Current through Register Vol. 50, No. 9, September 20, 2024
A.
1.
Unless the member has elected otherwise on or before December 31, 1983, the
entire benefit of a member shall be distributed over a period not longer than
the longest of the following periods:
a. the
member's life;
b. if the member is
married, the life of the member's designated beneficiary;
c. the member's life expectancy;
d. the joint life and last survivor life
expectancy of the member and his designated beneficiary.
2. If the member is married and his spouse
survives him, the designated beneficiary for at least a qualified joint and
survivor annuity and 50 percent of his deferred retirement option plan account
shall be his spouse, unless such spouse has consented to the contrary in
writing before a notary public. For purposes of this Paragraph,
spouse shall mean that person who is married to the member
under a legal regime of community of acquets and gains on his effective date of
retirement or effective date of participation in the deferred retirement option
plan, whichever is earlier.
3. If
the member was a member on or before December 31, 1983, he shall be deemed to
have made the election referred to herein. If a member dies after the
commencement of his benefits, the remaining portion of his benefit shall be
distributed at least as rapidly as before his death. Payment of survivor
benefits shall not be considered to violate this provision.
B.
1. If the member dies before his benefit has
commenced the remainder of such interest shall be distributed to the member's
beneficiary within five years after the date of such member's death.
2. Paragraph 1 of this Subsection shall not
apply to any portion of a member's benefit which is payable to or for the
benefit of a designated beneficiary or beneficiaries, over the life of or over
the life expectancy of such beneficiary, so long as such distributions begin
not later than one year after the date of the member's death, or, in the case
of the member's surviving spouse, the date the member would have attained the
age of 70 years and six months. If the designated beneficiary is a child of the
member, for purposes of satisfying the requirement of Paragraph 1 of this
Subsection, any amount paid to such child shall be treated as if paid to the
member's surviving spouse if such amount would become payable to such surviving
spouse, if alive, upon the child's reaching age eighteen or, if later, upon the
child's completing a designated event. For purposes of the preceding sentence,
a designated event shall be the later of the date the child is no longer
disabled, or the date the child ceases to be a full-time student or attains age
23, if earlier.
3. Paragraph 1 of
this Subsection shall not apply if the distribution of the member's interest
has commenced and is for a term certain over a period permitted in Subsection A
of this Section.
4. Paragraph 1 of
this Subsection shall not apply if the member has elected otherwise on or
before December 31, 1983, or such later date to which such election period
shall be subject under Internal Revenue Codesection
401(a)
C. As to any
benefit payable by the retirement system which is not optional as of December
31, 1983, the member shall be considered to have made the election referred to
in Subsections A and B of this Section, if he was a member on or before such
time.
D. If by operation of law or
by action of the board of trustees, a survivor benefit is payable to a
specified person or persons, the member shall be considered to have designated
such person as an alternate beneficiary hereunder. If there is more than one
such person, then the youngest disabled child shall be considered to have been
so designated, or, if none, then the youngest person entitled to receive a
survivor benefit shall be considered to have been so designated. The
designation of a designated beneficiary hereunder shall not prevent payment to
multiple beneficiaries but shall only establish the permitted period of
payments.
E. Payment in accordance
with the survivor benefit provisions of
R.S.
11:1151 shall be deemed not to violate
Subsections A and B of this Section.
F. This Section shall be effective for
members of the system who complete any service under the system on or after
July 1, 1992, with employers contributing to the system.
G. Distributions from the system shall be
made in accordance with the requirements set forth in Internal Revenue
Code section 401(a)(9), including the minimum distribution incidental
benefit rules applicable thereunder.
H.
1. A
member's benefits shall commence to be paid on or before the required beginning
date.
2. The required beginning
date shall be April 1 of the calendar year following the later of the calendar
year in which the member attains 70 1/2 years of age, or the calendar year in
which the employee retires. Effective for plan years beginning on or after
January 1, 1998, the required beginning date shall be April 1 of the year
following the later of the year the member attained 70 1/2 or the year he
terminated employment.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
11:1302.1.
