Current through Register Vol. 50, No. 9, September 20, 2024
A. Any person eligible to receive, or
receiving, a benefit from the Louisiana State Employees' Retirement System may
renounce such benefit under the following terms and conditions.
1. The renunciation shall be unconditional
and irrevocable. Once a benefit is renounced, LASERS shall have no further
obligation or liability with respect to that benefit, and the person renouncing
the benefit shall, under no circumstances, be eligible to receive that
benefit.
2. A base benefit may be
renounced in whole or in part. An adjustment to a base benefit (cost-of-living
adjustment, adjustment for inflation, or one-time supplemental payment) may
only be renounced in its entirety. If an adjustment is renounced, the base
benefit need not be renounced.
3.
If more than one person is entitled to receive a particular survivor benefit,
each person entitled to a portion of the benefit may renounce his entitlement.
The person or persons who continue to have an entitlement in that benefit shall
receive the benefit to which they are entitled without consideration of the
person who becomes ineligible through renunciation. Any adjustment shall be
prospective only.
4. If the party
making the renunciation is married, the spouse must join in the
renunciation.
5. If the person
making the renunciation is subject to an executed and effective community
property settlement, only that portion of the benefit due the person making the
renunciation may be renounced, except as provided for in
R.S.
11:446.E.
6. If the person making the renunciation is
legally separated or divorced, but is not subject to an executed and effective
community property settlement, the renunciation must be approved by the court
having jurisdiction over the separation or divorce.
7. If the person making the renunciation is
retired and has named a joint and survivor beneficiary, the renunciation cannot
affect the joint and survivors' beneficiary or benefit, including adjustments
to the joint and survivor benefit.
8. If a benefit is renounced by a member
prior to receipt by the member of a sum equal to his or her accumulated
contributions, the balance of the accumulated contributions will be paid to the
member.
9. A renunciation must be
made on a form provided by LASERS, and must be executed before a notary public
and two witnesses, neither of whom may be a spouse nor presently named
beneficiary. The renunciation is effective and irrevocable when received by
LASERS.
10. A person revoking or
participating in renunciation of a benefit must hold LASERS harmless from such
action.
11. A renunciation may not
be used to terminate active participation in LASERS.
12. Amounts credited to a DROP account cannot
be renounced.
13. A benefit or
portion of a benefit that has been renounced may be used to recoup benefits or
refunds of accumulated contributions paid by administrative error or
mistake.
14. Only those persons who
have selected the maximum benefit or Option 1 under
R.S.
11:441 may renounce their entire monthly
benefit.
B. LASERS makes
no representation with respect to the effect of a renunciation on a person's
eligibility for receipt of any state or federal benefits, or for participation
in any private, local, state, or federal program. Eligibility for or
participation in such programs, or eligibility for or receipt of such benefits,
is an issue for which the person making the renunciation is solely responsible.
Ineligibility for or termination of participation in such programs or benefits
shall not affect the irrevocable character of the renunciation.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
11:452 and
R.S.
11:515.
