La. Admin. Code tit. 32 § VII-701

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

Section VII-701 - Conditions for Distributions

A. Payments from the participants §457 Deferred Compensation Plan account to the participant or beneficiary shall not be made, or made available, earlier than:

1. the participant's severance from employment pursuant to LAC 32:VII.703.A or death; or

2. the participant's account meets all of the requirements for an in-service de minimus distribution pursuant to LAC 32:VII.705.A and B; or

3. the participant incurs an approved unforeseeable emergency pursuant to LAC 32:VII.709.A; or

4. the participant transfers an amount to a defined benefit governmental plan pursuant to LAC 32:VII.705.C; or

5. the calendar year in which an in-service participant attains age 59 1/2; or

6. the participant makes a qualified birth or adoption distribution pursuant to §113 of the Setting Every Community Up for Retirement Act of 2019. Any such qualified birth or adoption distribution shall not exceed $5,000 per birth or adoption. The commission or plan administrator may rely upon a participant's birth or adoption certificate for purposes of determining eligibility.

B. Payments from a Participant's Rollover Account(s). If a participant has a separate account attributable to rollover contributions to the plan, the participant may at any time elect to receive a distribution of all or any portion of the amount held in the rollover account(s).

C. In order to implement the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted on December 20, 2019, and SECURE 2.0 Act, enacted on December 29, 2022, relating to required minimum distributions, including but not limited to §707 and §711 of the Plan, the commission is hereby authorized to enter into any and all agreements with the plan administrator so that the plan is in compliance with all federal laws and regulations.

La. Admin. Code tit. 32, § VII-701

Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1967 (October 1998), amended LR 28:1497 (June 2002), LR 32:121(January 2006), Amended LR 501011 (7/1/2024).

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