Louisiana Administrative Code
Title 58 - RETIREMENT
Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity
Chapter 20 - Tax Qualification Provisions
Section V-2003 - Actuarial Equivalence
Universal Citation: LA Admin Code V-2003
Current through Register Vol. 50, No. 9, September 20, 2024
A. The New Orleans Firefighters Pension and Relief Fund shall be a tax-qualified governmental plan as provided in the Internal Revenue Code of 1986, as amended. In accordance with the requirements of the Internal Revenue Code, the following provisions shall apply to the fund.
1. The term actuarial
equivalence or terms of similar import, wherever used, means a benefit
of equivalent actuarial value determined by using the mortality assumptions and
interest rates described herein.
a. The
mortality assumptions will be based upon the 1971 Group Annuity Mortality Table
for males, with male rates set back six years in age for females, at 7 percent
interest.
b. If payment is in the
form of a lump sum distribution or other similar form of distribution for a
period less than the life expectancy, the amount of the distribution shall be
calculated based on the 1994 UP at 7.5 percent interest.
c. For purposes of determining actuarial
equivalence, the assumptions used as the basis for actuarial equivalence shall
be reviewed periodically by the Board of Trustees and updated and amended if
appropriate.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363.
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