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The Louisiana Assessors'
Retirement Fund

Employee Handbook

July 1, 2011


INTRODUCTION

The information contained in this pamphlet is valid as of July 1, 2011 and is meant to be an extract of the most important Louisiana Revised Statutes related to the Assessors' Retirement Fund effective on that date.  Other sections of the state's revised statutes and/or federal codes and regulations may affect members' retirement benefits.  All of this information is subject to legislative amendment and revision and/or changes that may be adopted and implemented by the fund's Board of Trustees without notice.

THIS SUMMARY PRESENTATION OF PLAN PROVISIONS IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IN NO WAY CONSTITUTES A CONTRACT BETWEEN YOU AND THE RETIREMENT FUND.  THIS IS NOT A LEGAL DOCUMENT AND IT IS NOT INTENDED TO SERVE AS A BASIS FOR LEGAL INTERPRETATION. THE LOUISIANA REVISED STATUTES AND CONSTITUTION, RELEVANT FEDERAL REGULATIONS AND LAWS, AND THE OFFICIAL BOARD POLICIES SHALL SERVE TO GUIDE DECISIONS RELATED TO MEMBERS AND EMPLOYERS PARTICIPATING IN THE ASSESSORS' RETIREMENT FUND.

Official legal references for the Assessors' Retirement Fund are found in the Louisiana Revised Statutes 11:1401 through 1494.  (See also Louisiana Revised Statutes 11:1 through 323.  Many of these general retirement provisions apply to the Assessors' Retirement Fund.)  The retirement fund and its members and employers are covered by other sections of state law and by federal laws and regulations.  This booklet in no way attempts to provide a full restatement of all applicable laws or regulations.  Instead, it is meant to provide convenient access to many of the statutory provisions of law.  It is a tool meant to assist members and employers in making decisions related to matters of retirement planning.  For questions related to specific cases and for information on matters not covered in this booklet, please contact the retirement system office.  Members should not rely solely on this booklet to estimate their benefit or make final decisions related to eligibility for benefits.

This pamphlet attempts to provide a restatement of the Louisiana Revised Statutes under which the retirement fund operates.  There may be specific statutes, rules, policies, or regulations which, when and where applicable, could cause results different from the rules stated herein, based on individual and/or unique factual situations.  Sections or subsections of the revised statutes that in no way pertain to the Assessors' Retirement Fund are indicated by the use of the statement "Not applicable to Assessors' Retirement Fund".  Although every attempt was made to avoid any typographical or formatting errors, if errors are found they will be fixed in future printings.

As a qualified public pension plan, the Assessors' Retirement Fund is subject to certain IRS codes and regulations.  This handbook does not include such codes and regulations.   Additionally, this handbook does not include provisions related to the Deferred Retirement Option Plan (DROP), formerly located in R.S. 11:1456. This section was repealed by Acts 2008, No. 398.

Any questions you may have regarding your rights in the fund and any other matter involving the fund should be directed to the fund's office, preferably in writing.  Please provide your social security number and the name of your employing Assessor's office in all correspondence.

Address correspondence to: Louisiana Assessors' Retirement Fund
 P. O. Box 14699
 Baton Rouge, Louisiana 70898
   
Physical Address: 3060 Valley Creek Drive
 Baton Rouge, Louisiana 70808

Telephone numbers: (225) 928-8886 or (800) 925-4446 and facsimile number (225) 928-4677.

For additional information on the retirement fund, log onto www.louisianaassessors.org. 

 

  
TABLE OF CONTENTS
  

 
Provisions Specific to the Assessors' Retirement Fund
(Found in R.S. 11:1401 through R.S. 11:1494)
Establishment of the Fund
Creation of Retirement Fund and of Corporate Board of Trustees; Powers of Board - R.S. 11:1401
Definitions - R.S. 11:1402
Exemption from Seizure for Debt, Taxation - R.S. 11:1403
Amendment of Provisions of Retirement System - R.S. 11:1404
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Membership and Creditable Service
Membership in Fund - R.S. 11:1410
Creditable Service - R.S.11:1411
Credit for Non-Credited Prior Service - R.S. 11:1412
Reemployment of a Retiree - R.S. 11:1413
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Normal Retirement Benefits
Eligibility for Normal Retirement - R.S. 11:1421
Computation of Normal Retirement Benefit - R.S. 11:1422
Mode of Payment; Options; Effective Date - R.S. 11:1423
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Disability Retirement Benefits
Eligibility for Disability Retirement - R.S. 11:1431
Computation of Disability Retirement Benefit - R.S. 11:1432
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Survivors' Benefits
Surviving Spouse's Benefit - R.S. 11:1441
Surviving Minor Children - R.S. 11:1442
Payment to Designated Beneficiary - R.S. 11:1443
Limitation on Payment of Benefits - R.S. 11:1444
Guaranteed Return of Accumulated Contributions - R.S. 11:1445
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Payment of Benefits
Conditions for Payment of Benefit - R.S. 11:1451
Deferred Retirement - R.S. 11:1452
Application; Effective Date; Commencement of Benefits - R.S. 11:1453
Dual Retirement Benefits Prohibited - R.S. 11:1454
Withdrawal of Accumulated Employee Contributions; Repayment - R.S. 11:1455
Back - Deferred Retirement Option Plan - R.S. 11:1456
Qualified Plan; Direct Rollover; Eligible Retirement Plan; Election - R.S. 11:1457
Computation of Retirement Benefits - R.S. 11:1458
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Cost-of-Living Increases
Cost-Of-Living Increase; Determination by Board of Trustees - R.S. 11:1461
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Board of Trustees
Membership and Organization of Board; Election of Members; Vacancies - R.S. 11:1471
Secretary of Board; Records and Reports; Part-Time Employees - R.S. 11:1472
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Financing of Fund
Financing of Fund; Deductions; Deficiencies and Surpluses; Remedies - R.S. 11:1481
Funds to Which Assets Credited - R.S. 11:1482
Control and Expenditure of Funds; Investments; Warrants; Expenses; Deposits - R.S. 11:1483
Reversion of Funds Prohibited - R.S. 11:1484
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Excess Benefit Plan
Establishment of Plan - R.S. 11:1491
Definitions - R.S. 11:1492
Benefit Provided - R.S. 11:1493
Contributions - R.S. 11:1494
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General Provisions that Apply to the Assessors' Retirement Fund
(Found in R.S. 11:1 through R.S. 11:309)
Actuarial Valuation Methods
Methods of Actuarial Valuation Established - R.S. 11:22
Unfunded Accrued Liabilities; Amortization - R.S. 11:42
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Contributions
Employee Contributions Established - R.S. 11:62
Ad Valorem Tax Contributions Established - R.S. 11:82
Employer Contributions; Determination; Statewide Systems - R.S. 11:103
Employer Contributions; Determination Date; Notification - R.S. 11:104
Employer Contributions; Maintaining Rates - R.S. 11:105
Additional Employer Contributions; Increasing Rates - R.S. 11:106
Additional Employer Contributions; Reducing Rate Decreases - R.S. 11:107
Funding Deposit Account - R.S. 11:107.1
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Special Provisions Relating to Age
Compulsory Retirement Prohibited; Exceptions - R.S. 11:133
Retention of Credits - R.S. 11:141
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Credits, Creditable Service, Reciprocity
Reciprocal Recognition of Credited Service in State, Parochial, and Municipal Systems - R.S. 11:142
Transfers Between Systems - R.S. 11:143
Repayment of Refunded Contributions - R.S. 11:144
Credit for Military Service - R.S. 11:153
Tax Sheltering of Employee Contributions to Retirement - R.S. 11:154
Receipt of Benefits - R.S. 11:155
Purchase of Service Credit in Public Retirement Systems; Price - R.S. 11:158
Funds or Benefits Payable to a Succession - R.S. 11:165
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Statements and Reports
Submission of Reports to Legislature - R.S. 11:171
Audit Reports; Certified Public Accountants - R.S. 11:173
Death Reports - R.S. 11:174
Membership Information; Public Access - R.S. 11:175
Operating Budget Approval - R.S. 11:176
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Retirement Boards
Composition of Governing Boards of State and Statewide Systems; Per Diem and Expenses - R.S. 11:181
Boards of Trustees of State and Statewide Public Retirement Systems; Per Diem and Expenses - R.S. 11:182
Board Members Subject to Code of Governmental Ethics - R.S. 11:183
Meetings of State and Statewide Retirement Boards and Committees - R.S.11:184
Educational Requirements for Members of Retirement System Boards of Trustees - R.S. 11:185
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Dual Employment; Dual Membership
Dual Employment - R.S. 11:191
Overpayment of Benefits; Corrections; Repayment - R.S. 11:192
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Disability Retirement
Assessors' Retirement Fund - R.S. 11:213 59
Preexisting Conditions - R.S. 11:216
Disability Vesting - R.S.11:217
Application and Examination Procedures; Certification of Disability - R.S. 11:218
State Medical Disability Board - R.S. 11:219
Certification of Continuing Eligibility for Disability Benefits - R.S. 11:220
Authority of Retirement Boards to Modify Benefits; Earnings Statements - R.S. 11:221
Restoration to Active Service - R.S. 11:224
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Retirement Benefit Computation
Average Compensation - R.S. 11:231
Earnable Compensation - R.S. 11:233
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Survivor Benefits
Survivor Benefits - R.S. 11:234
Minor's Benefit Placed in Trust; Payable Under Trust Instrument - R.S. 11:235
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Cost of Living Adjustments
Purpose; Formula for Distribution - R.S. 11:241
Cost of Living Adjustments; Restrictions - R.S. 11:242
Additional Cost of Living Adjustments; Retirees and Beneficiaries Over Sixty-Five - R.S. 246
Automatic Cost-of-Living Adjustments - R.S. 11:247
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Professional Personnel
Legal Counsel, Certified Public Accountants, Professional Investment Personnel - R.S. 11:251
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Fiduciary and Investment Responsibilities
Purpose - R.S. 11:261
Applicability - R.S. 11:262
Prudent-Man Rule; Investments - R.S. 11:263
Fiduciary Relationships - R.S. 11:264
Liabilities; Discretionary Control - R.S. 11:264.1
Fiduciary Restriction; Felony Conviction - R.S. 11:264.2
Basic Fiduciary Duty - R.S. 11:264.3
Exclusive Interest Rule - R.S. 11:264.4
Breach of Fiduciary Duty - R.S. 11:264.5
Cofiduciary Liability - R.S. 11:264.6
Remedies; Jurisdiction; Authority; Attorney Fees - R.S. 11:264.7
System Policy Regarding Breach of Fiduciary Duty - R.S. 11:264.8
Compensation of Investment Advisors - R.S. 11:265
Investment Performance Standards - R.S. 11:266
Disclosure; Consultants; Money Managers - R.S. 11:269
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Unfunded Accrued Liability
Purpose; Elimination of Unfunded Accrued Liability - R.S. 11:271
Early Retirement Eligibility - R.S. 11:272
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Delinquent Contributions
Failure to Timely Remit Contributions; Effect - R.S. 11:281
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Applicability of Certain Court Orders
Community Property Interest - R.S. 11:291
Seizure for Child Support - R.S. 11:292
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Investments in Prohibited Nations
Purpose - R.S. 11:311
Application; Definitions - R.S. 11:312
Prudent-Man Rule; Investments - R.S. 11:313
Constructive Engagement; Direct Ownership of Securities - R.S. 11:314
Constructive Engagement; Securities Held in a Collective Fund - R.S. 11:315
Terror-Free Index Fund - R.S. 11:316


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Certain Provisiona that Affect the Assessors' Retiremant Fund
(Not Found in Title 11)
Certain Provisions that Affect the Assessors' Retirement Fund Not Found in Title 11
Medical Records of Persons Applying for Disability Retirement Through any State or Statewide Public Retirement System or Pension Plan or Fund - R.S. 44:15
Personal Data Records for Certain Members of Public Retirement Systems, Plans, or Funds - R.S. 44:16
Right to Examine Records - R.S. 44:31
Duty to Permit Examination; Prevention of Alteration; Payment for Overtime; Copies Provided; Fees - R.S. 44:32
Availability of Records - R.S. 44:33
Retirement Credit (for Certain Military Service) - R.S. 29:411
Contributions; Payment During Military Service - R.S. 29:412
Public Retirement Systems; Payment of Contributions; Interest - R.S. 29:414
Payment of Death and Survivor Benefits; Public Retirement - R.S. 29:415
Inapplicability to Deferred Retirement Option Plans; Public Retirement - R.S. 29.415.1
Payment to Surviving Spouse or Children of Deceased; Last Wages Due by Employers - R.S. 9:1515
Community Property: Allocation and Assignment of Ownership - R.S. 9:2801.1
Financial Disclosure; Retirement Systems - R.S. 42:1114.2
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LOUISIANA ASSESSORS' ASSOCIATION
P.O. BOX 14699  BATON ROUGE, LOUISIANA 70898
TELEPHONE:  225-928-8886/800-925-4446   FAX:  225-928-4677

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