La. Admin. Code tit. 58 § III-513
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-513 - Termination of DROP ParticipationA. When termination of the DROP participation period occurs because of the death of the participant, or if the death of the participant occurs in the absence of an executed affidavit of plan election, the provisions of R.S. 11:783 and R.S. 11:762 shall apply.B. In the event of the death of the DROP participant/retiree, a spousal beneficiary shall select a withdrawal method from the options listed in §509 A, and may make changes in accordance with §511 If the disbursements from the account began prior to the participant's death, the spousal beneficiary may make changes in accordance with §511C. In the event of the death of the participant during DROP participation, or after the end of the period of participation, but before total distribution of the DROP account balance, a beneficiary(ies) other than the participant's surviving spouse shall immediately receive a lump sum equal to the participant's balance in the DROP account.La. Admin. Code tit. 58, § III-513
Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 18:622 (June 1992), amended LR 18:1419 (December 1992), LR 19:1602 (December 1993), repromulgated LR 24:502 (March 1998), amended LR 28:1032 (May 2002), Amended by LR 461243 (9/1/2020).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:826.