§ 11:2256.2 — Designation of benefits payable to trust or estate administrator

Louisiana § 11:2256.2

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

Text

§2256.2. Designation of benefits payable to trust or estate administrator
A. A member may designate all or a portion of any benefit paid in accordance with
this Chapter to be paid in trust to any beneficiary, if the terms of the trust so provide and if
the system is provided with a certified copy of the trust document. Such benefit or
designated portion of a benefit shall be paid to the trust for addition to the trust property.
B. If the trust is contested by any party or the distribution is challenged by a former
spouse of the member, the system shall withhold all benefit payments or if a concursus
proceeding is filed deposit them in the registry of the court until there is a final binding legal
agreement or judgment regarding the proper payment of benefits.
C. If the trust terminates under the terms of the trust prior to the death of a designated
beneficiary, then any benefit or portion thereof payable after the date of termination of the
trust shall be paid directly to the legal guardian of each trust beneficiary.
D. The trustee of the trust shall immediately notify the system in writing of the death
of a beneficiary. Upon the death of a beneficiary, benefit payments from the system to the
trust on behalf of the deceased beneficiary shall cease.
E. A member may designate all or a portion of any benefit paid in accordance with
this Chapter to be paid monthly to a court-appointed estate administrator on behalf of the
member's surviving spouse, children, or both, for the purpose of probating a valid testament
wherein such spouse, children, or both are named as legatees and the testament contains a
provision for informal acceptance. For payment to be made to an estate administrator, the
system shall be furnished a certified copy of the testament. This system's actuary shall
determine the methodology for calculating the amount and duration of monthly benefits
payable to the estate administrator based on the provisions of the testament. Such benefit or
designated portion that is paid to the estate administrator shall not be treated as an addition
to the estate assets and shall not be accessible to creditors for payment of any estate debt or
the estate administrator's fees. The estate administrator shall pay such monthly benefits to
the appropriate legatee in accordance with the instructions set forth in the testament. The
estate administrator shall immediately notify this system in writing of the death of any
legatee receiving benefits pursuant to this Subsection. If payment of a benefit or portion
pursuant to this Subsection is contested by any party, the system shall withhold all disputed
benefit payments and institute a concursus action and deposit such benefits into the registry
of the court until there is a final binding legal agreement or judgement regarding the proper
payment.
F. For purposes of this Section only, the term "child" means the issue of a marriage
of a member of this system, the legally adopted child of a member of this system, a child
born outside of marriage of a female member of this system, or the child of a male member
of this system if acknowledged or filiated pursuant to the provisions of the Civil Code.
NOTE: Acts 2014, No. 811 changed terminology referring to persons with
disabilities throughout the La. Revised Statutes and codes of law, and included a
listing of terms that were deleted and their respective successor terms (See Acts
2014, No. 811, §36). The Act provides that it is not the intent of the legislature that
changes in terminology effected therein alter or affect in any way the substance,
interpretation, or application of any law or administrative rule; further provides that
nothing in the Act shall be construed to expand or diminish any right of or benefit for
any person provided by any law or administrative rule (See Acts 2014, No. 811,
§35(C) and (D)).

Legislative History

Acts 2012, No. 427, §1; Acts 2014, No. 811, §4, eff. June 23, 2014; Acts 2021, No. 140, §1.