plan pays balance of eligible
							 expenses.
Diabetic supplies are not subject to a copayment if
							 enrolled in the In-Health/Disease Management Program.
Member who chooses a brand-name drug for which an
							 approved generic version is available, pays the cost difference between the
							 brand-name drug & the generic drug, plus the co-pay for the brand-name
							 drug; the cost difference does not apply to the $1,500 out of pocket
							 amount.
Medications available over-the-counter in the same
							 prescribed strength are not covered under the pharmacy plan.
Smoking Cessation Medications:
Benefits are available for Prescription and
							 over-the-counter (OTC) smoking cessation medications when prescribed by a
							 physician. (Prescription is required for over-the-counter medications). Smoking
							 cessation medications are covered at 100%.
This plan allows benefits for drugs and medicines
							 approved by the Food and Drug Administration or its successor that require a
							 prescription. Utilization management criteria may apply to specific drugs or
							 drug categories to be determined by PBM.
B.
				OGB shall have discretion to adopt a pharmacy benefits formulary to help
				enrollees select the most appropriate, lowest-cost options. The formulary will
				be reviewed on a quarterly basis to reassess drug tiers based on the current
				prescription drug market. The formulary may be changed from time to time
				subject to any applicable advance notice requirements. The amount enrollees pay
				toward prescription medications will depend on whether they purchase a generic,
				preferred brand, non-preferred brand, or specialty drug.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  42:801(C) and
				  802(B)(1).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 1 - Administration › Section VII-103 - Commission Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  commission shall have full power and authority to adopt rules or policies
				  required to implement the plan and to interpret, amend or repeal any such rule
				  or policy. In addition, the commission shall have full power and authority to
				  administer the plan or to arrange for the administration of the plan through
				  appropriate contracts or agents in accordance with applicable state law. The
				  power and authority of such agents shall be limited to the powers enumerated in
				  the contractual agreements between the commission and such agents.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 1 - Administration › Section VII-105 - Duties of Commission

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  duties shall include:
1. appointing one (or
				  more) attorney, accountant, actuary, custodian, record keeper or any other
				  party needed to administer the plan;
2. directing the trustee or custodian with
				  respect to payments from assets held in the plan;
3. communicating with employees regarding
				  their participation and benefits under the plan, including the administration
				  of all claims procedures;
4. filing
				  any returns and reports with the Internal Revenue Service or any other
				  governmental agency;
5. reviewing
				  and approving any financial reports, investment reviews, or other reports
				  prepared by any party appointed under
				  §105.
				  A l;
6. establishing a funding policy and
				  investment objectives consistent with the purposes of the plan;
7. construing and resolving any question of
				  plan interpretation. The commission's interpretation of plan provisions
				  (including eligibility and benefits under the plan) is final;
8. appointing an emergency committee
				  comprised of at least three individuals. Applications for a withdrawal of
				  deferred compensation based on an unforeseeable emergency shall be approved or
				  disapproved by such committee:
a. a
				  participant shall furnish medical or other evidence to the emergency committee
				  to establish and substantiate the existence of an unforeseeable
				  emergency;
b. if an application for
				  a withdrawal based on unforeseeable emergency is approved, the amount of the
				  withdrawal shall be limited to the amount required to meet such emergency.
				  Payment shall not be made to the extent such emergency is relieved:
i. through reimbursement or compensation by
				  insurance or otherwise;
ii. by the
				  liquidation of the participant's assets, provided the liquidation does not
				  cause a financial hardship; or
iii.
				  by the revocation of the participant's deferral authorization.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 1 - Administration › Section VII-107 - Administrative Fees and Expenses

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The commission may, in its sole discretion, use one or more of the following
				  methods to meet the costs of administering the plan. The commission may:
1. establish a reasonable monthly or annual
				  administrative charge;
2. deduct an
				  allocable portion of administrative costs from deferred compensation;
3. deduct an allocable portion of
				  administrative costs from the income or earnings of investment
				  products;
4. authorize any
				  duly-appointed administrator to accept commissions from providers of investment
				  products, provided, however, that the amount of such commissions may not exceed
				  the amount of similar commissions paid to unrelated third parties;
5. deduct administrative costs from funds on
				  deposit in financial institutions; and/or
6. deduct any other reasonable fee or
				  commission required to defray the costs of administering the plan.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 1 - Administration › Section VII-109 - Actions of Administrator

Current through Register Vol. 50, No. 6, June 20, 2024
A. Every
				  action taken by the commission shall be presumed to be a fair and reasonable
				  exercise of the authority vested in or the duties imposed upon it. The
				  commission shall be deemed to have exercised reasonable care, diligence and
				  prudence and to have acted impartially as to all affected persons, unless the
				  contrary is proven by affirmative evidence. No member, if a participant of the
				  commission or a committee, shall make any determination (other than a policy
				  decision which affects all participants) similarly situated with respect to his
				  or her specific interest in deferred compensation under the plan. The
				  commission shall not be liable for amounts of compensation deferred by
				  participants or for other amounts payable under the plan.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 1 - Administration › Section VII-111 - Delegation

Current through Register Vol. 50, No. 6, June 20, 2024
A. Subject to any
				  applicable laws and any approvals required by the employer, the commission may
				  delegate any or all of its powers and duties hereunder to another person,
				  persons, or entity, and may pay reasonable compensation for such services as an
				  administrative expense of the plan, to the extent such compensation is not
				  otherwise paid.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC '457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-303 - Deferral Limitations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except
				  as provided in
				  §305.
				  A 1-2.a-b, the maximum that may be deferred
				  under the plan for any taxable year of a participant shall not exceed the
				  lesser of:
1. the applicable dollar amount in
				  effect for the year, as adjusted for the calendar year in accordance with IRC
				  §457(e)(15) [After 2006, the dollar amount is adjusted for cost-of-living
				  under Code §415(d)]; or
2. 100
				  percent of the participant's includible compensation, each reduced by any
				  amount specified in Subsection B of this
				  §303 that
				  taxable year. However, in no event can the deferred amount be more than the
				  participant's compensation for such years unless the employer is making
				  nonelective employer contributions;
a. the
				  annual deferral amount does not include any rollover amounts received by the
				  plan under treasury regulation §1. 457-10(e).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-305 - Limited Catch-Up

Current through Register Vol. 50, No. 6, June 20, 2024
A. For one or
				  more of the participant's last three taxable years ending before the taxable
				  year in which normal retirement age under the plan is attained, the maximum
				  deferral shall be the lesser of:
1. twice the
				  otherwise applicable dollar limit under IRC §457(e)(15) for that taxable
				  year; reduced by any applicable amount specified in LAC 32:VII.303.B;
				  or
2. the sum of:
a. an amount equal to the aggregate limit
				  determined by §303A. of this Plan for the current year and any prior
				  calendar years beginning after December 31, 2001, during which the participant
				  was eligible to participate in this Plan, minus the aggregate amount of
				  compensation that the participant deferred under this Plan during such years,
				  plus
b. an amount equal to the
				  aggregate limit referred to in IRC §457(b)(2) for each prior calendar year
				  beginning after December 31, 1978, and before January 1, 2002, during which the
				  participant was an employee, minus the aggregate contributions made by the
				  participant to pre-2002 coordination plans for such years.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-307 - Participant Modification of Deferral

Current through Register Vol. 50, No. 6, June 20, 2024
A. The participant shall be entitled to
				  modify the amount (or percentage) of deferred compensation with respect to
				  compensation payable no earlier than the payroll period after the first day of
				  the next following month, or as soon as administratively practicable, if later,
				  provided such modification is entered into by the participant and accepted by
				  the commission. Notwithstanding the above, if a negative election procedure has
				  been implemented pursuant to
				  §301.
				  A 4, a participant may enter into or modify a
				  participation agreement at any time to provide for no deferral.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-309 - Employer Modification of Deferral

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commission shall have the right to
				  modify or disallow the periodic deferral of compensation elected by the
				  participant:
1. in excess of the limitations
				  stated in LAC 32:VII.303.A and 305.A;
2. in excess of the participant's net
				  compensation for any pay period;
3.
				  upon any change in the length of pay period utilized by employer. In such case
				  the periodic deferral shall be adjusted so that approximately the same
				  percentage of pay shall be deferred on an annual basis;
4. in order to round down periodic deferrals
				  to the nearest whole cent amount;
5. to reduce the future deferrals in the
				  event that the amount actually deferred for any pay period exceeds, for any
				  reason whatsoever, the amount elected by the participant. In the alternative,
				  such amount of excess deferral may be refunded to the participant. No
				  adjustment in future deferrals shall be made if a periodic deferral is missed
				  or is less than the amount elected, for any reason whatsoever; or
6. if the deferral elected for any pay period
				  is less than the minimum amount specified in LAC 32:VII.301.A.3.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-311 - Revocation

Current through Register Vol. 50, No. 6, June 20, 2024
A. A participant
				  may, at any time, revoke his or her deferral authorization by notifying the
				  commission, in writing, on forms acceptable to the commission. Upon the
				  acceptance of such notification, deferrals under the plan shall cease no later
				  than the commencement of the first pay period beginning at least 30 days after
				  acceptance; provided, however, that the commission shall not be responsible for
				  any delay which occurs despite its good faith efforts. In no event shall the
				  revocation of a participant's deferral authorization permit a distribution of
				  deferred compensation, except as provided in
				  §701.
				  A of these rules, and shall be subject to the
				  terms and provisions of the affected investment.
B. A participant's request for a distribution
				  in the event of an unforeseeable emergency shall in addition be treated as a
				  request for revocation of deferrals as of a date determined by the
				  commission.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-313 - Re-Enrollment

Current through Register Vol. 50, No. 6, June 20, 2024
A. A participant
				  who revokes the participation agreement as set forth in
				  §311.
				  A may execute a new participation agreement
				  to defer compensation payable no earlier than the payroll period after the
				  first day of the next following month, or as soon as administratively
				  practicable, if later, provided such new participation agreement is executed by
				  the participant and accepted by the commission.
B. A former participant who is rehired after
				  retirement may rejoin the plan as an active participant unless ineligible to
				  participate under other plan provisions.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-315 - Multiple Plans

Current through Register Vol. 50, No. 6, June 20, 2024
A. Should a
				  participant participate in more than one deferred compensation plan governed by
				  IRC §457, the limitations set forth in LAC 32:VII.303 and 305 shall apply
				  to all such plans considered together. For purposes of LAC 32:VII.303 and 305,
				  compensation deferred shall be taken into account at its value in the later of
				  the plan year in which deferred or the plan year in which such compensation is
				  no longer subject to a substantial risk of forfeiture (within the meaning of
				  IRC §457).
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-317 - Custody of Plan Assets

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				  amounts of compensation deferred under the plan, all property and rights
				  purchased with such amounts, and all income attributable to such amounts,
				  property or rights shall be held for the exclusive benefit of participants and
				  their beneficiaries. The trust requirement of IRC §457(g) shall be
				  satisfied as plan assets and shall be set aside as follows.
1. Plan assets shall be set aside in one or
				  more annuity contracts described in IRC §401(f) The owner of the annuity
				  contract is the "deemed trustee" of the assets invested under the contract for
				  purposes of IRC §457(g)
2.
				  Plan assets shall be set aside in one or more custodial accounts described in
				  IRC §401(f) The bank or trust company shall be the custodian and "deemed
				  trustee" for purposes of IRC §457(g) and shall accept such appointment by
				  executing same. The commission and custodian must enter into a separate written
				  custody agreement.
3. All amounts
				  deferred under the Plan shall be transferred by the employer to the Commission
				  for investment through an account described in
				  §317.
				  A.1 above within 15 business days following
				  the month in which such amounts would have otherwise been paid to the
				  participant.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-319 - Qualified Military Service

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Notwithstanding any provision of this plan to the contrary, contributions and
				  benefits with respect to qualified military service shall be provided in
				  accordance with IRC §414(u)
B.
				  Protection of Persons Who Serve in a Uniformed Service. An employee whose
				  employment is interrupted by qualified military service under Code §414(u)
				  may elect to make additional annual deferrals upon resumption of employment
				  with the employer equal to the maximum annual deferrals that the employee could
				  have elected during that period if the employee's employment with the employer
				  had continued (at the same level of compensation) without the interruption or
				  leave, reduced by the annual deferrals, if any, actually made for the employee
				  during the period of the interruption or leave. This right applies for five
				  years following the resumption of employment (or, if sooner, for a period equal
				  to three times the period of the interruption or leave).
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-321 - Correction of Excess Deferrals

Current through Register Vol. 50, No. 6, June 20, 2024
A. If
				  the total amount deferred on behalf of a participant for any calendar year
				  exceeds the limitations described above, or the total amount deferred on behalf
				  of a participant for any calendar year exceeds the limitations described above
				  when combined with other amounts deferred by the participant under another
				  eligible deferred compensation plan under Code §457(b) for which the
				  participant provides information that is accepted by the administrator, then
				  the total amount deferred, to the extent in excess of the applicable limitation
				  (adjusted for any income or loss in value, if any, allocable thereto), shall be
				  distributed to the participant.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 3 - Plan Participation, Options and Requirements › Section VII-323 - Section 3121 Participants

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Notwithstanding any other provisions in this plan to the contrary, the
				  following shall apply to all section 3121 participants:
1. annual allocations to each section 3121
				  participant's account must be equal to at least 7.5 percent of the
				  participant's annual compensation;
2. all amounts deferred by a section 3121
				  participant shall be held in a non-forfeitable account. Such account shall be
				  credited with earnings at a rate that is reasonable under all the facts and
				  circumstances or employees' accounts are held in a separate trust that is
				  subject to general fiduciary standards and are credited with actual net
				  earnings on the trust fund, in accordance with IRS Treas. reg. §31.
				  3121(b)(7)-2(e)(2)(iii);
3. no
				  distributions from the Plan shall be made to a section 3121 participant before
				  such Participant severs employment.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 5 - Investments › Section VII-501 - Investment Options

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  commission 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 the commission 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.
				  The commission shall have the right to direct the trustee with respect to
				  investments of the plan assets, may appoint an investment manager to direct
				  investments, or may give the trustee sole investment management responsibility.
				  Any investment directive shall be made in writing by the commission or
				  investment manager. In the absence of such written directive, the trustee shall
				  automatically invest the available cash 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. The trustee shall not be
				  responsible for the propriety of any directed investment made and shall not be
				  required to consult with or advise the commission regarding the investment
				  quality of any directed investment held hereunder.
C. The commission may, from time to time,
				  change the investment options under the plan. If the commission 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 the commission. The participants shall have no right to require
				  the commission 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 the
				  commission 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 IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 5 - Investments › Section VII-503 - 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 trust, unless otherwise
				  specified by the employer. Such investment options shall be under the full
				  control of the trustee. A participant's right to direct the investment of any
				  contribution shall apply only to making selections among the options made
				  available under the plan.
B. Each
				  participant shall designate on his or her participation agreement the
				  investment that shall be used to determine the income to be accrued on amounts
				  deferred. If the investment chosen by the participant experiences a gain, the
				  participant's benefits under the plan 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
				  plan likewise shall reflect such loss or charge for that period.
C. Neither the commission, the administrator,
				  the trustee 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 IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 5 - Investments › Section VII-505 - Participant Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  commission shall maintain or cause to be maintained one or more individual
				  deferred compensation ledger account or similar individual account(s) for each
				  participant. Such accounts shall include separate accounts, as necessary, for
				  IRC §457 Deferred Compensation, IRC §457 rollovers, IRA rollovers,
				  other qualified plan and IRC §403(b) plan rollovers, and such other
				  accounts as may be appropriate from time to time for plan administration. At
				  regular intervals established by the commission, each participant's account
				  shall be:
1. credited with the amount of any
				  deferred compensation paid into the plan;
2. debited with any applicable administrative
				  or investment expense, allocated on a reasonable and consistent
				  basis;
3. credited or debited with
				  investment gain or loss, as appropriate; and
4. debited with the amount of any
				  distribution.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 5 - Investments › Section VII-507 - 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 the commission to
				  make such distribution. Neither the commission, 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 IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-701 - Conditions for Distributions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Payments
				  from the participants §457 Deferred Compensation Plan account to the
				  participant or beneficiary shall not be made, or made available, earlier than:
1. the participant's severance from
				  employment pursuant to LAC 32:VII.703.A or death; or
2. the participant's account meets all of the
				  requirements for an in-service de minimus distribution pursuant to LAC
				  32:VII.705.A and B; or
3. the
				  participant incurs an approved unforeseeable emergency pursuant to LAC
				  32:VII.709.A; or
4. the participant
				  transfers an amount to a defined benefit governmental plan pursuant to LAC
				  32:VII.705.C; or
5. the participant
				  makes a qualified birth or adoption distribution pursuant to Section 113 of the
				  Setting Every Community Up for Retirement Act of 2019. Any such qualified birth
				  or adoption distribution shall not exceed $5,000 per birth or adoption. The
				  commission or plan administrator may rely upon a participants birth or adoption
				  certificate for purposes of determining eligibility; or
7. the calendar year in which an in-service
				  participant attains age 59 1/2, but only if such participant revokes all
				  deferrals of compensation into the plan prior to beginning
				  distributions.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-703 - Severance from Employment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Distributions to a participant shall commence following the date in which the
				  participant severs employment, in a form and manner determined pursuant to LAC
				  32:VII.713.A, 715.A and 717.A.
B.
				  Upon notice to participants, and subject to
				  §701.
				  A B, and 721.A, the administrator may
				  establish procedures under which a participant whose total §457 Deferred
				  Compensation account balance is less than an amount specified by the
				  administrator (not in excess of $1,000 or other applicable limit under the
				  Internal Revenue Code) may receive a lump sum distribution on the first regular
				  distribution commencement date (as the employer or administrator may establish
				  from time to time) following the participant's severance from employment,
				  notwithstanding any election made by the participant pursuant to
				  §721.
				  A
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-705 - In-Service Distributions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Voluntary In-Service Distribution of De Minimis Accounts. A participant who is
				  an active employee shall receive a distribution of the total amount payable to
				  the participant under the plan if the following requirements are met:
1. the portion of the total amount payable to
				  the participant under the plan does not exceed an amount specified from time to
				  time by the commission (not in excess of $5,000 or other applicable limit under
				  the Internal Revenue Code);
2. the
				  participant has not previously received an in-service distribution of the total
				  amount payable to the participant under the plan;
3. no amount has been deferred under the plan
				  with respect to the participant during the two-year period ending on the date
				  of the in-service distribution; and
4. the participant elects to receive the
				  distribution.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-707 - Deferred Commencement Date at Separation from Service

Current through Register Vol. 50, No. 6, June 20, 2024
A. Following
				  the date in which the participant severs employment, the participant may select
				  a deferred commencement date for all or a portion of the participant's account
				  balance. If the participant elects to defer the entire account balance, the
				  future commencement date may not be later than April 1 of the calendar year
				  following the calendar year in which the participant attains age 70
				  1/2.
B. If the participant is an
				  independent contractor:
1. in no event shall
				  distributions commence prior to the termination date on which all such
				  participant's contracts to provide services to or on behalf of the employer
				  expire; and
2. in no event shall a
				  distribution payable to such participant pursuant to
				  §703.
				  A commence if, prior to the conclusion of the
				  one-month period following cessation of services under contract, the
				  participant performs services for the employer as an employee or independent
				  contractor.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-709 - Unforseeable Emergency

Current through Register Vol. 50, No. 6, June 20, 2024
A. If a
				  participant has incurred a genuine unforeseeable emergency and no other
				  resources of financial relief are available, the commission may grant, in its
				  sole discretion, a participant's request for a payment from the participant's
				  account. Any payment made under this provision shall be in a lump sum.
1. The commission shall have the right to
				  request and review all pertinent information necessary to assure that hardship
				  withdrawal requests are consistent with the provisions of IRC §457.
2. In no event, however, shall an
				  unforeseeable emergency distribution be made if such hardship may be relieved:
a. through reimbursement or compensation by
				  insurance or otherwise;
b. by
				  liquidation of the participant's assets, to the extent the liquidation of the
				  participant's assets would not itself cause a severe financial hardship;
				  or
c. by cessation of deferrals
				  under this plan.
3. The
				  amount of any financial hardship benefit shall not exceed the lesser of:
a. the amount reasonably necessary, as
				  determined by the commission, to satisfy the hardship; or
b. the amount of the participant's
				  account.
4. Payment of a
				  financial hardship distribution shall result in mandatory suspension of
				  deferrals for a minimum of 6 months from the date of payment (or such other
				  period as mandated in treasury regulations).
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-711 - Death Benefits

Current through Register Vol. 50, No. 6, June 20, 2024
A. Upon the
				  participant's death, the participant's remaining account balance(s) will be
				  distributed to the beneficiary commencing after the administrator receives
				  satisfactory proof of the participant's death (or on the first regular
				  distribution commencement date thereafter as the employer or administrator may
				  establish from time to time), unless prior to such date the beneficiary elects
				  a deferred commencement date, in a form and manner determined pursuant to LAC
				  32:VII.713.A and 717.A.
B. If there
				  are two or more beneficiaries, the provisions of this
				  §711 and of
				  §717.
				  A shall be applied to each beneficiary
				  separately with respect to each beneficiary's share in the participant's
				  account.
C. Death of Participant
				  before Participant's Required Beginning Date. If the participant dies before
				  the required beginning date, the participant's entire interest will be
				  distributed, or begin to be distributed, no later than as follows.
1. If the participant's surviving spouse is
				  the participant's sole designated beneficiary, then, except as provided in this
				  §711, distributions to the surviving spouse will begin by December 31 of
				  the calendar year immediately following the calendar year in which the
				  participant died, or by December 31 of the calendar year in which the
				  participant would have attained age 70 1/2, if later.
2. If the participant's surviving spouse is
				  not the participant's sole designated beneficiary, then, unless the beneficiary
				  elects the five-year rule, distributions to the designated beneficiary will
				  begin by December 31 of the calendar year immediately following the calendar
				  year in which the participant died.
3. If there is no designated beneficiary as
				  of September 30 of the year following the year of the participant's death, the
				  participant's entire interest will be distributed by December 31 of the
				  calendar year containing the fifth anniversary of the participant's
				  death.
4. If the participant's
				  surviving spouse is the participant's sole designated beneficiary and the
				  surviving spouse dies after the participant but before distributions to the
				  surviving spouse begin, this Subsection C will apply as if the surviving spouse
				  were the participant.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-713 - Payment Options

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  participant's or beneficiary's election of a payment option must be made at
				  least 30 days prior to the date that the payment of benefits is to commence. If
				  a timely election of a payment option is not made, benefits shall be paid in
				  accordance with
				  §715.
				  A Subject to applicable law and the other
				  provisions of this plan, distributions may be made in accordance with one of
				  the following payment options:
1. a single
				  lump-sum payment;
2. installment
				  payments for a period of years (payable on a monthly, quarterly, semiannual, or
				  annual basis), which extends no longer than the life expectancy of the
				  participant or beneficiary as permitted under the requirements of IRC
				  §401(a)(9) using the Uniform Lifetime Table at regulation. §1.
				  041(a)(9)-9, A-2 for the participant's age on the participant's birthday for
				  that year. If the participant's age is less than age 70, the distribution
				  period is 27.4 plus the number of years that the participant's age is less than
				  age 70. The account balance for this calculation (other than the final
				  installment payment) is the account balance as of the end of the year prior to
				  the year for which the distribution is being calculated;
3. installment payments for a period of years
				  (payable on a monthly, quarterly, semiannual, or annual basis) automatically
				  adjusted for cost-of-living increases based on the rise in the
Consumer
				  Price Index for All Urban Consumers
(CPI-U) from the third quarter of
				  the last year in which a cost-of-living increase was provided to the third
				  quarter of the current year. Any increase shall be made in periodic payment
				  checks beginning the following January;
4. partial lump-sum payment of a designated
				  amount, with the balance payable in installment payments for a period of years,
				  as described in Subsection A of this §713;
5. annuity payments (payable on a monthly,
				  quarterly, or annual basis) for the lifetime of the participant or for the
				  lifetime of the participant and beneficiary in compliance with IRC
				  §401(a)(9);
6. such other
				  forms of installment payments as may be approved by the commission consistent
				  with the requirements of IRC §401(a)(9)
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-715 - Default Distribution Option

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  In the absence of an effective election by the participant, beneficiary or
				  other payee, as applicable, as to the commencement and/or form of benefits,
				  distributions shall be made in accordance with the applicable requirements of
				  IRC §401(a)(9) and 457(d), and proposed or final treasury regulations
				  thereunder. In the absence of an effective election by the beneficiary or
				  alternate payee as to the commencement and/or form of benefits, distribution
				  shall be made in a lump sum.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 42:1301-1308 and IRC §457.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-717 - Limitations on Distribution Options

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  No distribution option may be selected by a participant or beneficiary under
				  this §717 unless it
				  satisfies the requirements of IRC §401(a)(9) and proposed or final
				  treasury regulations thereunder.
B.
				  If installment payments are designated as the method of distribution, the
				  minimum distribution shall be no less than $100 per check and the payments made
				  annually must be no less than $600.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.
Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-719 - Taxation of Distributions

Current through Register Vol. 50, No. 6, June 20, 2024
A. To the
				  extent required by law, income and other taxes shall be withheld from each
				  benefit payment, and payments shall be reported to the appropriate governmental
				  agency or agencies.
AUTHORITY NOTE:
					 Promulgated in accordance with IRC §457 and
					 R.S.
					 42:1301-1308.