Louisiana Revised Statutes 11:2225.2 – Reversion of funds prohibited
Terms Used In Louisiana Revised Statutes 11:2225.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employer: shall mean any municipality in the state of Louisiana which employs a full-time police officer, empowered to make arrests, or which has an elected chief of police whose salary is at least one thousand dollars per month, and the Municipal Police Employees' Retirement System. See Louisiana Revised Statutes 11:2213
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- system: shall mean the Municipal Police Employees' Retirement System as established in La. See Louisiana Revised Statutes 11:2213
A. At no time shall it be possible for the plan assets to be used for, or diverted to, any person other than for the exclusive benefit of the members and their beneficiaries, except that contributions made by the employer may be returned to the employer if the contribution was made due to a mistake of fact and the contribution is returned within one year of the mistaken payment of the contribution.
B. The amount of any contribution returned may not exceed the difference between the amount actually contributed and the amount which would have been contributed had there been no mistake of fact and may not include the earning attributable to such contribution. The amount of the contributions returned must be reduced by any losses attributable to the contribution, and no participant may have his benefit payable hereunder reduced by the return of the contribution to less than such benefit would have been had the returned contribution never been made.
C. Notwithstanding Subsections A and B of this Section, if the system shall be terminated and all obligations under the system are fully funded and provided for, then any excess funds held by the system shall be returned to the employer.
Acts 1992, No. 262, §1.