La. Admin. Code tit. 58 § I-2701
Current through Register Vol. 50, No. 11, November 20, 2024
Section I-2701 - EligibilityA. Eligibility for DROP shall be determined under the provisions of Part IV, Chapter One of Title 11 of the Louisiana Revised Statutes of 1950 (R.S. 11:441 et seq.).B. Act 1110 of 1995, effective January 1, 1996, implemented a "new" DROP program; however, a member who is eligible for retirement on or before December 31, 1995 will continue to be eligible to enter the "old" DROP at any time. The provisions of the "old" DROP remain unchanged except for the elimination of the one year waiting period. Members eligible for the "old" DROP may also choose to enter the "new" DROP, unless they have been eligible for ordinary retirement more than three years and 60 days. If they elect not to enter either DROP program, they may elect the initial benefit option. 1. The provisions of "use it or lose it" for annual leave, by action of the board of directors, will cease being applied to "old" DROP participants beginning January 1, 1996. Thereafter, all DROP participants will be able to convert accrued leave to retirement credits, or actuarially reduced lump sum payment for accumulated leave.La. Admin. Code tit. 58, § I-2701
Promulgated by the Department of Treasury, Board of Trustees of the State Employees' Retirement System, LR 22:373 (May 1996).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:515.