Louisiana Revised Statutes 11:1145.4 – 2021 minimum benefit increase; payment from experience account
Terms Used In Louisiana Revised Statutes 11:1145.4
- 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 in receipt of a pension, an annuity, a retirement allowance or other benefit provided by this Chapter. See Louisiana Revised Statutes 11:1002
- Employee: means any person legally occupying a position as a school bus driver who actually renders a service by driving a school bus during the full time of his employment, a school janitor, a school custodian, a school maintenance employee, school bus aide, monitor or attendant, or other regular school employee who actually works on a school bus helping with the transportation of school children, and who is a legal employee of a parish or city school board of the state of Louisiana, and shall include the employees of this system. See Louisiana Revised Statutes 11:1002
- Member: means any school employee, as defined in Paragraph (13) of this Section, as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1002
- Minor child: means an unmarried child under the age of eighteen years or an unmarried student under the age of twenty-three years who is the issue of a marriage of a member of this system, the legally adopted child of a member of this system, the natural child of a female member of this system, or the child of a male member of this system if a court of competent jurisdiction has made an order of filiation declaring the paternity of such a member for the child or if the name of the father appears on the birth certificate or if the father has formally acknowledged the child. See Louisiana Revised Statutes 11:1002
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
- Spouse: means a person who is legally married to a member of this system and shall not include a person who is legally separated from a member of this system by a judgment of separation. See Louisiana Revised Statutes 11:1002
A. A monthly minimum benefit increase shall be payable to:
(1) Each retiree of the system who, on June 30, 2021, meets all of the following criteria:
(a) He has thirty or more years of service credit, exclusive of unused leave.
(b) He has been retired for fifteen years or more.
(c) He receives a monthly retirement benefit of less than one thousand four hundred fifty dollars.
(d) He is at least sixty years of age.
(e) He has neither participated in the Deferred Retirement Option Plan pursuant to La. Rev. Stat. 11:1152 nor chosen an Initial Benefit Retirement Plan pursuant to La. Rev. Stat. 11:1152.1.
(2) Each nonretiree beneficiary receiving a benefit on June 30, 2021, who, as of June 30, 2021, meets all of the following criteria:
(a) The deceased member had thirty or more years of service credit exclusive of unused leave.
(b) The retiree and nonretiree beneficiary, or both combined, have received a benefit for at least fifteen years.
(c) The nonretiree beneficiary receives a monthly retirement benefit of less than one thousand four hundred fifty dollars.
(d) The deceased member would be at least sixty years of age had he lived.
(e) The deceased member neither participated in the Deferred Retirement Option Plan pursuant to La. Rev. Stat. 11:1152 nor chose an Initial Benefit Retirement Plan pursuant to La. Rev. Stat. 11:1152.1.
(3) Any unmarried surviving spouse, any surviving minor child, or any surviving totally physically handicapped or mentally disabled child of a deceased member which survivor is receiving a monthly retirement benefit pursuant to La. Rev. Stat. 11:1151 of less than one thousand four hundred fifty dollars if, on June 30, 2021, all of the following apply to the deceased member:
(a) He had at least thirty years of service credit, exclusive of unused leave.
(b) He has been deceased for fifteen years or more.
(c) He would have been at least age sixty.
(d) He had not participated in the Deferred Retirement Option Plan pursuant to La. Rev. Stat. 11:1152 and had not chosen an Initial Benefit Retirement Plan pursuant to La. Rev. Stat. 11:1152.1.
B. Each person to whom this Section applies, except as provided in Subsection C of this Section, shall have his current monthly retirement benefit amount increased by the lesser of:
(1) Three hundred dollars.
(2) The difference between one thousand four hundred fifty dollars and his current monthly benefit amount.
C.(1) Notwithstanding Subsection B of this Section, if any nonretiree beneficiary to whom this Section applies is receiving a monthly benefit amount based upon an optional allowance pursuant to La. Rev. Stat. 11:1150 which is less than that received by the retiree while alive, the amount of the increase that would otherwise be payable pursuant to Subsection B of this Section shall be prorated based upon the option selected.
(2) Notwithstanding Subsection B of this Section, if a survivor to whom Paragraph (A)(3) of this Section applies is the sole survivor receiving a benefit pursuant to La. Rev. Stat. 11:1151, he shall have his current monthly retirement benefit increased by the lesser of three hundred dollars or the difference between one thousand four hundred fifty dollars and his current monthly benefit amount. If there are multiple survivors to whom Paragraph (A)(3) of this Section applies, such survivors shall share equally a monthly benefit increase of three hundred dollars.
D. The provisions of this Section shall not apply to any retiree, nonretiree beneficiary, or survivor receiving a benefit pursuant to a reciprocal agreement recognized by the system.
E. The actuarial cost of implementing the provisions of this Section shall be paid from the employee experience account.
F. The increase provided pursuant to this Section shall begin on July 1, 2021.
Acts 2021, No. 37, §1, eff. June 1, 2021.