Louisiana § RS 11:1331.3 - 2021 nonrecurring benefit payment; payment from experience account

§ RS 11:1331.3. 2021 nonrecurring benefit payment; payment from experience account

            A. A nonrecurring lump sum shall be payable to:

            (1) Each retiree of the system, other than a disability retiree, who meets all of the following criteria:

            (a) The retiree, or the retiree and an alternate payee both combined, receives a monthly benefit of two thousand five hundred dollars or less.

            (b) The retiree has attained at least age sixty by June 30, 2021.

            (c) The retiree has received a benefit for at least one year by June 30, 2021.

            (d) The retiree has neither participated in the Deferred Retirement Option Plan pursuant to R.S. 11:1307 and 1307.1, Back-Deferred Retirement Option Plan pursuant to R.S. 11:1312.1, nor Initial Benefit Option.

            (e) The retiree was hired prior to September 8, 1978, and retired with twenty or more creditable years of service pursuant to the provisions of R.S. 11:1307(A)(2)(a), or was hired on or after September 8, 1978, and retired with twenty-five or more creditable years of service pursuant to the provisions of R.S. 11:1307(A)(2)(b).

            (2) Each nonretiree beneficiary receiving a benefit who meets all of the following criteria:

            (a) The nonretiree beneficiary's benefit is not based upon the death of a disability retiree.

            (b) The benefits had been paid to the retiree or the beneficiary, or both combined for at least one year as of June 30, 2021.

            (c) The retiree would have attained age sixty by June 30, 2021.

            (d) The retiree for whose benefit the nonretiree is a beneficiary, otherwise meets the criteria set forth in Paragraph (1) of this Subsection.

            (3) Any person who receives a survivor benefit from the system based upon a member's death in the line of duty as of June 30, 2021.

            (4) Any disability retiree, or a person who receives benefits from the system based on the death of a disability retiree, as of June 30, 2021.

            B. Any benefit increase paid pursuant to the provisions of this Section shall be paid from the funds in the system experience account.

            C. Each person to whom this Section applies shall receive a nonrecurring lump sum payment, payable August 31, 2021, that is the lesser of:

            (1) Three dollars for each month of creditable service plus two dollars for each month of retirement up through June 30, 2021.

            (2) The member's current monthly benefit.

            D. The actuarial cost of implementing the provisions of this Section shall be paid from the employee experience account.

            Acts 2021, No. 37, §1, eff. June 1, 2021.