La. Admin. Code tit. 32 § VII-1301
Current through Register Vol. 50, No. 11, November 20, 2024
Section VII-1301 - TerminationA. The commission may at any time terminate this plan; provided, however, that no termination shall affect the amount of benefits, which at the time of such termination shall have accrued for participants or beneficiaries. Such accrued benefits shall include any compensation deferred before the time of the termination and income thereon accrued to the date of the termination.B. Upon such termination, each participant in the plan shall be deemed to have revoked his agreement to defer future compensation as provided in LAC 32:VII.311.A as of the date of such termination. Each participant's full compensation on a non-deferred basis shall be restored.La. Admin. Code tit. 32, § VII-1301
Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1970 (October 1998), amended LR 28:1501 (June 2002).AUTHORITY NOTE: Promulgated in accordance with R.S. §42:1301-1308 and IRC §457.