Louisiana Revised Statutes 11:1588 – Amendment of provisions of retirement system
Terms Used In Louisiana Revised Statutes 11:1588
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of Trustees: shall mean the Board provided for in La. See Louisiana Revised Statutes 11:1581
- Employee: shall mean any district attorney of the state of Louisiana, or any assistant district attorney in any parish of the state of Louisiana. See Louisiana Revised Statutes 11:1581
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1581
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1581
- Retirement System: shall mean the District Attorneys' Retirement System as defined in La. See Louisiana Revised Statutes 11:1581
- Statute: A law passed by a legislature.
A. The provisions of the retirement system may be amended by action of the legislature in the same manner as any other statute may be amended by the legislature. In addition, action by the board of trustees with respect to the payment of cost-of living adjustments, with respect to the payment of employee contributions, with respect to actuarial assumptions, and with respect to other actions authorized in this Chapter shall be considered amendments to the provisions of the retirement system.
B. No amendment to the retirement system shall operate to deprive any member of a benefit to which he is entitled. In the case of any merger or consolidation with or transfer of assets or liabilities to any other retirement system, each member in the retirement system shall, if the retirement system is then terminated, receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer if the retirement system had then terminated.
C. Upon the termination or partial termination of the retirement system, the board of trustees shall reevaluate and redetermine the benefit of each member, and the entire benefit of each member may be paid or commence to be paid and distributed to such member, or if he dies before such distribution, to the beneficiary or beneficiaries designated by the member. However, if the member is still employed and the system is partially terminated, payment shall not be made until retirement or termination and shall be held until payment is otherwise due under the provisions of the retirement system. A member’s right to his benefit is not conditioned upon a sufficiency of assets in the event of termination.
D. Upon termination or partial termination of the retirement system, a member’s interest in the system shall be nonforfeitable to the extent funded.
E. The retirement system is intended to qualify under 26 U.S.C. § 401(a). Accordingly, any amendments to the provisions of the retirement system shall be designed to maintain this qualification.
Acts 2012, No. 523, §1, eff. Jan. 1, 2013.