Louisiana Revised Statutes 11:542.3 – Nonrecurring lump-sum supplemental payment for 2022; payment from experience account
Terms Used In Louisiana Revised Statutes 11:542.3
- 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: means any person designated by the member or legally entitled to receive a retirement allowance, an annuity, or other benefit. See Louisiana Revised Statutes 11:403
- Decedent: A deceased person.
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
A. A nonrecurring lump-sum supplemental payment shall be payable to the following retirees and beneficiaries:
(1) Any retiree, other than a disability retiree, who has attained at least age sixty and who has received a benefit for at least one year on June 30, 2022.
(2) Any nonretiree beneficiary, if benefits have been paid to the retiree who was not a disability retiree or the beneficiary or both combined for at least one year and if the decedent would have attained at least age sixty on June 30, 2022.
(3) Any disability retiree or beneficiary who receives benefits based on the death of a disability retiree, if benefits have been paid to the retiree or the beneficiary or both combined for at least one year on June 30, 2022.
B. The nonrecurring lump-sum supplemental payment paid pursuant to the provisions of this Section shall be paid from funds in the system experience account and is payable not later than September 15, 2022.
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 dollars.
Acts 2022, No. 656, §1, eff. June 18, 2022.