Louisiana Revised Statutes 11:739 – Purchase of creditable service; eligible rollovers
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 11:739
- Board of trustees: means the board provided for in Part V of this Chapter to administer the retirement system. See Louisiana Revised Statutes 11:701
- Conduit individual retirement account: means an account which is covered by the provisions of Section 408(a) of the United States Internal Revenue Code, provided the account only contains assets rolled over to the account as an eligible rollover distribution from a qualified plan, plus earnings on those assets, but does not contain any other assets. See Louisiana Revised Statutes 11:701
- Creditable service: means "Prior Service" plus "Membership Service" for which credit is allowable as provided in Part III of this Chapter. See Louisiana Revised Statutes 11:701
- Eligible rollover distribution: means a distribution as defined in La. 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
- Qualified plan: means a trust which is covered by the provisions of Section 401(a) of the United States Internal Revenue Code. 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
A member may cause to be paid to this system an eligible rollover distribution from a qualified plan or conduit individual retirement account for the purpose of purchasing creditable service as authorized by this Chapter and the board of trustees, in the time and manner prescribed by the board of trustees.
Acts 1999, No. 40, §1, eff. July 1, 1999.