La. Admin. Code tit. 32 § VII-703
Current through Register Vol. 50, No. 11, November 20, 2024
Section VII-703 - Severance from EmploymentA. Distributions to a participant shall commence following the date in which the participant severs employment, in a form and manner determined pursuant to LAC 32:VII.713.A, 715.A and 717.A.B. Upon notice to participants, and subject to §701. A B, and 721.A, the administrator may establish procedures under which a participant whose total §457 Deferred Compensation account balance is less than an amount specified by the administrator (not in excess of $1,000 or other applicable limit under the Internal Revenue Code) may receive a lump sum distribution on the first regular distribution commencement date (as the employer or administrator may establish from time to time) following the participant's severance from employment, notwithstanding any election made by the participant pursuant to §721. ALa. Admin. Code tit. 32, § VII-703
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).AUTHORITY NOTE: Promulgated in accordance with R.S. 42:1301-1308 and IRC §457.