Louisiana § RS 42:1301 - Definitions

§ RS 42:1301. Definitions

            The following words and phrases used in this Chapter, unless a different meaning is plainly required by the context, shall have the following meanings:

            (1) "Administrator" means the firm which, in accordance with its contract with the Commission, maintains the plan records, provides information to participants and prospective participants, manages the day-to-day activities of the plan relating to the transmittal of participant funds to investment product companies selected by the Commission, provides enrollment services, and/or prepares studies and recommendations for the Commission.

            (2) "Commission" means the Louisiana Deferred Compensation Commission.

            (3) "Custodial financial institution" means a financial institution in which funds are deposited between the date on which they are deferred from a participant's compensation and the date on which they are transmitted to an investment product company.

            (4) "Ex officio member" means the state treasurer, the commissioner of administration, the commissioner of insurance, the commissioner of financial institutions, the speaker of the House of Representatives, or his designee, or the president of the Senate, or his designee.

            (5) "Investment product" means any fixed annuity, variable annuity, life insurance contract, savings account, or any other form of investment selected by the Commission for the purpose of receiving funds under the plan.

            (6) "Participant" means: (a) a person whose compensation is currently subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code, or (b) a person whose compensation has previously been subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code and whose contributions have not been withdrawn.

            (7) "Participant member" means any member of the commission other than an ex officio member.

            (8) "Person" means any officer or employee of the state of Louisiana or of any of its political subdivisions, or an independent contractor who has a current contract with the state or any of its political subdivisions. "Person" shall also mean any parish coroner.

            (9) "Plan" means the Louisiana Public Employees Deferred Compensation Plan, which is now in existence, and which was previously established pursuant to state statute and in accordance with Section 457 of the Internal Revenue Code of 1954, as amended. It shall include the plans implemented by the commissioner of administration and by the deferred compensation program for full-time judges.

            Added by Acts 1972, No. 623, §1. Amended by Acts 1974, No. 410, §1; Acts 1975, No. 176, §1; Acts 1978, No. 684, §1; Acts 1982, No. 1, §1, eff. May 6, 1982; Acts 1985, No. 358, §1; Acts 2018, No. 615, §1.