§ 11:1883 — Benefit provided

Louisiana § 11:1883

• Jurisdiction: Louisiana
• Title 11: Consolidated Public Retirement Systems

Text

A. An excess benefit participant who is receiving benefits from this system is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of either:
(1) The member's unrestricted benefit, less the maximum benefit.
(2) The amount by which the member's monthly benefit from the system has been reduced because of the limitations of R.S. 11:1767.
B. A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the system except for the limitations under R.S. 11:1767 and Section 415 of the United States Internal Revenue Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.
C. This plan shall be administered by the board of trustees of this system. Except as provided to the contrary by this Part, the rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the system as set forth in Part V of this Chapter.
D. The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the system solely because of the limitations of R.S. 11:1767 and Section 415 of the United States Internal Revenue Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the system.
E. The actuary designated in R.S. 11:1826 shall also provide advice to the board for this excess benefit plan.

Legislative History

Acts 1999, No. 398, §1.