SLS 12RS-194 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 37
BY SENATOR GUILLORY
SHERIFFS. Provides for surviving spouse annuities. (6/30/12)
AN ACT1
To enact R.S. 11:2178.1(C)(9)(c), relative to the Sheriffs' Pension and Relief Fund; to2
provide for surviving spouse annuities; to provide for an effective date; and to3
provide for related matters.4
Notice of intention to introduce this Act has been published.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 11:2178.1(C)(9)(c) is hereby enacted to read as follows: 7
ยง2178.1. Back-Deferred Retirement Option Plan8
* * *9
C. The member's Back-DROP monthly benefit accrual shall be calculated10
based on the provisions applicable for service retirement set forth in R.S.11
11:2178(C), subject to the following conditions:12
* * *13
(9) * * *14
(c) In the event a member who elects to defer receipt of all or part of the15
lump-sum Back-DROP payment predeceases his spouse, the surviving spouse16
may make a one-time, irrevocable election to have all or a part of the lump-sum17 SB NO. 37
SLS 12RS-194 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Back-DROP benefit paid as an annuity at a rate equal to seventy-five percent1
of the interest rate available to retirees and subject to such other conditions as2
the board of trustees may approve. Surviving spouses with Back-DROP funds3
on deposit with the pension fund as of July 1, 2012, shall have until June 30,4
2013, to make this election. For those Back-DROP participants who die on or5
after July 1, 2012, their surviving spouses shall have ninety days from the date6
of the retiree's death to make this election.7
* * *8
Section 2. This Act shall become effective on June 30, 2012; if vetoed by the9
governor and subsequently approved by the legislature, this Act shall become effective on10
June 30, 2012, or on the day following such approval by the legislature, whichever is later.11
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
Proposed law allows a surviving spouse of a Back-DROP participant who elected to defer
receipt of all or part of a lump-sum Back-DROP payment to make a one-time, irrevocable
election to have all or a part of the lump-sum Back-DROP benefit paid as an annuity at a rate
equal to 75% of the interest rate available to retirees and subject to such other conditions as
the board of trustees may approve. Provides that surviving spouses with Back-DROP funds
on deposit with the pension fund as of July 1, 2012, shall have until June 30, 2013, to make
this election. Further provides that, for those Back-DROP participants who die on or after
July 1, 2012, their surviving spouses shall have 90 days from the date of the retiree's death
to make this election.
Effective June 30, 2012.
(Adds R.S. 11:2178.1(C)(9)(c))