Louisiana Revised Statutes 29:413 – Employee pension benefit plans
Terms Used In Louisiana Revised Statutes 29:413
- Employee: means any person employed by any private or public employer. See Louisiana Revised Statutes 29:403
- Service in the uniformed services: means the performance of duty on a voluntary or involuntary basis in a uniformed service under competent authority and includes active duty, active duty for training, initial active duty for training, inactive duty training, full-time national guard duty, and a period for which a person is absent from a position of employment for the purpose of an examination to determine the fitness of the person to perform any such duty. See Louisiana Revised Statutes 29:403
- Uniformed services: means the armed forces of the United States as defined by 10 U. See Louisiana Revised Statutes 29:403
A. Every private employer in this state who maintains a defined benefit plan, as defined by 29 U.S.C. § 1002(35), shall credit the employee with his period of service in the uniformed services towards retirement eligibility and vesting under the plan, including the computation of any retirement benefits due under the express terms of the plan, when the accrued benefits due under the plan are derived from employer contributions to the plan. If the defined benefit plan provides benefits derived from employer and employee contributions to the plan, the employee shall be credited with his period of service in the uniformed services towards retirement eligibility and vesting under the plan, including the computation of any retirement benefits due under the express terms of the plan, provided that the employer contributions and the mandatory contributions of the employee are made to the plan.
B. If any private employer maintains an individual account plan or a defined contribution plan, as defined by 29 U.S.C. § 1002(34), the employee shall be credited with his period of service in the uniformed services towards retirement eligibility under the express terms of the plan, upon payment of the designated contributions to the plan and if such credit is permitted by the Internal Revenue Code, if the plan is a qualified plan.
C. An employee may be required to pay the employee cost, if any, of any funded benefit continued pursuant to this Section to the extent other employees on furlough or leave of absence are so required.
Acts 1991, 1st E.S., No. 6, §1, eff. April 17, 1991; Acts 1995, No. 716, §1, eff. June 21, 1995.