Current through Register Vol. 50, No. 9, September 20, 2024
A. Any person eligible to receive, or
receiving a benefit from MERS may renounce such benefit under the following
terms and conditions:
1. the renunciation
shall be unconditional and irrevocable. Once a benefit is renounced, MERS shall
have no further obligation or liability with respect to that benefit, and the
person renouncing the benefit shall, under no circumstances, be eligible to
receive that benefit;
2. a base
benefit may be renounced in whole or in part. An adjustment to a base benefit
(cost-of-living adjustment, adjustment for inflation, or one-time supplemental
payment) may only be renounced in its entirety. If an adjustment is renounced,
the base benefit need not be renounced.
3. if more than one person is entitled to
receive a particular survivor benefit, each person entitled to a portion of the
benefit may renounce his entitlement. The person or persons who continue to
have an entitlement in that benefit shall receive the benefit to which they are
entitled without consideration of the person who becomes ineligible through
renunciation. Any adjustment shall be prospective only.
4. if the party making the renunciation is
married, the spouse must join in the renunciation.
5. if the person making the renunciation is
subject to an executed and effective community property settlement, only that
portion of the benefit due the person making the renunciation may be
renounced.
6. if the person making
the renunciation is legally separated or divorced, but is not subject to an
executed and effective community property settlement, the renunciation must be
approved by the court having jurisdiction over the separation or
divorce.
7. if the person making
the renunciation is retired and has named a joint and survivor beneficiary, the
renunciation cannot affect the joint and survivors' beneficiary or benefit,
including adjustments to the joint and survivor benefit.
8. if a benefit is renounced by a member
prior to receipt by the member of a sum equal to his or her accumulated
contributions, the balance of the accumulated contributions will be paid to the
member.
9. a renunciation must be
executed before a notary public and two witnesses, neither of whom may be a
spouse nor presently named beneficiary. The renunciation is effective and
irrevocable when received by MERS.
10. a person revoking or participating in
renunciation of a benefit must hold MERS harmless from such action.
11. a renunciation may not be used to
terminate active participation in MERS.
12. amounts credited to a DROP account cannot
be renounced.
13. a benefit or
portion of a benefit that has been renounced may be used to recoup benefits or
refunds of accumulated contributions paid by administrative error or
mistake.
B. MERS makes no
representation with respect to the effect of a renunciation on a person's
eligibility for receipt of any state or federal benefits, or for participation
in any private, local, state, or federal program. Eligibility for or
participation in such programs, or eligibility for or receipt of such benefits,
is an issue for which the person making the renunciation is solely responsible.
Ineligibility for or termination of participation in such programs or benefits
shall not affect the irrevocable character of the renunciation.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
11:1823.
