La. Admin. Code tit. 58 § III-1501
Account -the total of the individual sub- account(s) maintained on behalf of each participant, beneficiary, or alternate payee under the investment option(s) held pursuant to the plan. The following sub-accounts shall be maintained by the ORP providers: an employer account to which employer contributions shall be credited; and an employee account to which employee contributions shall be credited. The ORP provider shall maintain such other accounts as determined by the ORP provider and the plan administrator.
Alternate Payee-a person who is an alternate payee under an order directed to the plan that the plan administrator or ORP provider has determined to be a domestic relations order.
Applicable Form-a form prescribed by the plan administrator or an ORP provider.
Applicable Law-the law of the state of Louisiana or, where required, federal law, including the Internal Revenue Code.
Beneficiary-the eligible recipient of an annuity or other benefit provided by the plan. A beneficiary shall be a natural person or the succession of a natural person.
Board of Trustees-the board provided for by retirement system law to administer the plan.
Contributions-contributions under the provisions of this plan, including employee contributions and employer contributions.
Distributee-any participant or beneficiary who receives, or but for his/her instruction to the plan administrator or ORP provider is entitled to receive, a distribution. A distributee includes an alternate payee to whom the plan administrator or ORP provider is directed to make a payment under a domestic relations order.
Distribution-as appropriate in the context, any kind of distribution or the particular kind of distribution provided by the plan.
Distribution Commencement Date-the first date on which a distribution (or any payment under a distribution) is paid or becomes payable.
Domestic Relations Order or DRO-a domestic relations order directed to the plan that creates or recognizes the existence of the right of an alternate payee to receive all or a portion of any benefit payable to a participant under the plan and that further meets all requirements for a domestic relations order as applied to a governmental plan.
DRO Distribution-a distribution to an alternate payee required or permitted following a DRO.
Earnable Compensation-the compensation earned by an employee during the full normal working time as a teacher as defined in R.S. 11:701. Earnable compensation shall include any differential wage payment as defined by 26 U.S.C. §3401(h)(2) that is made by an employer to any individual performing qualified military service. Earnable compensation shall not include per diem, post allowances, payment in kind, hazardous duty pay, or any other allowance for expense authorized and incurred as an incident to employment, nor payments in lieu of unused sick or annual leave, nor retroactive salary increases unless such an increase was granted by legislative act or by a city or parish system wide salary increase, nor payment for discontinuation of contractual services, unless the payment is made on a monthly basis. If an employee is granted an official leave and he or she makes contributions for the period of leave, earnable compensation shall not include compensation paid for other employment which would not have been possible without the leave. The board of trustees shall determine whether or not any other payments are to be classified as earnable compensation.
Effective Date-July 1, 1990, which is the effective date of the plan. The implementation of the plan for academic and administrative employees of public institutions of higher education occurred on July 1, 1990. The implementation of the plan for employees of constitutionally established higher education boards occurred on July 1, 1998.
Eligible Employee-has the meaning provided in R.S. 11:921 and 11:928.
Employee Contribution -contributions required from the participant under R.S. 11:927.
Employer-any employer of an employee who makes irrevocable election to be in the plan which includes employees of the Board of Regents, Board of Supervisors of the University of Louisiana System, Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, and Board of Supervisors of Southern University and Agricultural and Mechanical College, or their successors, any other constitutionally established board which manages institutions of higher education, public institutions of higher education, or any other TRSL-covered employer with an employee required to continue participation in the ORP as provided in R.S. 11:928.
Employer Contributions-contributions made by the employer under R.S. 11:927.
Enabling Statute-R.S. 11:921 et seq.
Internal Revenue Code or IRC-the Internal Revenue Code of 1986, as amended, and including any regulations and rulings (or other guidance of general applicability) under the IRC, as applicable to a governmental plan as defined by IRC§414(d)
Investment Option-any investment option offered by the ORP provider.
ORP Provider-a company designated by the Board of Trustees of the Teachers' Retirement System of Louisiana under R.S. 11:924.
Participant-the eligible employee who has irrevocably elected to participate in the plan.
Payout Option-any of the annuity options or other options for payment that is provided in R.S. 11:929. A payout option must satisfy all applicable provisions of the plan.
Personal Representative-the person duly appointed by an order of the court (or of a registrar or administrator under the courts supervision) having jurisdiction over the estate of the participant that grants the person the authority to receive the property of the deceased participant and to act as the personal representative of the participants probate estate.
Plan or ORP-the Louisiana optional retirement plan provided by R.S. 11:921 et seq., and applicable regulations.
Plan Administrator-consistent with R.S. 11:923 and R.S. 11:924, the Teachers' Retirement System of Louisiana Board of Trustees or any successor.
Plan Sponsor-the state of Louisiana.
Regular Retirement Plan-the defined benefit pension plan administered by the Teachers Retirement System of Louisiana.
Retirement System Law-those provisions of title 11 of the Revised Statutes of Louisiana that apply generally to the management or administration of this plan or the regular retirement plan of the Teachers' Retirement System of Louisiana.
Rollover Distribution-any eligible rollover distribution that is to be paid directly into an eligible retirement plan as a rollover under IRC §§401(a)(31) and 402.
R.S.-Louisiana Revised Statutes.
SEC-the Securities and Exchange Commission, an agency of the government of the United States of America, established by §4(a) of the federal Securities Exchange Act of 1934.
Severance from Employment-the date the participant terminates employment with an employer with no obligation for future services to be performed for an employer in the plan by the participant.
Spouse-the person to whom a participant is married if the marriage is recognized by the state or other United States territory where the marriage is entered into, regardless of domicile. A domestic partner shall not be treated as a spouse.
State-the state of Louisiana unless the context clearly indicates otherwise.
TRSL-Teachers Retirement System of Louisiana.
Trust-the legal entity and the legal relationship created by state law. Consistent with IRC §401(a)(2), the trust must be solely for the purposes of the plan.
La. Admin. Code tit. 58, § III-1501