Louisiana Administrative Code
Title 58 - RETIREMENT
Part III - Teachers' Retirement System of Louisiana
Chapter 5 - Deferred Retirement Option Plan (DROP)
Section III-513 - Termination of DROP Participation
Current through Register Vol. 50, No. 9, September 20, 2024
A. When termination of the DROP participation period occurs because of the death of the participant, or if the death of the participant occurs in the absence of an executed affidavit of plan election, the provisions of R.S. 11:783 and R.S. 11:762 shall apply.
B. In the event of the death of the DROP participant/retiree, a spousal beneficiary shall select a withdrawal method from the options listed in §509 A, and may make changes in accordance with §511 If the disbursements from the account began prior to the participant's death, the spousal beneficiary may make changes in accordance with §511
C. In the event of the death of the participant during DROP participation, or after the end of the period of participation, but before total distribution of the DROP account balance, a beneficiary(ies) other than the participant's surviving spouse shall immediately receive a lump sum equal to the participant's balance in the DROP account.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:826.
