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Regular Session, 2012
SENATE BILL NO. 43
BY SENATOR GUILLORY
ASSESSORS RETIREMENT. Provides for tax qualification. (7/1/12)
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 published.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 11:1404(F), 1411(E), and 1446 are hereby enacted to read as follows:8
§1404. Amendment of provisions of retirement system9
* * *10
F. Amendments to the retirement system required for the purpose of11
maintaining continued compliance with the Internal Revenue Code and the12
regulations thereunder may be promulgated as rules in accordance with the13
Administrative Procedure Act.14
* * *15
§1411. Creditable service16
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E. The qualified military service of a member who has been reemployed1
in accordance with 26 U.S.C. 414(u) shall be treated for vesting and benefit2
accrual purposes as service completed under Subsection A of this Section if the3
member timely remits to the system any employee contributions which would4
have been required but for the member's leave of absence to perform qualified5
military service 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 absence9
to perform qualified military service as described in 26 U.S.C. 414(u), his10
beneficiary shall be entitled to any benefit, except benefits that accrued during11
the period of qualified military service that would have been provided under the12
plan had the member resumed and then terminated employment due to death,13
in accordance with 26 U.S.C. 401(a)(37); however, the member's beneficiary14
shall be entitled to benefits that accrued during the period of qualified military15
service if the beneficiary timely remits to the system any employee contributions16
which would have been required but for the member's leave of absence to17
perform qualified military service in accordance with the terms of federal law18
and R.S. 11:1411.19
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor20
and subsequently approved by the legislature, this Act shall become effective on July 1,21
2012, or on the day following such approval by the legislature, whichever is later.22
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
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
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 SB NO. 43
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
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 Administrative Procedure
Act.
Effective July 1, 2012.
(Adds R.S. 11:1404(F), 1411(E), and 1446)