Louisiana Revised Statutes 29:414 – A. Any employee, who did not elect to make employee contributions pursuant to R.S. 29:412 to the public retirement system applicable to his employment during his period of service in
Terms Used In Louisiana Revised Statutes 29:414
- Compensation: means normal or regular base pay, but does not include overtime, per diem, differential pay, or any other allowance for other expense. See Louisiana Revised Statutes 29:403
- Employee: means any person employed by any private or public employer. See Louisiana Revised Statutes 29:403
- Employment: means a position as an employee with any private or public employer. See Louisiana Revised Statutes 29:403
- 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
- Public retirement system: means any public retirement or pension system, fund, or plan maintained primarily for officers and employees of the state of Louisiana or of any political subdivision thereof, or any district, board, commission, or other agency of either, or of any other such public entity. 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. Any employee, who did not elect to make employee contributions pursuant to La. Rev. Stat. 29:412 to the public retirement system applicable to his employment during his period of service in the uniformed services, shall be entitled to receive credit for his service in the uniformed services toward establishing retirement eligibility and for computation of benefits, upon payment into the system an amount equal to the employee contributions that would have been paid had the employee continued in employment and not been called to service in the uniformed services, and, to the extent permitted by federal law, interest thereon at the valuation interest rate of the system or plan in effect at the time payment is made. The contributions shall be based on the salary, including any increases in compensation that the employee would have received had he remained in employment during the period of service in the uniformed services.
B. Upon payment by the employee of the employee contributions and interest, if any, as provided in Subsection A of this Section, the employer shall pay to the retirement system an amount equal to the employer contributions that the employer would have paid to the retirement system had the employee remained in service, together with interest thereon, at the valuation interest rate in effect at the time payment is made. The contributions shall be based on the salary the employee would have received during the period of service in the uniformed services, including any increases in compensation that the employee would have received had he remained in employment during the period of service in the uniformed services. The employer contributions and interest due to the system shall be paid within thirty days after the employee has paid all of the contributions due to the system or fund.
C. All employee contributions and interest due thereon made in payment for credit for service in the uniformed services in accordance with Subsection A of this Section must be received by the system within the time period provided in Subsection E of this Section.
D. Should the employee fail to make the required contributions within the time period authorized by Subsection E of this Section, service in the uniformed services shall be used only for determining eligibility for retirement benefits. Any unpaid actuarial cost to the retirement system shall be borne by the employers through reflection in the employer contribution rate established pursuant to La. Rev. Stat. 11:102 or 103, or as provided by the actuarial funding requirements and any other laws, rules, or regulations applicable to the public retirement system in which the employee receives credit under the provisions of this Subpart.
E. The employee shall make the required contributions within the time period allowable under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) (38 U.S.C. § 4301 et seq.).
Acts 1991, 1st E.S., No. 6, §1, eff. April 17, 1991; Acts 1995, No. 716, §1, eff. June 21, 1995; Acts 2010, No. 1010, §1, eff. June 30, 2010; Acts 2018, No. 225, §2, eff. May 15, 2018.