Louisiana Revised Statutes 42:454 – Deductions and credits; refunds
Terms Used In Louisiana Revised Statutes 42:454
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
A. The payroll system shall retain detailed accounting for each employee as a subscriber to the payroll savings plan. Such records shall include deductions, purchases, refunds, and current balances. On a scheduled monthly basis the trustee shall purchase bonds for all employees with balances sufficient to purchase bonds in the denominations authorized through an authorized agent or bank of the United States Treasury.
B. The trustee shall allow refund, without interest, of balances due any employee who may decide to discontinue his participation in the payroll savings plan.
The trustee shall pay to the employee, or may transfer to another department for that employee, without interest, the balance to the credit of any employee who, voluntarily or otherwise, severs his connection with the department by which he is employed. In the case of death, any balance to the credit of any deceased employee shall be paid, without interest, to the person legally entitled to receive the refund.
All requests for refunds shall be submitted to the employing department on such forms as are required.
Amended by Acts 1981, No. 642, §1.