La. Admin. Code tit. 58 § V-701

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

Section V-701 - Partial Buy Back and Partial Restoration of Forfeited Credits of Service

A. An old or new system member shall partially buy back a portion of his forfeited credits of service and shall do so by satisfying the following requirements, as set forth herein.

1. A member must have returned to employment with the fire department and remain in such employment for a period of four years or more.

2. The amount of a partial buy back, and accordingly a partial restoration of forfeited credits, shall be determined by calculating the amount the member withdrew of his accumulated employee contributions on his initial termination of employment, plus 3 1/2 percent of interest, compounded annually, for each calendar year the member retained his withdrawn accumulated employee contributions, which total amount shall be referred to as the "total buy back amount" (interest shall be prorated for any period less than a calendar year period).

a. The "total buy back amount" shall be prorated by months based on the total years of forfeited credits as follows.

Total Buy Back Amount Monthly Buy Back Amount Total Number of Months = for Each Month of Forfeited of Forfeited Credits Credit

b. The annual buy back amount for each forfeited year of credit shall be determined by multiplying the monthly buy back amount by the number of years (a 12-month consecutive period) the member wishes to buy back.

3. A member may restore his total number of years of forfeited credit on a piecemeal basis, provided the member restores at least two or more years of forfeited credit, in increments of 12 consecutive months. A member is prohibited from restoring his forfeited credits of service on a monthly basis and is prohibited from restoring less than two years, unless the restoration of credits is his final restoration request or the restoration request is for his total forfeited credits.

4. A year of credit shall mean a 12-month consecutive period.

5. A member shall elect a partial buy back and partial restoration of forfeited credits of service by completing and filing the applicable forms with the trustees. A member may revoke any election for a partial buy back and partial restoration, provided such revocation is in writing and filed with the trustees.

6. The trustees shall adjust the member's years of credit service as a result of the partial restoration of forfeited credits upon receipt of the annual buy back amount for each year the member elects to restore. Until the full payment of the partial buy back amount is received by the board, no adjustment or restoration of the member's forfeited credits shall be made.

7. A member is strictly prohibited hereunder from receiving his accumulated employee contributions upon his termination of employment in a form other than a full and total lump sum payment.

8. Nothing contained herein shall be interpreted in violation of R.S. 11:3365.C and R.S. 11:3363.C nor shall the provisions hereunder be applied on a discriminatory basis.

La. Admin. Code tit. 58, § V-701

Promulgated by the Board of Trustees of the Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity, LR 19:743 (June 1993).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363 and 3365.