Louisiana Revised Statutes 11:1455 – Withdrawal of accumulated employee contributions; repayment
Terms Used In Louisiana Revised Statutes 11:1455
- Accumulated employee contributions: means the sum of all amounts deducted from a member's salary and paid to the fund. See Louisiana Revised Statutes 11:1402
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Board: means the board of trustees of the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
- Fund: means the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. If the membership of a member who is not eligible to retire is terminated, the former member may make a written application for and obtain a refund of his accumulated employee contributions. However, no refund shall be paid until and unless the accuracy of the information on the application therefor has been certified by the assessor by whom the former member was employed and the former member remains out of service for sixty days and until all contributions for the former member have been paid into the fund. Payment of such a refund to the former member cancels all rights in the fund; neither the former member nor any other person shall be entitled to any benefits on the former member’s account, and credit for all service shall be forfeited.
B. If a former member who has withdrawn his accumulated contributions again becomes a member of the fund, he may repay to the fund, in a lump sum, the amount he withdrew, plus annually compounded interest at the valuation interest rate from the date of withdrawal. Upon such repayment, the member shall be credited for all service which was canceled and forfeited at the time of the prior refund and all other rights shall be restored.
C. The board may promulgate rules in accordance with the provisions of the Administrative Procedure Act, La. Rev. Stat. 49:950 et seq., that permit the repayment from funds held for the member’s benefit in another retirement plan or individual retirement account or annuity.
Acts 1989, No. 545, §1, eff. July 5, 1989; Redesignated from La. Rev. Stat. 47:8069 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1997, No. 1203, §1; Acts 2004, No. 268, §1; Acts 2011, No. 364, §1, eff. July 1, 2011.