§ 11:3391 — Purchase of service credit; conversion of sick and annual leave

Louisiana § 11:3391

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

Text

§3391. Purchase of service credit; conversion of sick and annual leave
A. Notwithstanding any provision of law to the contrary, any member of the fund
who has credit in the fund for at least five years of service shall be eligible to purchase credit
for up to five years of service credit provided that he shall apply to the fund for such credit
on or before termination of employment, and pay to the fund the greater of the amount
calculated in accordance with the actuarial cost provisions of R.S. 11:158 or the employee
and employer contributions plus interest based on the member's current salary, which
completely offsets the increase in accrued liability of the fund resulting from the receipt of
the credit by the member. No service credit shall be given to the member until or unless such
amount is paid in full. Any credit purchased pursuant to this Section shall be used solely for
calculation of benefits and not for eligibility purposes.
B. Notwithstanding any provision of law to the contrary, at retirement a member may
convert to retirement credit any sick and annual leave remaining to his credit. Any member
electing to exercise the option granted by this Subsection shall file a written notice of such
election with the board of trustees at any time prior to retirement. Accumulated sick and
annual leave shall convert to retirement credit through the sick and annual leave conversions
provided by the New Orleans Civil Service Commission rules and the fund's pension
regulations as provided in the Louisiana Administrative Code or statutes enabling the fund.

Legislative History

Acts 2008, No. 498, §1; Acts 2016, No. 653, §1, eff. June 17, 2016.