Louisiana Revised Statutes 11:946 – Benefit provided
Terms Used In Louisiana Revised Statutes 11:946
- Actuarial equivalent: means a benefit of equivalent value to the accumulated contributions, annuity, or benefits, as the case may be, computed on the basis of interest and mortality assumptions adopted in accordance with the provisions of Louisiana Revised Statutes 11:701
- Excess benefit participant: means any member whose retirement benefit as determined on the basis of all qualified plans of the employer without regard to the limitations of Louisiana Revised Statutes 11:701
- Internal Revenue Code: means the United States Internal Revenue Code of 1986, as amended. See Louisiana Revised Statutes 11:701
- Maximum benefit: means the retirement benefit a member is entitled to receive from the system set forth in Part IV of this Chapter in any month after giving effect to 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
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
- Unrestricted benefit: means the monthly retirement benefit a member, or the spouse or child of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of Louisiana Revised Statutes 11:701
A. An excess benefit participant who is receiving benefits from this system is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of either:
(1) The member‘s unrestricted benefit as that term is defined in La. Rev. Stat. 11:701, less the maximum benefit.
(2) The amount by which the member’s monthly benefit from the system has been reduced because of the limitations of La. Rev. Stat. 11:784.1.
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 system except for the limitations under La. Rev. Stat. 11:784.1 and Section 415 of the United States 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 of Trustees of this system. 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 system set forth in Part V 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 system solely because of the limitations of La. Rev. Stat. 11:784.1 and Section 415 of the United States Internal Revenue Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the system.
E. The actuary designated in La. Rev. Stat. 11:834 shall also provide advice to the board for this excess benefit plan.
Acts 1999, No. 356, §1, eff. July 1, 1999.