La. Admin. Code tit. 58 § III-1519
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-1519 - Annual Compensation LimitationA. In addition to other applicable limits stated by the plan and notwithstanding any other provision of the plan to the contrary, the amount of earnable compensation determined for the purposes of the contributions to the plan shall not exceed the limit prescribed by IRC §401(a)(17) as adjusted each year according to IRC §401(a)(17)(B)B. For purposes of this Section, the following definition shall apply. Annual Compensation-earnable compensation during the plan year or such other consecutive 12-month period over which compensation is otherwise determined under the plan (the determination period). The cost-of-living-adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.
C. If the plan year or applicable period for determining annual compensation contains fewer than 12 calendar months, then this compensation limit is the amount equal to the annual IRC §401(a)(17) limit for the applicable calendar year during which the compensation period begins multiplied by the ratio that is obtained by dividing the number of full months in the period by 12.La. Admin. Code tit. 58, § III-1519
Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 402279 (11/1/2014).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:921-929.