Transfers Between Public Retirement Systems, (See R.S. 11:143)

 

A contributing member of any public retirement or pension system, fund, or plan who has been a member of such retirement plan for at least six months and who has membership credit in any other such retirement plan shall have the option of transferring all of his credit to his current retirement plan. The system from which the member is transferring shall transfer all employee & employer contributions contributed by or for the transferring member plus interest equal to the board approved actuarial valuation rate of the transferring system compounded annually from each year of contribution to the date of transfer under the provisions of this Section, the retirement percentage factor of the transferring system shall be used to calculate his retirement benefit based on the number of years transferred. No governing authority shall approve a transfer in which the assets transferred amount to less than 100% of the increase in accrued liability to the receiving system created by such transfer; however, the person can pay the difference between the amount of funds available for the transfer and the actuarial cost to the receiving system.

 

 

Repayment of refunded contributions,(See R.S. 11:144, 11:2254, 2254.1)

 

R.S. 11: 144

 

For purposes of R.S. 11:142 and 11:143, a member of any state, parochial, or municipal retirement system having credit for at least 6 months in any such system may repay a refund, plus compounded interest at the board approved actuarial valuation rate thereon from the date of refund until paid, to any other state, parochial, or municipal retirement system in order to reestablish such credited service.

 

R.S. 11:2254

 

Any member who has terminated membership in the system and withdrawn his contributions and who later becomes a member of this system shall, after eighteen months of additional service and membership, be eligible to obtain credit for his previous service in the system, provided that he pays back into the system the amount of contributions which was refunded to him plus five percent compounded interest from the date of refund until date paid.

 

R.S. 11:2254.1

 

Any member of this system who terminated membership, in either the Municipal Employees’ Retirement System or the Parochial Employees’ Retirement System, and received a refund of contributions therefrom, shall be eligible to repay such refunded contributions to this system and obtain credit in this system, equal to the same number of years of service formerly credited to the member’s account in such other system. Interest shall be due and owed on any such repaid refund and such interest shall be calculated at the board approved actuarial valuation rate.

 

 

 

 

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