Louisiana Revised Statutes 11:1615 – Notwithstanding any provision of R.S. 11:143(D), any member of this system who, pursuant to R.S. 11:143, transfers service credit from another retirement system, fund, or plan at an
Terms Used In Louisiana Revised Statutes 11:1615
- Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1581
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1581
- Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:1581
Notwithstanding any provision of La. Rev. Stat. 11:143(D), any member of this system who, pursuant to La. Rev. Stat. 11:143, transfers service credit from another retirement system, fund, or plan at an accrual rate lower than the accrual rate applicable to the member’s service credit earned in this system may purchase the accrual rate of this system for application to all of the member’s transferred service credit by paying an amount calculated on an actuarial basis that totally offsets the increase in accrued liability of this system resulting from the upgrade in the accrual rate applicable to the member’s transferred service credit. All payments for the purchase of the accrual rate upgrade shall be received by the system within forty-five days after written notice is given to the system that the member intends to transfer and upgrade all service credit.
Acts 2022, No. 97, §1, eff. June 30, 2022.