La. Admin. Code tit. 58 § I-2711
Current through Register Vol. 50, No. 9, September 20, 2024
Section I-2711 - Methods of WithdrawalA. When a participant in the Deferred Retirement Option Plan terminates state employment, the amount accumulated in the participant's DROP account may be withdrawn in any of the following methods.1. Lump Sum Withdrawal a. The participant may withdraw the entire balance in the DROP account; orb. receive a one-time lump sum amount specified by participant;c. if a participant dies and the designated beneficiary is not entitled to a monthly retirement benefit, the DROP account must be withdrawn within 90 days after notification of the death.2. Monthly Withdrawal. The participant may receive a check each month until all the funds in the account are disbursed. The participant choosing monthly withdrawal shall select one of the following methods:a. the participant may establish an amount to be withdrawn on a monthly basis; orb. the retirement system can determine a level amount to be paid monthly over the expected lifetime of the individual. This method would be similar to an annuity payment; orc. payments spread over a 10-year period.3. Annual Withdrawal-Amount Established by Participant. The participant may establish an amount to be withdrawn once each year. The payments shall be made in December of each year. Changes in the amount shall be provided to LASERS, in writing, no later than November 15 of that year.4. Delayed Withdrawal. The participant may choose not to withdraw the DROP account until some later date; however, the account must be disbursed within the time period shown in §2713La. Admin. Code tit. 58, § I-2711
Promulgated by the Department of Treasury, Board of Trustees of the State Employees' Retirement System, LR 22:373 (May 1996), amended LR 25:2465 (December 1999).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:515.