Louisiana Revised Statutes 42:1122 – Continuation in certain pension and other plans by public servants
Terms Used In Louisiana Revised Statutes 42:1122
- Public servant: means a public employee or an elected official. See Louisiana Revised Statutes 42:1102
- Service: means the performance of work, duties, or responsibilities, or the leasing, rental, or sale of movable or immovable property. See Louisiana Revised Statutes 42:1102
A. Pension and benefit plans. A public servant may continue in a bona fide pension, insurance, or other benefit plan maintained by a former employer, provided that such former employer makes no contributions in his behalf with respect to the period of his public service. However, a former employer may make contributions to a pension plan that is qualified under the Internal Revenue Code or to any pension, insurance, or other benefit plan, if such contributions are made on behalf of all former employees who continue in the plan.
B. Profit sharing or stock bonus plans. The rights acquired by a public servant under a bona fide profit sharing or stock bonus plan qualified under the Internal Revenue Code and maintained by a former employer may be retained by such public servant, provided the former employer makes no contributions on his behalf based upon profits derived during the period of his public service.
Acts 1979, No. 443, §1, eff. April 1, 1980.