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0 chapters · 1,663 sections in this title.
La. Rev. Stat. § 11:445 Payment of benefit; guaranteed return of accumulated contributions
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§445. Payment of benefit; guaranteed return of accumulated contributions A. The retirement allowance, annuity or benefit shall be paid in equal monthly installments for life and shall not be increased, decreased, revoked, or repealed except for error or where otherwise specifical…
La. Rev. Stat. § 11:446 Mode of payment where option elected
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§446. Mode of payment where option elected A. Upon application for retirement any member may elect to receive his benefit in a retirement allowance payable throughout his life, or he may elect at that time to receive the actuarial equivalent of his retirement allowance in a reduc…
La. Rev. Stat. § 11:447 Deferred Retirement Option Plan
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§447. Deferred Retirement Option Plan A. In lieu of terminating employment and accepting a retirement allowance, any member of this system who is eligible for regular retirement may elect to participate in the Deferred Retirement Option Plan subject to the provisions of R.S. 11:4…
La. Rev. Stat. § 11:448 Plan participation
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§448. Plan participation A. Upon the effective date of commencement of participation in the plan and during the period of participation in the plan, neither the employee nor the employer contributions shall be payable, and the participant in the plan shall be considered as a Defe…
La. Rev. Stat. § 11:449 Deferred Retirement Option Plan
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§449. Deferred Retirement Option Plan A. The system shall establish a Deferred Retirement Option Plan which shall be a part of the system fund. While participating in the plan, participants' contributions shall be credited to subaccounts as established in this Section. (1) The co…
La. Rev. Stat. § 11:450 Termination of participation
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§450. Termination of participation A. Upon termination of participation in both the plan and employment, a participant shall: (1) At the participant's option, receive either a lump sum payment from the account equal to the amount then credited to his individual subaccount; or sys…
La. Rev. Stat. § 11:450.1 Deferred Retirement Option Plan participation; termination due to hurricanes
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§450.1. Deferred Retirement Option Plan participation; termination due to hurricanes A. Notwithstanding any provision of law to the contrary, any member whose participation in the Deferred Retirement Option Plan has ended but who remained employed until such employment was interr…
La. Rev. Stat. § 11:451 Irrevocability of election
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§451. Irrevocability of election Once participation in the plan commences, the election to participate is irrevocable and the term of participation may not be extended. Only one period of participation is permitted. Final average compensation and election of option, if any, are f…
La. Rev. Stat. § 11:451.1 Self-direct Deferred Retirement Option Plan participants' subaccounts
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§451.1. Self-direct Deferred Retirement Option Plan participants' subaccounts A. Each participant who at his option continues employment after participation in the contribution portion of the Deferred Retirement Option Plan may have the balance of his subaccount as of the end of …
La. Rev. Stat. § 11:451.2 Selection of providers
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§451.2. Selection of providers The Board of Trustees of the Louisiana State Employees' Retirement System shall select a provider which will be authorized to place the Deferred Retirement Option Plan participant's subaccount balance, after the Deferred Retirement Option Plan parti…
La. Rev. Stat. § 11:451.3 Vested participants
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§451.3. Vested participants Those individuals who have entered the Deferred Retirement Option Plan prior to the effective date of the self-directed portion of the plan will have the option to participate in the self-directed plan or remain in the plan as it existed when the parti…
La. Rev. Stat. § 11:451.4 Rules and regulations
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§451.4. Rules and regulations The system is authorized to adopt regulations under the Administrative Procedure Act to implement this plan. Acts 2003, No. 818, §1, eff. Jan. 1, 2004.
La. Rev. Stat. § 11:452 Renunciation; retirement benefit or allowance
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§452. Renunciation; retirement benefit or allowance The Louisiana State Employees' Retirement System is hereby authorized to promulgate rules and regulations in accordance with the Administrative Procedure Act to permit the irrevocable renunciation of a retirement benefit or allo…
La. Rev. Stat. § 11:454 Excess benefit arrangement
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§454. Excess benefit arrangement A. A separate, nonqualified, unfunded excess benefit arrangement is hereby created outside the trust fund of the retirement system. This excess benefit arrangement shall be administered as a governmental excess benefit arrangement under Section 41…
La. Rev. Stat. § 11:461 Eligibility; certification
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§461. Eligibility; certification A. Eligibility for disability benefits, procedures for application for disability benefits, procedures for the certification of continuing eligibility for disability benefits, the authority of the board of trustees to modify disability benefits, a…
La. Rev. Stat. § 11:463 Certification of continuing eligibility for disability benefits; paid by the Louisiana State Employees' Retirement System
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§463. Certification of continuing eligibility for disability benefits; paid by the Louisiana State Employees' Retirement System A. Notwithstanding the provisions of R.S. 11:220(A), whenever the board of trustees requires any disability retiree who has not yet attained the equival…
La. Rev. Stat. § 11:471 Survivors' benefits; members hired on or before December 31, 2010
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§471. Survivors' benefits; members hired on or before December 31, 2010 A. Surviving minor children. Benefits for the surviving children of members whose first employment making them eligible for membership in one of the state systems occurred on or before December 31, 2010, shal…
La. Rev. Stat. § 11:471.1 Survivors' benefits; members hired on or after January 1, 2011
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§471.1. Survivors' benefits; members hired on or after January 1, 2011 A. Survivors benefits shall be due and payable by the system effective the first day of the next month following the death of a member whose first employment making him eligible for membership in one of the st…
La. Rev. Stat. § 11:472 Manner of payment
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§472. Manner of payment Benefits for a surviving spouse, a surviving handicapped child over the age of eighteen years, a surviving unmarried emancipated minor, and a surviving unmarried minor child who is a full-time student over the age of eighteen years but under the age of twe…
La. Rev. Stat. § 11:473 Surviving spouse and adult children
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§473. Surviving spouse and adult children A. When a married member has major children of both a current marriage and a prior marriage but no minor children of either marriage, the member and nonmember spouse may by written agreement jointly elect to direct the retirement system i…
La. Rev. Stat. § 11:474 Proof of entitlement to benefits
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§474. Proof of entitlement to benefits Each survivor benefit recipient shall be required to establish proof annually or at such other times as the board of trustees may deem necessary that they are still legally entitled to the survivor benefits provided in this Subpart. The boar…
La. Rev. Stat. § 11:475 Survivor refund
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§475. Survivor refund The retirement system shall pay a lump sum refund equal to the difference between the total monthly survivor benefits paid and the total accumulated contributions of the member, to the beneficiaries or the estate of the beneficiaries if the total monthly ben…
La. Rev. Stat. § 11:476 Payment to named beneficiary in lieu of survivor's benefits; effect
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§476. Payment to named beneficiary in lieu of survivor's benefits; effect A. The accumulated contributions of a deceased member shall be paid in a lump sum refund to his named beneficiary or estate if no survivor's benefits are payable. B. Payment of accumulated contributions sha…
La. Rev. Stat. § 11:477 Limitations on payment of benefits
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§477. Limitations on payment of benefits A. The payment of benefits made under R.S. 11:446 or under this Subpart shall be subject to the limitations of this Section. The payment of benefits shall commence not later than April first of the year following the calendar year in which…
La. Rev. Stat. § 11:478 Benefits payable to certain members killed in the line of duty; survivor benefits;
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§478. Benefits payable to certain members killed in the line of duty; survivor benefits; corrections officers hired on or before December 31, 2010 A. Notwithstanding any other provision of law to the contrary, if a correctional officer, probation or parole officer, or a security …
La. Rev. Stat. § 11:501 Supplemental benefits
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§501. Supplemental benefits A. The board shall provide, commencing October 1, 1977 and thereafter, a supplementary monthly benefit of twenty-five dollars to each member who retired prior to July 1, 1973, and to each beneficiary of a deceased retired member who retired prior to Ju…
La. Rev. Stat. § 11:502 Creation of optional retirement plan
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§502. Creation of optional retirement plan A. There is created an optional retirement plan for certain state employees who would otherwise be eligible to become members of the Louisiana State Employees' Retirement System. Those eligible employees who select this optional benefit …
La. Rev. Stat. § 11:502.1 Selection of providers
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§502.1. Selection of providers The Board of Trustees of the Louisiana State Employees' Retirement System shall select no more than three providers with which participants will be authorized to place their contributions in products that shall be selected by the board. In selecting…
La. Rev. Stat. § 11:502.2 Eligibility; irrevocable election
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§502.2. Eligibility; irrevocable election A.(1) The following state employees shall be eligible to make an irrevocable election to participate in this optional retirement plan: (a)(i) Any unclassified state employee who is appointed by a statewide elected official and whose appoi…
La. Rev. Stat. § 11:502.3 Contributions
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§502.3. Contributions A.(1)(a) Each participant in this optional retirement plan shall contribute monthly the same amount that would have been contributed to the defined benefit plan, as if the participant were a member of that plan. (b) The entirety of each participant's contrib…
La. Rev. Stat. § 11:502.4 Limitations; unclassified employees
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§502.4. Limitations; unclassified employees Any eligible employee who elects to participate in this optional retirement plan shall always be ineligible for membership in the defined benefit plan, even if he is employed in a position covered by the defined benefit plan and shall o…
La. Rev. Stat. § 11:502.5 Benefits not obligation of the state; unclassified employees
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§502.5. Benefits not obligation of the state; unclassified employees A. Any eligible employee who elects to participate in this optional retirement plan shall agree that the benefits payable to participants are not the obligations of the state of Louisiana or the Louisiana State …
La. Rev. Stat. § 11:502.6 Implementation
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§502.6. Implementation The Board of Trustees of the Louisiana State Employees' Retirement System shall implement the optional retirement plan no later than July 1, 2000, and the employer agencies, institutions, and boards shall implement the optional retirement plan on July 1, 20…
La. Rev. Stat. § 11:503 Payment by electronic funds transfer
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§503. Payment by electronic funds transfer A. Subject to the provisions of Subsection B of this Section and notwithstanding any other provision of law to the contrary, any benefit payable under this Part by the Louisiana State Employees' Retirement System, for which a member or b…
La. Rev. Stat. § 11:511 Composition of board of trustees
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§511. Composition of board of trustees The board of trustees shall consist of the following members: (1) A member of the House Committee on Retirement appointed by the speaker of the House of Representatives, or the member's designee. (2) The chairman of the Retirement Committee …
La. Rev. Stat. § 11:512 Vacancies
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§512. Vacancies Any vacancy on the board of trustees shall be filled by the board of trustees for the unexpired term of office, provided that if the unexpired term is for a period of more than two years, the appointment shall be for the period intervening until January first foll…
La. Rev. Stat. § 11:513 Officers; meetings; quorum; minutes; reports; compensation
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§513. Officers; meetings; quorum; minutes; reports; compensation A. At its first meeting held in January of each year the board shall elect one of its members chairman to serve until a new chairman is elected. In the event of a vacancy in the office of the chairman, the board sha…
La. Rev. Stat. § 11:514 Domicile
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§514. Domicile The official domicile of the board of trustees shall be at the state capitol in Baton Rouge. Acts 1972, No. 135, §1, eff. July 26, 1972; Redesignated from R.S. 42:645 by Acts 1991, No. 74, §3, eff. June 25, 1991.
La. Rev. Stat. § 11:515 Powers and duties
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§515. Powers and duties The board of trustees shall have the following powers and duties: (1) To appoint the director, assistant directors, and chief investment officer, to fix their salaries, and to designate the powers and duties of these officials. (2) To make, alter, amend an…
La. Rev. Stat. § 11:516 Joint administration with other systems
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§516. Joint administration with other systems The board of trustees may take such actions as it deems necessary or appropriate to provide for the joint administration of the retirement system and the Louisiana State Police Retirement System; however, no action shall be taken whic…
La. Rev. Stat. § 11:517 Investments
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§517. Investments The board may invest available funds and may hold, purchase, sell, assign, transfer, and dispose of any of the securities of the system, in the name of the system or a nominee name, provided the action is taken in compliance with the rules and regulations establ…
La. Rev. Stat. § 11:531 Monthly retirement report; employer and employee contributions
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§531. Monthly retirement report; employer and employee contributions A.(1) Each agency employing members of the system shall submit a certified monthly retirement report to the board of trustees containing the following information: (a) The earned compensation of each employee wh…
La. Rev. Stat. § 11:532 Employees' Savings Account
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§532. Employees' Savings Account A. The Employees' Savings Account shall be credited as follows: 1. Employee contributions. 2. Interest credited to employee contributions prior to July, 1970. B. The Employees' Savings Account shall be charged as follows: 1. Refunds paid to termin…
La. Rev. Stat. § 11:533 Employers' Accumulation Account
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§533. Employers' Accumulation Account A. The Employers' Accumulation Account shall be credited as follows: 1. Employer contributions. 2. Interest paid by the agency on purchase of state service, military service, and educational leave and training. 3. Interest paid by the member …
La. Rev. Stat. § 11:534 Retiree's Annuity Reserve
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§534. Retiree's Annuity Reserve A. The Retiree's Annuity Reserve shall be credited as follows: 1. The employees' accumulated contributions shall be credited immediately upon retirement or payment of survivor's benefits. 2. Amount determined by Actuary transferred at end of fiscal…
La. Rev. Stat. § 11:535 Expense account
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§535. Expense account The expense account is the fund from which the expenses of the administration of the system shall be paid. The board shall determine annually the amount required to defray the expenses for the ensuing fiscal year. The amount required, as determined by the bo…
La. Rev. Stat. § 11:536 Bank accounts
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§536. Bank accounts For the purpose of meeting disbursements for retirement allowances, annuities, and other payments there may be kept available cash, not exceeding the requirements of the system for a period of ninety days, on deposit in one or more banks or trust companies of …
La. Rev. Stat. § 11:537 Refund of contributions; application, payment, effect, repayment to system; restoration of service
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§537. Refund of contributions; application, payment, effect, repayment to system; restoration of service A. Any member who withdraws from service under the provisions hereof may apply for and obtain a refund of the amount of his accumulated contributions credited to him in the em…
La. Rev. Stat. § 11:538 Termination of contributions; benefits
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§538. Termination of contributions; benefits The retirement benefits provided by this Part shall not exceed the limits provided in R.S. 11:444(B). When a member has earned benefits equal to one hundred percent of his average compensation, no further contributions shall be require…
La. Rev. Stat. § 11:538.1 Rollover of distributions
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§538.1. Rollover of distributions A. If the distributee of any eligible rollover distribution under this plan elects to have such distribution paid directly to an eligible retirement plan and specifies the eligible retirement plan to which such distributions are to be paid, such …
