2006 Louisiana Laws - RS 11:1641 — Deferred retirement option plan account

§1641.  Deferred Retirement Option Plan Account

A.  The system shall establish a Deferred Retirement Option Plan Account which shall be a part of the system fund.  This account shall not be subject to any fees, costs, or expenses of any kind.

B.  The system shall maintain subaccounts within this account reflecting the credits attributed to each participant in the plan, but the monies in the account shall remain a part of the fund until disbursed to a participant in accordance with the plan provisions.  Interest shall not be credited to a participant's subaccount during the period of participation.

C.  All amounts which remain credited to the individual's subaccount after termination of participation in the plan shall be segregated into a subaccount identified for the benefit of the individual who terminated participation.  Funds in such subaccounts shall be placed in liquid asset money market investments at the discretion of the board of trustees.  Such subaccounts shall be credited with interest at the actual rate of return earned in such subaccount investments.  The total amount of any disbursements from the member's subaccount shall in no case be less than the amount of funds credited to the member's subaccount at the time of termination of participation in the plan.

Acts 1991, No. 75, §1, eff. Jan. 1, 1992; Redesignated from R.S. 16:1052 by Acts 1991, No. 74, §5, eff. June 25, 1991; Acts 1999, No. 33, §1, eff. July 1, 1999; Acts 2003, No. 686, §1.