Louisiana Revised Statutes 11:2256.3 – Nonrecurring lump-sum supplemental payment in 2023
Terms Used In Louisiana Revised Statutes 11:2256.3
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: shall mean any natural or juridical person or estate administrator designated to receive a pension, an annuity, a retirement allowance, or other benefit as provided by this Chapter. See Louisiana Revised Statutes 11:2252
A. A nonrecurring lump-sum supplemental payment shall be paid to the following retirees and beneficiaries:
(1) Any retiree who has received a benefit for at least one year on June 30, 2023.
(2) Any nonretiree beneficiary if the retiree or beneficiary or both combined have received a benefit for at least one year on June 30, 2023.
B. The supplemental payment paid pursuant to the provisions of this Section shall be paid no later than August 1, 2023.
C. Each retiree or beneficiary to whom this Section applies shall receive a nonrecurring lump-sum supplemental payment in an amount that is equal to the lesser of:
(1) The retiree or beneficiary’s current monthly benefit.
(2) Two thousand five hundred dollars.
Acts 2023, No. 337, §1, eff. June 12, 2023.