Louisiana Revised Statutes 11:3685.3 – Annual compensation limitation for determination of benefits
Terms Used In Louisiana Revised Statutes 11:3685.3
- 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.
- Employee: means any commissioned member or employee of the Harbor Police Department of the Port of New Orleans prior to July 1, 2004, or any commissioned member of the Harbor Police Department of the Port of New Orleans on or after July 1, 2004 and hired on or before June 30, 2014. See Louisiana Revised Statutes 11:3682
- Plan: means the Harbor Police Retirement Plan established in this Subpart and administered as a plan within the Louisiana State Employees' Retirement System pursuant to La. See Louisiana Revised Statutes 11:3682
- Service: means service rendered as an employee as described in Paragraph (16) of this Section. See Louisiana Revised Statutes 11:3682
A. Unless otherwise provided, each Section 401(a)(17) employee‘s accrued benefit under this plan will be the greater of the following:
(1) The employee’s accrued benefit determined with respect to the benefit formula applicable for the plan year beginning on or after January 1, 1996, as applied to the employee’s total years of service taken into account under the plan for purposes of benefit accruals.
(2) The combined sum of the following:
(a) The employee’s accrued benefit as of the last day of the last plan year beginning before January 1, 1996, frozen in accordance with Section 1.401(a)(4) through (13) of the Code of Federal Regulations.
(b) The employee’s accrued benefit determined under the benefit formula applicable for the plan year beginning after January 1, 1996, as applied to the employee’s years of service credited to the employee for plan years beginning on or after January 1, 1996, for purposes of benefit accruals.
B. If an employee is not a Section 401(a)(17) employee, his accrued benefit under this plan shall not be based upon compensation in excess of the annual limit provided in Section 401(a)(17) of the Internal Revenue Code or any amendment thereto.
Acts 1998, 1st Ex. Sess., No. 97, §1, eff. May 5, 1998.