SLS 16RS-69 ENGROSSED
2016 Regular Session
SENATE BILL NO. 8
BY SENATOR PEACOCK
SCHOOL EMPLOYEES RET. Provides relative to deferred retirement option plan
subaccount disbursements. (6/30/16)
1 AN ACT
2 To amend and reenact R.S. 11:1152(G)(1), relative to the Louisiana School Employees'
3 Retirement System; to provide relative to disbursements from deferred retirement
4 option plan subaccounts; to provide for an effective date; and to provide for related
5 matters.
6 Notice of intention to introduce this Act has been published.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 11:1152(G)(1) is hereby amended and reenacted to read as follows:
9 ยง1152. Deferred Retirement Option Plan
10 * * *
11 G. Upon termination of participation in both the plan and employment, a
12 participant shall:
13 (1) At the participant's option, receive either a lump sum payment from the
14 account equal to the amount then credited to his individual subaccount; or systematic
15 disbursements based on his individual subaccount in any manner approved by the
16 board.
17 * * *
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 8
SLS 16RS-69 ENGROSSED
1 Section 2. This Act shall become effective on June 30, 2016; if vetoed by the
2 governor and subsequently approved by the legislature, this Act shall become effective on
3 June 30, 2016, or on the day following such approval by the legislature, whichever is later.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Margaret M. Corley.
DIGEST
SB 8 Engrossed 2016 Regular Session Peacock
Present law, relative to the La. School Employees' Retirement System (LSERS), provides
for a participant to receive funds from his individual deferred retirement option subaccount
in one of two ways: a lump sum distribution or systematic disbursements approved by the
board.
Proposed law retains present law and deletes the requirement for the disbursements to be
systematic.
Effective June 30, 2016.
(Amends R.S. 11:1152(G)(1))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.