2006 Louisiana Laws - RS 11:1640 — Plan participation

§1640.  Plan participation

A.  Upon the effective date of commencement of participation in the plan and during the period of participation in the plan, membership in the retirement system shall continue and the participant shall be in inactive status.  During this period, employee contributions shall be one-half of one percent of employee compensation; however, employer contributions, if any, shall continue to be paid in full.

B.  For purposes of this Section, final average compensation and creditable service shall remain fixed as they existed on the date of commencement of participation in the plan.

C.  Retirement benefits based on final average compensation and creditable service as established under Subsection B of this Section and which otherwise would have been due the participant shall, during the period of participation in the plan, be credited to the Deferred Retirement Option Plan Account.

D.  Individuals who participate in the plan shall not receive the benefit of any cost-of-living adjustments granted during participation while employed and for a period of one year following termination of employment.

Added by Acts 1991, No. 75, §1, eff. Jan. 1, 1992; Redesignated from R.S. 16:1501 by Acts 1991, No. 74, §3, eff. June 25, 1991.