Louisiana Revised Statutes 11:883.3.1 – A. A monthly minimum benefit increase shall be payable to:
Terms Used In Louisiana Revised Statutes 11:883.3.1
- 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 the eligible recipient of a pension, annuity, retirement allowance, or other benefit provided in this Chapter. See Louisiana Revised Statutes 11:701
- Member: means any teacher included in the membership of the system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:701
- Minor child: means an unmarried child under the age of twenty-one 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, a child born outside of marriage of a female member of this system, or the child of a male member of this system if a court of competent jurisdiction has, pursuant to the provisions of the Civil Code rendered a judgment of filiation declaring the paternity of such member for the child. See Louisiana Revised Statutes 11:701
- 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 11:701
- Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
- Spouse: shall mean 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, unless such person has voluntarily reconciled with the member and which reconciliation is established by a court of competent jurisdiction. See Louisiana Revised Statutes 11:701
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. 11:786 nor chosen an Initial Lump Sum Benefit pursuant to La. Rev. Stat. 11:783(A)(3).
(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. 11:786 nor chose an Initial Lump Sum Benefit pursuant to La. Rev. Stat. 11:783(A)(3).
(3) Any unmarried surviving spouse or any surviving minor child as that term is defined in La. Rev. Stat. 11:701, of a deceased member which survivor is receiving a monthly retirement benefit pursuant to La. Rev. Stat. 11:762 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 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. 11:786 and had not chosen an Initial Lump Sum Benefit pursuant to La. Rev. Stat. 11:783(A)(3).
B. Each person to whom this Section applies, except as provided in Subsection C of this Section, shall have his current monthly retirement benefit increased by the lesser of:
(1) Three hundred dollars.
(2) The difference between one thousand four hundred fifty dollars and his current monthly benefit.
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. 11:783(A)(2), which amount is less than that received by the retiree while alive, the amount of the monthly benefit 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. 11:762, 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. In the event 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.