Louisiana Revised Statutes 11:1493 – Benefit provided
Terms Used In Louisiana Revised Statutes 11:1493
- Actuarial equivalent: means a benefit of equivalent value to the accumulated contributions, annuity or benefits and regular interest, as the case may be, computed on the basis of such mortality and interest tables as shall be adopted by the board of trustees in accordance with the provisions of La. See Louisiana Revised Statutes 11:1402
- Board: means the board of trustees of the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
- Excess benefit participant: shall mean any member whose retirement benefit, as determined on the basis of all qualified plans without regard to the limitations of La. See Louisiana Revised Statutes 11:1492
- Fund: means the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
- Maximum benefit: shall mean the retirement benefit a member is entitled to receive from the fund set forth in Part III of this Chapter, in any month after giving effect to La. See Louisiana Revised Statutes 11:1492
- Unrestricted benefit: shall mean the monthly retirement benefit a member, or the spouse, child, or single dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of La. See Louisiana Revised Statutes 11:1492
A. An excess benefit participant who is receiving benefits from the fund is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of:
(1) The member’s unrestricted benefit less the maximum benefit.
(2) The amount by which the member’s monthly benefit from the fund has been reduced because of the limitations of La. Rev. Stat. 11:1458.
B. A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the fund, except for the limitations under La. Rev. Stat. 11:1458 and Section 415 of the Internal Revenue Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.
C. This plan shall be administered by the board. Except as provided to the contrary by this Part, the rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the fund set forth in Part I of this Chapter.
D. The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the fund solely because of the limitations of La. Rev. Stat. 11:1458 and Section 415 of the Internal Revenue Code and thus, the amount of contributions that will be made to this excess benefit plan, rather than to the fund.
E. The actuary designated in La. Rev. Stat. 11:1461 shall also provide advice to the board for this excess benefit plan.
Acts 2001, No. 88, §1, eff. July 1, 2001.