Louisiana Revised Statutes 11:2265 – A.(1) Notwithstanding any other provisions of law, any member of this system shall be authorized to assign his accumulated employee contributions to any firefighters’ credit union in
Terms Used In Louisiana Revised Statutes 11:2265
- Accumulated contributions: shall mean the sum of all the amounts deducted from the earnable compensation of a member and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:2252
- Creditable service: shall mean service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2252
- Employee: shall mean any full-time firefighter or any person in a position as defined in the municipal fire and police civil service system who is employed by a fire department of any municipality, parish, or fire protection district of the state of Louisiana, excepting Orleans and Lafayette Parishes, and who is earning at least three hundred seventy-five dollars per month excluding state supplemental pay. See Louisiana Revised Statutes 11:2252
- 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 11:2252
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2252
- Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2252
A.(1) Notwithstanding any other provisions of law, any member of this system shall be authorized to assign his accumulated employee contributions to any firefighters’ credit union in consideration of a loan.
(2)(a) The member shall authorize the system to deliver or pay the total amount of his accumulated employee contributions to the designated credit union, upon termination or resignation of employment but only if he has less than twelve years of creditable service. If a member who accumulates twelve or more years of creditable service and who, having previously executed a valid assignment of employee contribution, elects to withdraw his accumulated employee contributions, then those contributions may be delivered to the credit union as provided in this Section.
(b) Notwithstanding the provisions of Subparagraph (a) of this Paragraph, if a member who has twelve or more years of creditable service and who has executed a valid assignment of employee contributions dies with no person entitled to survivors’ benefits as provided in La. Rev. Stat. 11:2256, his contributions shall be delivered to the credit union as provided in this Section.
(3) No refund shall be paid to a member until his loan is paid in full and no accumulated contributions shall be paid to a credit union until the credit union certifies to the retirement system that the member has failed to make payments on his loan, for sixty days or more, after termination of employment.
B.(1) The credit union shall apply the refund of contributions to the balance owed at the time of termination, and any surplus shall be returned by the credit union to the member.
(2) Upon receipt of a duly executed assignment of accumulated contributions by a member, the system is hereby authorized to pay all accumulated contributions standing to the member’s credit at the time of termination or resignation, to the designated credit union.
C.(1) After payment of all accumulated contributions to the credit union, the employee shall cease to be a member of the system and the system shall not be liable to the employee in any manner whatsoever.
(2) The credit union shall be required to submit a duly executed release of assignment in the event the loan is paid in full, and such assignment shall be null and void.
Acts 1985, No. 307, §1; Acts 1986, No. 787, §1; Redesignated from La. Rev. Stat. 33:2161.2 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2021, No. 250, §1.