La. Admin. Code tit. 58 § XXV-501

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

Section XXV-501 - Method of Payment

A. Refunds of accumulated contributions shall be issued as an electronic payment to the member or as a rollover to a qualified financial institution.

B. Refunds may be paid to a checking account, savings account, or debit card, provided the account is in the name of the member receiving the refund.

C. Refunds are issued after all contributions have been received from the employer. In exceptional circumstances, as set out in a written policy, the director may authorize a partial refund.

D. MERS shall withhold federal taxes on refunds as required by the Internal Revenue Service.

La. Admin. Code tit. 58, § XXV-501

Promulgated by the Department of Treasury, Municipal Employees' Retirement System, LR 482369 (9/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1823.