La. Admin. Code tit. 32 § VII-105

Current through Register Vol. 50, No. 8, August 20, 2024

Section VII-105 - Duties of Commission

A. The duties shall include:

1. appointing one (or more) attorney, accountant, actuary, custodian, record keeper or any other party needed to administer the plan;

2. directing the trustee or custodian with respect to payments from assets held in the plan;

3. communicating with employees regarding their participation and benefits under the plan, including the administration of all claims procedures;

4. filing any returns and reports with the Internal Revenue Service or any other governmental agency;

5. reviewing and approving any financial reports, investment reviews, or other reports prepared by any party appointed under §105. A l;

6. establishing a funding policy and investment objectives consistent with the purposes of the plan;

7. construing and resolving any question of plan interpretation. The commission's interpretation of plan provisions (including eligibility and benefits under the plan) is final;

8. appointing an emergency committee comprised of at least three individuals. Applications for a withdrawal of deferred compensation based on an unforeseeable emergency shall be approved or disapproved by such committee:

a. a participant shall furnish medical or other evidence to the emergency committee to establish and substantiate the existence of an unforeseeable emergency;

b. if an application for a withdrawal based on unforeseeable emergency is approved, the amount of the withdrawal shall be limited to the amount required to meet such emergency. Payment shall not be made to the extent such emergency is relieved:

i. through reimbursement or compensation by insurance or otherwise;

ii. by the liquidation of the participant's assets, provided the liquidation does not cause a financial hardship; or

iii. by the revocation of the participant's deferral authorization.

La. Admin. Code tit. 32, § VII-105

Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1963 (October 1998), amended LR 28:1495 (June 2002).

AUTHORITY NOTE: Promulgated in accordance with IRC §457 and R.S. 42:1301-1308.