§ 1:267. Accumulated contributions following termination of employment—General.

A.

Whenever a member terminates employment, but does not retire, he shall be entitled, upon demand, to receive from the pension plan a sum equal to his accumulated contributions without interest.

B.

Under such regulations as may be prescribed by the board, a member who terminates employment and has not completed at least ten (10) years of creditable service, may, for not more than five (5) years after his termination of employment, leave his accumulated contributions on deposit with the pension plan, thereby retaining his creditable service. If he dies while his contributions are on deposit, and he has not returned to service, an amount equal to such contributions shall be paid without interest to his designated beneficiary or beneficiaries, if any, or otherwise to his estate.

C.

Purchase of service credit.

1.

A member who has an amount equal to his accumulated contributions refunded to him by the pension plan, who then re-enters service, may repay, under such regulations as may be prescribed by the board, the amount previously received by him as a refund, together with interest from date of refund to date of commencement of repayment. Upon such payment, the creditable service relative to the refund shall be restored.

2.

Effective January 1, 2002, purchase of service credit under this section shall be allowed by a trustee-to-trustee transfer of funds from a code section 403(b) annuity or a code section 457 plan to the pension plan; provided that no purchase of service credit under this section shall be allowed by a trustee-to-trustee transfer of funds from a code section 403(b) annuity or a code section 457 plan to the pension plan after December 31, 2010.

D.

A member shall not be charged interest from the date of commencement of the refund repayment, provided he repays at a rate of at least fifty dollars ($50.00) per pay period for a period not to exceed four (4) years, and further provided that the four-year repayment is in equal installments that result in no more than one-third ( 1/3 ) of the beginning repayment balance remaining due after such four-year period. Any amount that remains unpaid at the end of the four-year period shall be paid with interest at the assumed actuarial investment rate of return in equal installments over the immediately following two-year period. If the member, prior to completing the repayment, dies, his surviving spouse shall have the option to complete the repayment, under the same terms as were set for the member, and receive benefits on account of the restored credit, once paid in full. If the entire refund repayment and any required interest is not made in accordance with this subsection, any amounts that have been paid shall be returned to the member or surviving spouse and no service credit shall be allowed for the original period of the member's employment; and the member or surviving spouse shall not be allowed to repay the contributions refunded unless payment is made in one (1) lump sum representing the refund plus interest.

E.

Notwithstanding any provisions to the contrary contained in subsection C of this section, but otherwise in accordance therewith, whenever a member who terminates employment as the result of a reduction in force, as referenced in section 4 of rule X of the Rules Governing Employees in the Classified Service of the City of Baton Rouge and Parish of East Baton Rouge, is re-employed, he may repay an amount previously received by him as a refund, without any interest being due for the period of time commencing with the date the refund was made and terminating one (1) year after the date of re-employment.

F.

Whenever a contributing member dies, and benefits under section 1:270.A, B, C, or D, are paid to a surviving spouse, minor child, or unmarried dependent parent of the member, his accumulated contributions shall be paid to his designated beneficiary or beneficiaries, if any, or otherwise to his estate, but only to the extent that contributions remain after the payment of such benefits.

G.

Whenever a contributing member dies and a refund of the member's contributions is paid to a surviving spouse under section 1:270.A or B, no refund of member contributions shall be paid to any designated beneficiary or beneficiaries.

(Ord. No. 10779, § 1, 12-11-96; Ord. No. 12172, § 1, 11-28-01; Ord. No. 16039, § 1, 8-12-15)