La. Admin. Code tit. 58 § III-501

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-501 - Definitions and General Provisions

A. As used herein, the following words and phrases have the meanings ascribed to them in this Section unless a different meaning is plainly required by the context:

DROP Participant-a member for whom deferred retirement option plan participation has commenced due to TRSL having received a physically or electronically signed DROP application and who lives for at least 30 days after the effective date of DROP participation.

Involuntary Termination-the participant is terminated by the employer prior to completing the selected participation period and is not rehired by another TRSL employer on the following day.

Voluntary Termination-the participant, for any reason, elects to withdraw from DROP prior to completing the selected participation period and also terminates employment and is not rehired by another TRSL employer the following day.

Year-one full calendar year, 365 days, or 366 days in a leap year.

B. These general provisions apply to applications submitted to participate in DROP unless otherwise indicated.

1. Applications for DROP may be mailed, faxed or sent electronically, but must be complete and signed.

2. A member shall not begin his DROP participation until TRSL has received a signed application for DROP on an authorized TRSL form. The member should complete, sign and submit all portions of the authorized TRSL DROP application form.

3. In the event an employer fails to submit the application in a timely fashion, the provisions of R.S. 11:761 shall apply.

La. Admin. Code tit. 58, § III-501

Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 18:621 (June 1992), amended LR 18:1419 (December 1992), LR 19:1601 (December 1993), repromulgated LR 24:500 (March 1998), Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 461241 (9/1/2020).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:826.