2006 Louisiana Laws - RS 11:3688.1 — Amendments

§3688.1.  Amendments

A.  An action of the board of trustees with respect to cost-of-living adjustments as provided in R.S. 11:3685(D), employee contributions as provided in R.S. 11:154,* and actuarial assumptions as provided in R.S. 11:3688(D), shall be considered amendments to the provisions of this retirement system.

B.  No amendment to this retirement system shall operate to deprive any member of a benefit to which he is already entitled.  In the case of any merger or consolidation with, or transfer of assets or liabilities to, any other retirement system, each member in the retirement system will, if the retirement system is then terminated, receive a benefit immediately after the merger, consolidation, or transfer equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer, if the retirement system had then terminated.

C.  Upon the termination or partial termination of the retirement system or upon the discontinuance of contributions by the employer without formal termination of the retirement system, the board of trustees shall reevaluate and redetermine the benefit of each member in accordance with law, and the entire benefit of each member may be paid or commence to be paid and distributed to such member, or in the case of his death before such distribution, to the beneficiary or beneficiaries designated by such member, or may be held until payment otherwise due under the provisions of the retirement system.  A member's right to his benefit is not conditioned upon a sufficiency of plan assets in the event of termination.

Acts 1998, 1st Ex. Sess., No. 97, §1, eff. May 5, 1998.

*As appears in enrolled bill.