Louisiana Administrative Code
Title 58 - RETIREMENT
Part XVIII - Municipal Police Employees' Retirement System
Chapter 3 - Deferred Retirement Option Plan (DROP)
Section XVIII-303 - Withdrawals and Interest
Current through Register Vol. 50, No. 3, March 20, 2024
A. Requested withdrawals from Deferred Retirement Option Program accounts that would leave a balance in that account of $1,000 or less shall be processed as a request for disbursement of the entire balance. All such withdrawal requests shall result in the closing of the account. The system may, at its option, conduct audits to identify DROP accounts with a balance of $1,000 or less and may disburse the entire amount to the person in whose name the account exists or to their beneficiary after giving notice of at least 30 days prior to disbursement.
B. If an individual who elected to earn interest at a rate of one-half of one percent below the percentage rate of return of the system's investment portfolio as certified by the actuary in his yearly valuation report transfers or rolls over all funds in his account to another provider during the year, then the total amount of interest credited shall be disbursed to that individual.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:2225(A)(1).
