HLS 12RS-379 ENGROSSED
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Regular Session, 2012
HOUSE BILL NO. 50
BY REPRESENTATIVE PEARSON
RETIREMENT/ASSESSORS: Provides relative to the Assessors' Retirement Fund
AN ACT1
To enact R.S. 11:1404(F), 1411(E), and 1446, relative to the Assessors' Retirement Fund;2
to provide for compliance with federal tax qualification requirements; to provide3
relative to benefits accrued during military service; and to provide for related4
matters.5
Notice of intention to introduce this Act has been published6
as provided by Article X, Section 29(C) of the Constitution7
of Louisiana.8
Be it enacted by the Legislature of Louisiana:9
Section 1. R.S. 11:1404(F), 1411(E), and 1446 are hereby enacted to read as follows:10
§1404. Amendment of provisions of retirement system11
* * *12
F. Amendments to the retirement system required for the purpose of13
maintaining continued compliance with the Internal Revenue Code and the14
regulations thereunder may be promulgated as rules in accordance with the15
Administrative Procedure Act.16
* * *17
§1411. Creditable service18
* * *19 HLS 12RS-379 ENGROSSED
HB NO. 50
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E. The qualified military service of a member who has been reemployed in1
accordance with 26 U.S.C. 414(u) shall be treated for vesting and benefit accrual2
purposes as service completed under Subsection A of this Section if the member3
timely remits to the system any employee contributions which would have been4
required but for the member's leave of absence to perform qualified military service5
in accordance with the terms of federal law.6
* * *7
§1446. Military survivor benefits8
Effective January 1, 2007, if a member dies while on a leave of absence to9
perform qualified military service as described in 26 U.S.C. 414(u), his beneficiary10
shall be entitled to any benefit, except benefits that accrued during the period of11
qualified military service that would have been provided under the plan had the12
member resumed and then terminated employment due to death, in accordance with13
26 U.S.C. 401(a)(37); however, the member's beneficiary shall be entitled to benefits14
that accrued during the period of qualified military service if the beneficiary timely15
remits to the system any employee contributions which would have been required but16
for the member's leave of absence to perform qualified military service in accordance17
with the terms of federal law and R.S. 11:1411.18
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor19
and subsequently approved by the legislature, this Act shall become effective on July 1,20
2012, or on the day following such approval by the legislature, whichever is later.21
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Pearson HB No. 50
Abstract: Provides relative to federal tax qualification requirements for the Assessors'
Retirement Fund; provides relative to accrual of benefits during military service; and
authorizes certain changes to the retirement system by rule.
Present law provides that members of the Assessors' Retirement Fund may accrue service
credit through actual service subject to certain requirements. Proposed law provides that a
member who is reemployed after military service shall receive service credit for the period HLS 12RS-379 ENGROSSED
HB NO. 50
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of his military service if he remits employee contributions which would have been required
but for his military service.
Present law provides for the payment of benefits to a designated beneficiary and provides
conditions and restrictions. Proposed law, effective Jan. 1, 2007, provides that if a member
dies during leave for military service, his beneficiary is entitled to any benefit, except
benefits that accrued during military service that would have been provided had the member
resumed employment and then died; however, if the beneficiary pays the employee
contributions for the period of military service, the beneficiary is also entitled to benefits that
accrued during the period of qualified military service.
Present law provides that the Assessors' Retirement Fund is a tax-qualified governmental
plan as provided in the Internal Revenue Code and provides for certain matters as required
in order for the system to remain a tax-qualified governmental plan. Proposed law
authorizes the fund to make changes necessary to maintain compliance with the Internal
Revenue Code by promulgation of rules in accordance with the APA.
Effective July 1, 2012.
(Adds R.S. 11:1404(F), 1411(E), and 1446)