§ 11:2257.1 — Self-directed Deferred Retirement Option Plan investment account

Louisiana § 11:2257.1

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

Text

§2257.1. Self-directed Deferred Retirement Option Plan investment account
A. The board of trustees shall select a third-party provider to administer a self-directed investment program for Deferred Retirement Option Plan accounts.
B. The third-party provider selected shall act as an agent of the system for the
purpose of investing the balance in the self-directed account of the participant as directed by
the participant. The participant shall be given investment options that comply with federal
law for the self-directed plan; however, the provider shall have as an investment option a
stable value fund that preserves the participant's principal.
C. Prior to participation in the self-directed Deferred Retirement Option Plan, the
participant shall make an irrevocable, written election of his participation in the plan
acknowledging the following:
(1) All funds in his account or accounts shall be transferred to the third-party
provider of the self-directed investment account.
(2) The participant waives his rights as set forth in Article X, Section 29 of the
Constitution of Louisiana as it relates to interest earned by his Deferred Retirement Option
Plan account.
(3) That the participant and the provider shall be responsible for complying with all
applicable provisions of the Internal Revenue Code and that he and the provider, not the state
or the system, bear the sole responsibility and liability for any violation of the Internal
Revenue Code that occurs as a result of his participation in the self-directed investment
program.
(4) That there shall be no liability on the part of and no cause of action of any nature
shall arise against the state, the system, or its agents or employees for any action taken by the
participant for choices he makes in relation to the investments in which he chooses to place
his account balance.
(5) The benefits payable to the participant are not the obligation of the state or the
system, and any returns and other rights of the plan are the sole liability and responsibility
of the participant and the provider.

Legislative History

Acts 2025, No. 344, §1.