La. Admin. Code tit. 32 § VII-309
Current through Register Vol. 50, No. 8, August 20, 2024
Section VII-309 - Employer Modification of DeferralA. The commission shall have the right to modify or disallow the periodic deferral of compensation elected by the participant:1. in excess of the limitations stated in LAC 32:VII.303.A and 305.A;2. in excess of the participant's net compensation for any pay period;3. upon any change in the length of pay period utilized by employer. In such case the periodic deferral shall be adjusted so that approximately the same percentage of pay shall be deferred on an annual basis;4. in order to round down periodic deferrals to the nearest whole cent amount;5. to reduce the future deferrals in the event that the amount actually deferred for any pay period exceeds, for any reason whatsoever, the amount elected by the participant. In the alternative, such amount of excess deferral may be refunded to the participant. No adjustment in future deferrals shall be made if a periodic deferral is missed or is less than the amount elected, for any reason whatsoever; or6. if the deferral elected for any pay period is less than the minimum amount specified in LAC 32:VII.301.A.3.B. To the extent permitted by, and in accordance with, the Internal Revenue Code, the employer or administrator may distribute the amount of a participant's deferral in excess of the distribution limitations stated in §301 notwithstanding the limitations of §701 A; provided, however, that the employer and the commission shall have no liability to any participant or beneficiary with respect to the exercise of, or the failure to exercise, the authority provided in this §309La. Admin. Code tit. 32, § VII-309
Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1965 (October 1998), amended LR 28:1496 (June 2002), LR 32:121 (January 2006).AUTHORITY NOTE: Promulgated in accordance with R.S. 42:1301-1308 and IRC §457.