Louisiana Administrative Code
Title 58 - RETIREMENT
Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity
Chapter 19 - Partial Lump-Sum Option Payment
Section V-1903 - Distributions from Partial Lump-Sum Option Payment
Current through Register Vol. 50, No. 3, March 20, 2024
A. Distributions from the partial lump-sum option payment (PLOP) elected by the member are eligible for rollover as is the case with DROP accounts. Similarly, any amount of the partial lump-sum option payment left with the fund shall be subject to the rules applicable to distribution of DROP accounts.
B. A member who retires before the calendar year in which the member reaches age 55 may receive distribution of his PLOP at retirement and avoid incurrence of the 10 percent early distribution penalty. In the event any PLOP remains on deposit with the fund, all distribution rules applicable to DROP accounts apply, including the 10 percent early distribution penalty or recapture penalty, if applicable.
C. A member who retires during or after the calendar year in which the member reaches age 55 may receive distribution of his PLOP account in accordance with rules applicable to DROP accounts, will not be subject to the 10 percent early distribution penalty or recapture penalty, but will be subject to those DROP rules requiring mandatory distributions of the account.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363, and 3385.2.
