La. Admin. Code tit. 58 § XXV-710

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

Section XXV-710 - Payment

A. Upon receipt of the conversion of leave form from an employer, MERS will send an invoice to the employer for the actuarial cost of the leave conversion.

B. The participating employer shall pay to MERS the actuarial cost of the member's unused leave within 30 days of the date of the member's retirement.

C. The employer must make full payment of the actuarial value of the member's unused leave before it is converted to retirement credit.

D. The member's benefit will be recalculated by MERS, to include the value of their converted leave, upon receipt of payment from the employer. Future benefit payments to the member will then include the value of the leave and a onetime retroactive payment to the date of their retirement for leave not previously compensated.

La. Admin. Code tit. 58, § XXV-710

Promulgated by the Department of Treasury, Municipal Employees' Retirement System, LR 482370 (9/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1755.