Louisiana Revised Statutes 42:1302 – A. There is hereby created within the Department of Treasury the Louisiana Deferred Compensation Commission for the purpose of continuing the plan. The Commission shall exist and per
Terms Used In Louisiana Revised Statutes 42:1302
- Commission: means the Louisiana Deferred Compensation Commission. See Louisiana Revised Statutes 42:1301
- Ex officio: Literally, by virtue of one's office.
- Participant: means : (a) a person whose compensation is currently subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code, or (b) a person whose compensation has previously been subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code and whose contributions have not been withdrawn. See Louisiana Revised Statutes 42:1301
- Participant member: means any member of the commission other than an ex officio member. See Louisiana Revised Statutes 42:1301
- Person: means any officer or employee of the state of Louisiana or of any of its political subdivisions, or an independent contractor who has a current contract with the state or any of its political subdivisions. See Louisiana Revised Statutes 42:1301
- Plan: means the Louisiana Public Employees Deferred Compensation Plan, which is now in existence, and which was previously established pursuant to state statute and in accordance with Section 457 of the Internal Revenue Code of 1954, as amended. See Louisiana Revised Statutes 42:1301
- public office: means any state, district, parish or municipal office, elective or appointive, or any position as member on a board or commission, elective or appointive, when the office or position is established by the constitution or laws of this state. See Louisiana Revised Statutes 42:1
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
A. There is hereby created within the Department of Treasury the Louisiana Deferred Compensation Commission for the purpose of continuing the plan. The Commission shall exist and perform its powers, duties, functions, and responsibilities in the manner provided for agencies transferred in accordance with the provisions of La. Rev. Stat. 36:801.1.
B.(1) The Commission shall consist of nine members as follows:
(a) The state treasurer.
(b) The commissioner of administration.
(c) The commissioner of insurance.
(d) The commissioner of financial institutions.
(e) The speaker of the House of Representatives, or his designee.
(f) The president of the Senate, or his designee.
(g) Three participant members who shall be elected by participants in accordance with rules promulgated by the Commission.
(2) Four members of the commission shall constitute a quorum for the transaction of business.
C. The terms of the participant members who are first elected to membership on the Commission shall be as follows:
(1) One such member shall be elected for a term of three years.
(2) One such member shall be elected for a term of two years.
(3) One such member shall be elected for a term of one year.
Thereafter, each participant member shall be elected for a three-year term.
D. Each of the ex officio members of the Commission may be represented at any meeting of the Commission by his duly authorized representative.
E. Vacancies on the Commission arising because of death, resignation, or incapacity of a participant member shall be filled by a participant selected by the remaining members of the Commission; however, the person so chosen shall serve only until the next regularly scheduled annual election of a participant member. The participant elected at such election to fill such vacancy shall serve during the remainder of the unexpired term.
F. The members of the Commission shall choose their officers who shall serve for one year terms, but who may be reelected for successive terms.
G. Participant members of the Commission shall be eligible for reelection.
H. Membership on the Commission shall not be incompatible with the holding of any other public office or employment.
I. The members of the Commission shall serve without compensation but shall be entitled to receive travel expenses.
J. The attorney general shall be the legal advisor of the commission.
Added by Acts 1972, No. 623, §1. Amended by Acts 1974, No. 410, §1; Acts 1975, No. 176, §1. Acts 1976, No. 132, §1; Acts 1978, No. 684, §1; Acts 1979, No. 233, §1; Acts 1982, No. 1, §1, eff. May 6, 1982; Acts 2018, No. 615, §1.