Louisiana Revised Statutes 11:2260.1 – A. Except where otherwise prohibited in this Chapter, the director may correct any administrative error and make all adjustments relative to such correction. The director shall corre
Terms Used In Louisiana Revised Statutes 11:2260.1
- Board of trustees: shall mean the board provided for in La. See Louisiana Revised Statutes 11:2252
- Director: shall mean the executive director of the Firefighters' Retirement System. See Louisiana Revised Statutes 11:2252
- 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
A. Except where otherwise prohibited in this Chapter, the director may correct any administrative error and make all adjustments relative to such correction. The director shall correct such error based solely on sufficient documentation, which shall be submitted to the board of trustees at the next board meeting, whether such administrative error was committed by the system or otherwise.
B. If an underpayment of benefits is due to an administrative error committed by system staff, the correction of such error pursuant to Subsection A of this Section may include the payment of interest at a rate not to exceed the system’s valuation interest rate or the judicial interest rate, whichever is lower.
Acts 2003, No. 719, §1, eff. June 27, 2003; Acts 2016, No. 231, §1, eff. May 26, 2016.