La. Admin. Code tit. 58 § III-1527
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-1527 - Governing LawA. The plan, and actions under or relating to the plan, and the statute of limitations for such actions shall be governed by and enforced by the laws of the state of Louisiana and shall be construed, to the extent that any construction beyond the written plan is necessary, according to the laws of the state of Louisiana or the Internal Revenue Code or other federal law, where applicable.B. If, under any application filed by or on behalf of the plan, the IRS determines that the plan as amended and restated does not qualify under IRC §401(a), and the determination is not contested, or if contested, is finally upheld (or otherwise finally determined), the plan administrator may retroactively amend the plan to the earliest date permitted by treasury regulations to the fullest extent that the plan administrator considers necessary to obtain an IRS determination that the plan qualifies under IRC §401(a) Such actions may be taken without further authorization or consent from the plan sponsor, provided amendments are not contrary to state law.C. If any contribution (or any portion of a contribution) is made by the employer by a good faith mistake of fact, upon receipt in good order of a proper request, the plan administrator or the ORP provider shall return the amount of the mistaken contribution(s), except as limited below, to the employer in accordance with rev. rul. 91-4. The amount of any contribution returned may not exceed the difference between the amount actually contributed and the amount which would have been contributed had there been no mistake of fact and may not include the earnings attributable to such contribution. The amount of the contributions returned must be reduced by any losses attributable to the contribution, and no participant may have his benefit payable hereunder reduced by the return of the contribution to less than such benefit would have been had the returned contribution never been made. The amount of the erroneous contributions will be corrected and returned no later than 30 days after notification of the error if such correction and return can be completed within one year of the erroneous contributions.D. In any event, any correction under this section shall be made in accordance with the Internal Revenue Service employee plans compliance resolution system (or similar IRS correction program).La. Admin. Code tit. 58, § III-1527
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.