La. Admin. Code tit. 32 § VII-901
Current through Register Vol. 50, No. 8, August 20, 2024
Section VII-901 - Paid and Unpaid Leave of AbsenceA. Paid Leave of Absence. If a participant is on an approved leave of absence from the employer with compensation, or on approved leave of absence without compensation that does not constitute a severance from employment within the meaning of IRC §402(d)(4)(A)(iii) which under the employer's current practices is generally a leave of absence without compensation for a period of one year or less, said participant's participation in the plan may continue.B. Unpaid Leave of Absence. If a participant is on an approved leave of absence without compensation and such leave of absence continues to such an extent that it becomes a severance from employment within the meaning of IRC §402(e)(4)(A)(iii), said participant shall have severed employment with the employer for purposes of this plan. Upon termination of leave without pay and return to active status, the participant may execute a new participation agreement to be effective when permitted by LAC 32:VII.313.B of the plan.La. Admin. Code tit. 32, § VII-901
Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1970 (October 1998), amended LR 28:1500 (June 2002).AUTHORITY NOTE: Promulgated in accordance with IRC §457 and R.S. 42:1301-1308.