Member Handbook - lsprf.com

1 Louisiana Sheriffs Pension & Relief FundServing Those Who ServeLouisiana Sheriffs Pension & Relief Fund1225 Nicholson DriveBaton Rouge, LA 70802-7537 MemberHandbookRevised March 2015 Member HandbookLouisiana Sheriffs Pension & Relief FundServing Those Who ServeWe are here to serve call for information and assistanceIn order that the staff may better assist you, please call our office at (800) 586-9049 (LAonly) or (225) 219-0500, and direct your questions to the following departments:Membership DepartmentFor assistance dealing with any of the matters listed below, please call our office and askto speak with a Membership Analyst:KEnrollment information requirementsKPhysical examination requirementsKBeneficiary Changes and UpdatesKRepayments of refunded serviceKPurchase of military service creditKTransfers of service out of LSPRF to other state or statewide systemsKPurchase of prior services or out-of-state law enforcement serviceKTransfers of service from other state or statewide systemsKReciprocal recognition of service with other state or statewide systemsBenefits DepartmentFor assistance dealing with any questions in the matters listed below, please call our officeand ask to speak with a Benefits Analyst.

2 KRetirement eligibilityKCalculation of estimates of future benefits/actual retirement benefitsKBack-DROPKR etirement optionsKProcessing retirement applicationsKProcessing applications for survivor benefitsKChanges in tax withholding from benefit paymentsWebsite or Password AssistanceOur website and Information Systems Manager is Roselyn Pitarro. Roselyn will be happyto receive your input and assist you with access and problem solving concerning Related IssuesKThe Accounting Department processes Form 1099R and other related tax forms. Forassistance in this area, please ask for the Accounting information related to the Plan s tax qualified status, please ask for the Director orthe Assistant Handbook3 TABLE OF CONTENTSINTRODUCTION [5]GENERAL INFORMATION [5]Creation of Pension Fund; Public Corporation; Domicile.

3 5 Board of Trustees .. 5 Administrative Personnel and Retained Professionals .. 6 SOURCES OF REVENUE; ACTUARIAL VALUATION [6]Contributions, Investments, Other Revenue Sources .. 6 Employee and Employer Contributions .. 6 Investment Income .. 6 Property Tax; State Revenue Sharing Funds; Insurance Premium Tax Fund .. 6 Reporting and Information to members .. 7 Actuarial Valuation .. 7 MEMBERSHIP [7]Enrollment Process .. 7 Membership Eligibility and Enrollment Requirements .. 7 members in Inactive Status; Leave-Without-Pay Status; Unpaid Sick Leave Status or Family and Medical Leave Act Status .. 8 Termination of Employment with a Refund of Contributions.

4 8 Limited Membership .. 8 Designation of Beneficiary .. 8 Dual Employment; Dual Membership .. 8 FUNDS AT TERMINATION OF EMPLOYMENT [9]Refund of Contributions .. 9 Applying for a Refund .. 9 Federal Income Tax Liability and Withholding .. 9 Refund Upon Death of Member ..10 Funds Left on Deposit ..10 PURCHASE OF CREDITABLE SERVICE [10]Repay Refund; Purchase Prior Service; Purchase Out-of-State Service Credit ..10 Repay Refund ..10 Purchase Prior Service ..10 Purchase Out-of-State Service Credit ..10 Purchase Permissive Service Credit ..11 MILITARY SERVICE CREDIT [11]Regular and Non-Regular Military Service ..11 Military Service Relief Act and USERRA.

5 12 Obtaining Military Records ..13 METHODS OF PAYMENT FOR PURCHASES OF SERVICE CREDIT [13]Out-of-Pocket Funds ..13 Rollover Election ..13 SERVICE IN OTHER PUBLIC RETIREMENT SYSTEMS [13]Reciprocal Recognition of Service ..13 Transfer of Creditable Service ..14 RETIREMENT BENEFIT PROVISIONS [15]Regular, Reduced and Deferred Retirement - General Provisions ..15 Application Process ..15 Computation of Benefits and Optional Plans with Examples ..16 Option Selection, Effective Date, Change of Option and/or Beneficiary ..19 Overpayment of Benefits, Corrections, Recovery of Funds .. 19 Cost-of-Living Adjustment (COLA) ..19 Income Tax on Monthly Benefits ..20 Exemption of Benefits from Execution.

6 20 Direct Deposit of Monthly Benefits ..20 Retirement Option Providing Automatic Cost-of-Living Adjustment ..21 Reduced Retirement at Age 60 With 10 Years Service Credit .. 21 Early Retirement (Between Ages 50 and 55) ..22 Back-Deferred Retirement Option Plan (Back-DROP) ..22 Eligibility ..22 Application Process ..23 Computation of Back-DROP/Monthly Benefit ..23 Methods of Distribution of Back-DROP Balance ..24 Additional Information Affecting Back-DROP Accounts ..24 Rescission of Former DROP Participation ..25 Forfeiture of Benefits ..25 Reemployment of Retirees in a Sheriff s Office ..25 Part-Time Reemployment ..25 Louisiana Sheriffs Pension & Relief FundServing Those Who Serve4 Full-Time Reemployment.

7 26 Full-Time Reemployment On or After September 9, 1988, But Not Later Than December 31, 2008 ..26 Eligible to Retire or Reemployed Before September 9, 1988 .. 26 Disability Retirement .. 27 Eligibility .. 27 Application Process .. 27 Disability Benefit Computation .. 27 Partial Disability Classification and Benefit .. 28 Authority of Board of Trustees to Modify Benefits .. 28 Certification of Continuing Eligibility .. 29 Restoration to Active Service .. 29 Income Tax Liability .. 29 SURVIVOR BENEFIT PROVISIONS [29]General Information and Benefit Computation .. 29 Benefit to Surviving Spouse or Parents for Duty Related Death .. 29 Benefit to Surviving Spouse for Non-Duty Related Death.

8 30 Benefit to Surviving Minor Child or Children, Non-Duty/Duty Death .. 30 Definitions of Eligible Survivors of Deceased members .. 30 Death of Retiree Receiving Benefits .. 30 Continuation of Benefits Upon Remarriage of Surviving Spouse .. 31 OTHER INFORMATION AND SPECIAL PROVISIONS [31]Exemption from Seizure ..31 Overpayment of Benefits; Corrections; Recovery of Funds .. 31 Special Scholarships By the State of Louisiana .. 31 Payment to Surviving Spouse and Children By the State of Louisiana .. 32 Payment to Survivors by Department of Justice .. 32 Keeping Records Current .. 32 EFFECT OF PUBLIC PENSION ON SOCIAL SECURITY BENEFITS [33]Government Pension Offset: Reduction for Spouse s or Widow(er) s Benefit.

9 33 Windfall Elimination Provision: Reduction for Earned Benefit .. 34 Member Handbook5 INTRODUCTIONThe purpose of this Summary of Plan Provisions is to provide general information about your PensionFund. This publication is not a legal document nor is it intended to serve as a basis for legal interpreta-tion. It may not answer all your questions about the Pension Fund, nor cover every provision of contained herein are for illustration purposes only and do not reflect results applicable toany individual Member . You are invited to write, call or visit our office for answers to your specificquestions. When writing, please provide your social security number, home mailing address and tele-phone number.

10 If you prefer to visit our office, please call to schedule an information listed in this publication is valid as of July 1, 2014, and is based upon provisions foundunder Louisiana Statutes Annotated, Revised Statutes Title 11, Subtitle III, Chapter 7, Section 2171 et amended through the Regular Legislative Session of 2014, and the policies adopted by the Board ofTrustees. The Sheriffs Pension and Relief Fund is also subject to the general provisions applicable to allstate and statewide retirement systems and plans found under LSA-Revised Statutes Title 11, Subtitle I,Chapters 1 through 4, Section 1 et of the information contained in this publication is subject tolegislative revision and/or policy changes by the Board of in the Sheriffs Pension and Relief Fund represents a sizeable investment in your future.