This text of Louisiana § 29:414 (Public retirement systems; payment of contributions; interest) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§414. Public retirement systems; payment of contributions; interest
A.Any employee, who did not elect to make employee contributions pursuant to
R.S. 29:412 to the public retirement system applicable to his employment during his period
of service in the uniformed services, shall be entitled to receive credit for his service in the
uniformed services toward establishing retirement eligibility and for computation of benefits,
upon payment into the system an amount equal to the employee contributions that would
have been paid had the employee continued in employment and not been called to service
in the uniformed services, and, to the extent permitted by federal law, interest thereon at the
valuation interest rate of the system or plan in effect at the time payment is made. The
contributions
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§414. Public retirement systems; payment of contributions; interest
A. Any employee, who did not elect to make employee contributions pursuant to
R.S. 29:412 to the public retirement system applicable to his employment during his period
of service in the uniformed services, shall be entitled to receive credit for his service in the
uniformed services toward establishing retirement eligibility and for computation of benefits,
upon payment into the system an amount equal to the employee contributions that would
have been paid had the employee continued in employment and not been called to service
in the uniformed services, and, to the extent permitted by federal law, interest thereon at the
valuation interest rate of the system or plan in effect at the time payment is made. The
contributions shall be based on the salary, including any increases in compensation that the
employee would have received had he remained in employment during the period of service
in the uniformed services.
B. Upon payment by the employee of the employee contributions and interest, if any,
as provided in Subsection A of this Section, the employer shall pay to the retirement system
an amount equal to the employer contributions that the employer would have paid to the
retirement system had the employee remained in service, together with interest thereon, at
the valuation interest rate in effect at the time payment is made. The contributions shall be
based on the salary the employee would have received during the period of service in the
uniformed services, including any increases in compensation that the employee would have
received had he remained in employment during the period of service in the uniformed
services. The employer contributions and interest due to the system shall be paid within
thirty days after the employee has paid all of the contributions due to the system or fund.
C. All employee contributions and interest due thereon made in payment for credit
for service in the uniformed services in accordance with Subsection A of this Section must
be received by the system within the time period provided in Subsection E of this Section.
D. Should the employee fail to make the required contributions within the time
period authorized by Subsection E of this Section, service in the uniformed services shall be
used only for determining eligibility for retirement benefits. Any unpaid actuarial cost to the
retirement system shall be borne by the employers through reflection in the employer
contribution rate established pursuant to R.S. 11:102 or 103, or as provided by the actuarial
funding requirements and any other laws, rules, or regulations applicable to the public
retirement system in which the employee receives credit under the provisions of this Subpart.
E. The employee shall make the required contributions within the time period
allowable under the Uniformed Services Employment and Reemployment Rights Act of
1994 (USERRA) (38 U.S.C. 4301 et seq.).
Acts 1991, 1st E.S., No. 6, §1, eff. April 17, 1991; Acts 1995, No. 716, §1, eff. June
21, 1995; Acts 2010, No. 1010, §1, eff. June 30, 2010; Acts 2018, No. 225, §2, eff. May 15,
2018.