Louisiana Revised Statutes 11:2163 – Benefit provided
Terms Used In Louisiana Revised Statutes 11:2163
- Actuarial equivalent: shall mean a benefit of equal value when computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:2031
- Excess benefit participant: shall mean any member whose retirement benefit as determined on the basis of all qualified plans without regard to the limitations of La. See Louisiana Revised Statutes 11:2162
- Maximum benefit: shall mean the retirement benefit a member is entitled to receive from the pension plan set forth in this Chapter in any month after giving effect to La. See Louisiana Revised Statutes 11:2162
- Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in La. See Louisiana Revised Statutes 11:2031
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2031
- Unrestricted benefit: shall mean the monthly retirement benefit a member, or the spouse, child, or dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of La. See Louisiana Revised Statutes 11:2162
A. An excess benefit participant who is receiving benefits from the pension plan is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of:
(1) The member‘s unrestricted benefit less the maximum benefit; or
(2) The amount by which the member’s monthly benefit from the pension plan has been reduced because of the limitations of La. Rev. Stat. 11:2151.
B. A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the pension plan except for the limitations under La. Rev. Stat. 11:2151 and Section 415 of the Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.
C. This plan shall be administered by the board. The rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the pension plan set forth in this Chapter.
D. The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the pension plan solely because of the limitations of La. Rev. Stat. 11:2151 and Section 415 of the Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the pension plan.
Acts 2004, No. 259, §1, eff. July 1, 2004.