Louisiana § RS 29:414 - Public retirement systems; payment of contributions; interest

§ RS 29:414. Public retirement systems; payment of contributions; interest

            A. Any employee, who did not elect to make employee contributions pursuant to R.S. 29:412 to the public retirement system applicable to his employment during his period of service in the uniformed services, shall be entitled to receive credit for his service in the uniformed services toward establishing retirement eligibility and for computation of benefits, upon payment into the system an amount equal to the employee contributions that would have been paid had the employee continued in employment and not been called to service in the uniformed services, and, to the extent permitted by federal law, interest thereon at the valuation interest rate of the system or plan in effect at the time payment is made. The contributions shall be based on the salary, including any increases in compensation that the employee would have received had he remained in employment during the period of service in the uniformed services.

            B. Upon payment by the employee of the employee contributions and interest, if any, as provided in Subsection A of this Section, the employer shall pay to the retirement system an amount equal to the employer contributions that the employer would have paid to the retirement system had the employee remained in service, together with interest thereon, at the valuation interest rate in effect at the time payment is made. The contributions shall be based on the salary the employee would have received during the period of service in the uniformed services, including any increases in compensation that the employee would have received had he remained in employment during the period of service in the uniformed services. The employer contributions and interest due to the system shall be paid within thirty days after the employee has paid all of the contributions due to the system or fund.

            C. All employee contributions and interest due thereon made in payment for credit for service in the uniformed services in accordance with Subsection A of this Section must be received by the system within the time period provided in Subsection E of this Section.

            D. Should the employee fail to make the required contributions within the time period authorized by Subsection E of this Section, service in the uniformed services shall be used only for determining eligibility for retirement benefits. Any unpaid actuarial cost to the retirement system shall be borne by the employers through reflection in the employer contribution rate established pursuant to R.S. 11:102 or 103, or as provided by the actuarial funding requirements and any other laws, rules, or regulations applicable to the public retirement system in which the employee receives credit under the provisions of this Subpart.

            E. The employee shall make the required contributions within the time period allowable under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) (38 U.S.C. 4301 et seq.).

            Acts 1991, 1st E.S., No. 6, §1, eff. April 17, 1991; Acts 1995, No. 716, §1, eff. June 21, 1995; Acts 2010, No. 1010, §1, eff. June 30, 2010; Acts 2018, No. 225, §2, eff. May 15, 2018.