2006 Louisiana Laws - RS 11:942.1 — Creation of plan

SUBPART C.  ALTERNATIVE CONTRIBUTION PLAN

§942.1.  Creation of plan

A.  There is hereby established an alternative contribution plan for certain members of the Teachers' Retirement System of Louisiana.  Members who are covered under the provisions of R.S. 11:801 or 811, or both, shall not be eligible to participate in this plan.

B.  Any eligible person who is hired on or after January 1, 2003, shall have the option to make a one-time, irrevocable election to participate in this plan within sixty days after his initial date of employment.  If the election is not made within such sixty days, he shall become a member of the regular retirement plan in accordance with R.S. 11:721.

C.  Notwithstanding the provisions of Subsection B of this Section, any otherwise eligible employee who is an active and contributing member with less than five years of service credit in the regular plan and who became a member on or after July 1, 1999, may make an irrevocable election to participate in this plan and transfer to this plan under the provisions of R.S. 11:942.5.

Acts 2001, No. 1055, §1, eff. July 1, 2001.

NOTE:  Acts 2001, No. 1055, §3 provides for plan implementation on or after July 1, 2002.