Louisiana Revised Statutes 11:1577 – Benefit provided
Terms Used In Louisiana Revised Statutes 11:1577
- Board: means the board of trustees of the Clerks' of Court Retirement and Relief Fund. See Louisiana Revised Statutes 11:1503
- Excess benefit participant: shall mean any member whose retirement benefit as determined on the basis of all qualified plans without regard to the limitations of Louisiana Revised Statutes 11:1576
- Maximum benefit: shall mean the retirement benefit a member is entitled to receive from the pension plan set forth in Part III of this Chapter in any month after giving effect to Louisiana Revised Statutes 11:1576
- Unrestricted benefit: shall mean the monthly retirement benefit a member, or the spouse, child, or single dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of Louisiana Revised Statutes 11:1576
A. An excess benefit participant who is receiving benefits from the 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.
(2) The amount by which the member’s monthly benefit from the pension plan has been reduced because of the limitations of La. Rev. Stat. 11:1531.
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 pension plan except for the limitations under La. Rev. Stat. 11:1531 and Section 415 of the 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. Except as provided to the contrary by this Part, the rights, duties, and responsibilities of the board of trustees shall be the same for this excess benefit plan as for the pension plan set forth in Part IV of this Chapter.
D. The actuary employed by the board of trustees is responsible for determining the amount of benefits that may not be provided under the pension plan solely because of the limitations of La. Rev. Stat. 11:1531 and Section 415 of the Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the pension plan.
E. The actuary designated in La. Rev. Stat. 11:1542(12) shall also provide advice to the board of trustees for this excess benefit plan.
Acts 1999, No. 34, §1.