Louisiana Administrative Code
Title 58 - RETIREMENT
Part XXV - Municipal Employees' Retirement System
Chapter 5 - Refunds
Section XXV-501 - Method of Payment

Universal Citation: LA Admin Code XXV-501

Current through Register Vol. 50, No. 9, September 20, 2024

A. Refunds of accumulated contributions shall be issued as an electronic payment to the member or as a rollover to a qualified financial institution.

B. Refunds may be paid to a checking account, savings account, or debit card, provided the account is in the name of the member receiving the refund.

C. Refunds are issued after all contributions have been received from the employer. In exceptional circumstances, as set out in a written policy, the director may authorize a partial refund.

D. MERS shall withhold federal taxes on refunds as required by the Internal Revenue Service.

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1823.

Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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