La. Admin. Code tit. 58 § VII-101

Current through Register Vol. 50, No. 9, September 20, 2024

Section VII-101 - Rules for the Administration of Act 416 of 1976

A. This system will recognize only that retirement service credit in those state, municipal, and parochial retirement systems domiciled in the state of Louisiana and which were created under the laws of the state of Louisiana or created by the Louisiana Legislature for employees covered under these systems.

B. Withdrawal of funds from any system voids the reciprocal recognition of service agreement.

C. Withdrawal from any system where the recognized service in another system was necessary to make an individual eligible for membership voids the membership of such individual, as well as the reciprocal recognition of service agreement.

D. Repayment of refunds, and interest thereon, to reestablish service credit must be paid in full to all systems named in the application before the application for reciprocal recognition of service credit will be accepted as a valid application, regardless of when submitted.

E. Recognition of creditable service for the purposes of this Act does not include recognition or acceptance for any other purpose than those enumerated and specified in Act 416 of 1976 Regular Session.

F.Lump sum benefit, as used in this Act, shall refer to the supplementary allowance provided in R.S. 17:913C.

G. The last beneficiary designation on file in this agency will be the beneficiary of record for this system, whether filed before or after the repayment of a refund or a reciprocal recognition of service agreement.

H. Recognized creditable service from other systems and creditable service in this system will be converted to whole years and partial years, with partial years expressed as a percentage of a year.

I. The service referred to in Paragraph F(2) refers only to those systems where the years of service determines the percentage benefit (e.g., after 20 years a person may retire with 60 percent of his best three years, or after 25 years a person may retire with 75 percent of his best three years, etc.), and therefore, is not applicable to benefits or computations of benefits from this system.

J.Pro rata portion and proportion used in this Act shall be based on the maximum benefit in each system.

La. Admin. Code tit. 58, § VII-101

Promulgated by the Board of Trustees of the School Employees Retirement System, LR 3:76 (February 1977).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1165.