Louisiana Administrative Code
Title 58 - RETIREMENT
Part IX - State Police Retirement System
Chapter 2 - Internal Revenue Code Provisions
Section IX-204 - Annual Compensation Limitation

Universal Citation: LA Admin Code IX-204

Current through Register Vol. 50, No. 9, September 20, 2024

A. Unless otherwise provided in this Chapter, the accrued benefit of each section 401(a)(17) employee as that term is defined below shall be the greater of the following:

1. the employee's accrued benefit determined with respect to the benefit formula applicable for the plan year beginning on or after January 1, 1996, as applied to the employee's total years of service taken into account for purposes of benefit accruals;

2. the sum of:
a. the employee's accrued benefit as of the last day of the last plan year beginning before January 1, 1996, frozen in accordance with the provisions of section 1. 401(a)(4)-1 through 1.401(a)(4)-13 of the Code of Federal Regulations;

b. the employee's accrued benefit determined under the benefit formula applicable for the plan year beginning on or after January 1, 1996, as applied to the employee's years of service credited to the employee for plan years beginning on or after January 1, 1996, for purposes of benefit accruals.

B. A section 401(a)(17) employee shall mean any employee whose current accrued benefit, as of a date on or after the first day of the first plan year beginning on or after January 1, 1996, is based on compensation for a year beginning prior to the first day of the first plan year beginning on or after January 1, 1996, that exceeded $150,000.

C. If an employee is not a section 401(a)(17) employee, his accrued benefit in this system shall not be based upon compensation in excess of the annual limit of section 401(a)(17) of the United States Internal Revenue Code as amended and revised.

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1302.1.

Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.