La. Admin. Code tit. 58 § V-2003
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-2003 - Actuarial EquivalenceA. The New Orleans Firefighters Pension and Relief Fund shall be a tax-qualified governmental plan as provided in the Internal Revenue Code of 1986, as amended. In accordance with the requirements of the Internal Revenue Code, the following provisions shall apply to the fund. 1. The term actuarial equivalence or terms of similar import, wherever used, means a benefit of equivalent actuarial value determined by using the mortality assumptions and interest rates described herein.a. The mortality assumptions will be based upon the 1971 Group Annuity Mortality Table for males, with male rates set back six years in age for females, at 7 percent interest.b. If payment is in the form of a lump sum distribution or other similar form of distribution for a period less than the life expectancy, the amount of the distribution shall be calculated based on the 1994 UP at 7.5 percent interest.c. For purposes of determining actuarial equivalence, the assumptions used as the basis for actuarial equivalence shall be reviewed periodically by the Board of Trustees and updated and amended if appropriate.La. Admin. Code tit. 58, § V-2003
Promulgated by the Board of Trustees of the Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity, LR 38:1012 (April 2012).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363.