La. Admin. Code tit. 58 § V-1901
Current through Register Vol. 50, No. 9, September 20, 2024
Section V-1901 - General Rules for ParticipationA. Upon application for retirement, a participant may elect to receive the actuarial equivalent of his retirement benefit as a reduced monthly benefit, payable for life, plus an initial lump-sum benefit. The amount of the initial lump-sum benefit, as determined by the member, shall not exceed an amount equal to the member's normal monthly retirement benefit times 60.B. The member's monthly retirement will be actuarially reduced based on the lump-sum amount withdrawn and the member's age at retirement. The partial lump-sum benefit, together with the member's reduced normal retirement benefit, must be actuarially equivalent to the member's normal retirement benefit as set forth in R.S. 11:3384.C. The cost of living adjustment (COLA) granted by the board of trustees to retirees who elect to receive a reduced retirement benefit and a partial lump-sum benefit shall be based only on the reduced retirement benefit and shall not be based on the partial lump-sum benefit.La. Admin. Code tit. 58, § V-1901
Promulgated by the Board of Trustees of the Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity, LR 26:291 (February 2000), repromulgated LR 26:1610 (August 2000), amended LR 30:1684 (August 2004).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363, and 3385.2.