Terms Used In Louisiana Revised Statutes 11:3695

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means any person designated to receive a pension, an annuity, a retirement allowance, or other benefit as provided by this Subpart. See Louisiana Revised Statutes 11:3682
  • board: means the board provided for in La. See Louisiana Revised Statutes 11:3682
  • Contract: A legal written agreement that becomes binding when signed.
  • Direct rollover: means a payment by the system to the eligible retirement plan specified by the distributee. See Louisiana Revised Statutes 11:3682
  • Eligible retirement plan: means an individual retirement account described in Section 408(a), an individual retirement annuity described in Section 408(b), an annuity plan described in Section 403(a), or a qualified trust described in Section 401(a), all of the Internal Revenue Code, that accepts the member's eligible rollover distribution. See Louisiana Revised Statutes 11:3682
  • Eligible rollover distribution: means any distribution of all or any portion of the balance to the credit of a member, except that an eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments not less frequently than annually, made for the life or life expectancy of the member or the joint lives or joint life expectancies of the member and the member's designated beneficiary, or for a specified period of ten years or more, or any distribution to the extent such distribution is required under Section 401(a)(9) of the Internal Revenue Code, or the portion of any distribution that is not includable in gross income. See Louisiana Revised Statutes 11:3682
  • 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
  • Employer: means the Board of Commissioners of the Port of New Orleans. See Louisiana Revised Statutes 11:3682
  • Member: includes any employees, as defined in Paragraph (16) of this Section, included in the membership of this plan as provided in La. 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
  • Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Subpart. See Louisiana Revised Statutes 11:3682
  • Spouse: means that person who is legally married to the member on the member's effective date of retirement or effective date of participation in the Deferred Retirement Option Plan, whichever is earlier. See Louisiana Revised Statutes 11:3682

            A. Notwithstanding any other provision of law to the contrary that would otherwise limit a member‘s election under this Section, a member may elect, at the time and in the manner prescribed by the board of trustees, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the member in a direct rollover.

            B. An “eligible rollover distribution” is any distribution of all or any portion of the balance to the credit of a member, except that an eligible rollover distribution does not include:

            (1) Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life or life expectancy of the member, or the joint lives or joint life expectancies of the member and the member’s designated beneficiary, or for a specified period of ten years or more.

            (2) Any distribution to the extent that such distribution is required under Section 401(a)(9) of the Internal Revenue Code.

            C. For the purposes of this Section, an “eligible retirement plan” shall mean any of the following:

            (1) An individual retirement account described in Section 408(a) of the Internal Revenue Code.

            (2) An individual retirement annuity described in Section 408(b) of the Internal Revenue Code.

            (3) An annuity plan described in Section 403(a) of the Internal Revenue Code.

            (4) A qualified trust as described in Section 401(a) of the Internal Revenue Code, provided that such trust accepts the member’s eligible rollover distribution.

            (5) An eligible deferred compensation plan described in Section 457(b) of the Internal Revenue Code that is maintained by an eligible governmental employer, provided the plan contains provisions to account separately for amounts transferred into such plan.

            (6) An annuity contract described in Section 403(b) of the Internal Revenue Code.

            D. A “distributee” as provided for in this Section shall include:

            (1) A member or former member.

            (2) The member’s or former member’s surviving spouse, or the member’s or former member’s former spouse with whom a benefit or a return of employee contributions is to be divided pursuant to La. Rev. Stat. 11:291(B), with reference to an interest of the member or former spouse.

            (3) The member’s or former member’s non-spouse beneficiary, provided the specified distribution is to an eligible retirement plan as defined in Subsection C of this Section.

            Acts 1998, 1st Ex. Sess., No. 97, §1, eff. May 5, 1998; Acts 2011, No. 399, §1, eff. July 1, 2011; Acts 2014, No. 648, §2, eff. July 1, 2015.

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