Louisiana Administrative Code
Title 58 - RETIREMENT
Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity
Chapter 7 - Partial Buy Back and Partial Restoration of Forfeited Credits of Service
Section V-701 - Partial Buy Back and Partial Restoration of Forfeited Credits of Service
Universal Citation: LA Admin Code V-701
Current through Register Vol. 50, No. 3, March 20, 2024
A. An old or new system member shall partially buy back a portion of his forfeited credits of service and shall do so by satisfying the following requirements, as set forth herein.
1. A member must have returned to
employment with the fire department and remain in such employment for a period
of four years or more.
2. The
amount of a partial buy back, and accordingly a partial restoration of
forfeited credits, shall be determined by calculating the amount the member
withdrew of his accumulated employee contributions on his initial termination
of employment, plus 3 1/2 percent of interest, compounded annually, for each
calendar year the member retained his withdrawn accumulated employee
contributions, which total amount shall be referred to as the "total buy back
amount" (interest shall be prorated for any period less than a calendar year
period).
a. The "total buy back amount" shall
be prorated by months based on the total years of forfeited credits as follows.
Total Buy Back Amount Monthly Buy Back Amount Total Number of Months = for Each Month of Forfeited of Forfeited Credits Credit |
b.
The annual buy back amount for each forfeited year of credit shall be
determined by multiplying the monthly buy back amount by the number of years (a
12-month consecutive period) the member wishes to buy back.
3. A member may restore his total
number of years of forfeited credit on a piecemeal basis, provided the member
restores at least two or more years of forfeited credit, in increments of 12
consecutive months. A member is prohibited from restoring his forfeited credits
of service on a monthly basis and is prohibited from restoring less than two
years, unless the restoration of credits is his final restoration request or
the restoration request is for his total forfeited credits.
4. A year of credit shall mean a 12-month
consecutive period.
5. A member
shall elect a partial buy back and partial restoration of forfeited credits of
service by completing and filing the applicable forms with the trustees. A
member may revoke any election for a partial buy back and partial restoration,
provided such revocation is in writing and filed with the trustees.
6. The trustees shall adjust the member's
years of credit service as a result of the partial restoration of forfeited
credits upon receipt of the annual buy back amount for each year the member
elects to restore. Until the full payment of the partial buy back amount is
received by the board, no adjustment or restoration of the member's forfeited
credits shall be made.
7. A member
is strictly prohibited hereunder from receiving his accumulated employee
contributions upon his termination of employment in a form other than a full
and total lump sum payment.
8.
Nothing contained herein shall be interpreted in violation of
R.S.
11:3365.C and
R.S.
11:3363.C nor shall the provisions hereunder
be applied on a discriminatory basis.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363 and 3365.
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