2006 Louisiana Laws - RS 11:449 — Deferred retirement option plan

§449.  Deferred Retirement Option Plan

A.  The system shall establish a Deferred Retirement Option Plan which shall be a part of the system fund.  While participating in the plan, participant's contributions shall be credited to subaccounts as herein established.

(1)  The contributing period shall mean that time period when funds are being credited to the participant's subaccount maintained by the system.

(2)  After the contributing period ends, the balance of the subaccount shall then be transferred to the self-directed subaccount, which shall be known as the investment period.

B.  Both subaccounts shall be within the Deferred Retirement Option Plan established herein.  Management of the funds shall be by the system during the contributing period.  When the funds are transferred to the self-directed subaccount for the investment period, the system is authorized to hire a third party provider who shall be an agent of the system for purposes of investing balances in the self-directed subaccounts of the participants.

C.  The system or the third party provider shall maintain the subaccounts within this plan reflecting the credits attributed to each participant in the plan during the contributing or investment period. All monies in the subaccounts, while the participant is employed, shall remain a part of the fund, regardless of in which subaccount the monies are maintained, until disbursed to a participant in accordance with the plan provisions upon termination of employment.

D.  Interest shall not be credited to a participant's subaccount during the contributing period.  All amounts which remain credited to the individual's subaccount after termination of participation in the plan and employment shall be disbursed as provided in R.S. 11:450.

Acts 1990, No. 14, §1, eff. Jan. 1, 1991; Redesignated from R.S. 42:578.3 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2003, No. 818, §1, eff. Jan. 1, 2004; Acts 2003, No. 962, §1, eff. Jan. 1, 2004.

NOTE:  See Acts 2003, No. 962, §3, relative to applicability of provisions relative to LASERS and Acts 2003, No. 818, superceding conflicting provisions of Act No. 962.  (Affects Subsection D as so designated in Act No. 818.)

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