Louisiana Revised Statutes 11:1343 – Benefit amount
Terms Used In Louisiana Revised Statutes 11:1343
- Board: means the Louisiana State Police Retirement System Board. See Louisiana Revised Statutes 11:1301
- Excess benefit participant: means 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 11:1342
- Maximum benefit: means the retirement benefit a member is entitled to receive pursuant to the provisions of this Chapter in any month after giving effect to La. See Louisiana Revised Statutes 11:1342
- Pension plan: means the defined benefit plan created by this Chapter and administered by the board to provide monthly benefits for retirees, beneficiaries, and survivors. See Louisiana Revised Statutes 11:1301
- System: means the Louisiana State Police Retirement System. See Louisiana Revised Statutes 11:1301
- Unrestricted benefit: means the monthly retirement benefit a member, or the spouse, child, or 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 11:1342
A. An excess benefit participant who is receiving benefits from the system‘s pension plan 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; or
(2) The amount by which the member’s monthly benefit from the system’s pension plan has been reduced because of the limitations of La. Rev. Stat. 11:1336.
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’s pension plan except for the limitations under La. Rev. Stat. 11:1336 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. The rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the system’s pension plan as provided in this Title.
D. The actuary employed by the board shall determine the amount of benefits that may not be provided by the system solely because of the limitations of La. Rev. Stat. 11:1336 and Section 415 of the Internal Revenue Code and thus the amount of contributions that will be paid to the excess benefit plan rather than to the system’s pension plan.
Acts 2003, No. 876, §1, eff. July 1, 2003.