Louisiana Revised Statutes 11:1516 – Repayment of withdrawn accumulated employee contributions
Terms Used In Louisiana Revised Statutes 11:1516
- Accumulated employee contributions: means the sum of all amounts deducted from a member's salary and paid to the fund. See Louisiana Revised Statutes 11:1503
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Employee: means any regular employee of a clerk, minute clerk, and employees of the Louisiana Clerks of Court Association, the Louisiana Clerks' of Court Retirement and Relief Fund, and the Louisiana Clerks of Court Insurance Fund, who works more than an average of twenty hours per week. See Louisiana Revised Statutes 11:1503
- Fund: means the Clerks' of Court Retirement and Relief Fund. See Louisiana Revised Statutes 11:1503
A. If a former member who had withdrawn his accumulated employee contributions again becomes a member of the fund, he may repay to the fund in a lump sum the amount he withdrew plus compounded interest at the rate of eight percent per year computed from the date of withdrawal. Upon such repayment, the member shall be credited for all service which was canceled and forfeited at the time of the prior refund and all other rights shall be restored.
B. Any payment for service credit pursuant to this Section received by the fund on or after January 1, 2002, may be accomplished by a trustee-to-trustee transfer of monies to this fund from an annuity in compliance with Section 403(b) of the Internal Revenue Code or any successor thereto, or from a deferred compensation plan in compliance with Section 457 of the Internal Revenue Code or any successor thereto, so long as such transfer otherwise complies with all other applicable provisions of federal and state law.
Acts 1986, No. 1063, §1, eff. Oct. 1, 1986; Redesignated from La. Rev. Stat. 13:940 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2003, No. 687, §1, eff. July 1, 2003.
NOTE: See Acts 2003, No. 687, §2, relative to retroactive application.