La. Admin. Code tit. 32 § VII-711

Current through Register Vol. 50, No. 11, November 20, 2024

Section VII-711 - Death Benefits

A. Upon the participant's death, the participant's remaining account balance(s) will be distributed to the beneficiary commencing after the administrator receives satisfactory proof of the participant's death (or on the first regular distribution commencement date thereafter as the employer or administrator may establish from time to time), unless prior to such date the beneficiary elects a deferred commencement date, in a form and manner determined pursuant to LAC 32:VII.713.A and 717.A.

B. If there are two or more beneficiaries, the provisions of this §711 and of §717. A shall be applied to each beneficiary separately with respect to each beneficiary's share in the participant's account.

C. If the participant's designated beneficiary is an eligible designated beneficiary, the designated beneficiary must take distributions over a period no longer than their life expectancy or 10 years, whichever is greater.

D. If the participant's designated beneficiary is not an eligible designated beneficiary, the designated beneficiary must take the participant's entire account balance by the end of the tenth year following the year of the participant's death.

E. If the participant's beneficiary is the surviving spouse, the surviving spouse may elect to rollover the account or be treated as the participant for required minimum distribution purposes.

F. Under no circumstances shall the commission be liable to the beneficiary for the amount of any payment made in the name of the participant before the commission receives satisfactory proof of the participant's death.

La. Admin. Code tit. 32, § VII-711

Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1968 (October 1998), amended LR 28:1498 (June 2002), LR 32:122(January 2006), Amended LR 501012 (7/1/2024).

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