1. A. Companies must meet the payroll deduction requirements for general insurance deduction vendors as set forth in state law and must be regulated by the Department of Insurance.
2. B. Credit unions must be regulated by the Office of Financial Institutions.
3. C. Companies, credit unions and professional organizations must have a minimum of 50 participating TRSL retirees, beneficiaries or survivors to commence participation in the Retiree Payroll Deduction Program.
4. D. Companies, credit unions and professional organizations shall be responsible for obtaining and maintaining appropriate deduction authorization from individual retirees, beneficiaries and survivors. Copies shall be made available to TRSL upon request.
5. E. Companies, credit unions and professional organizations are responsible for contract/loan terms between companies, credit unions and professional organizations and retirees. TRSL assumes no responsibility for the contract or terms of agreement.

6. F. Companies and credit unions are responsible for submitting authorized deductions to TRSL in accordance with the following.

   1. 1. Authorized deductions shall be submitted to TRSL by the twelfth day of the month preceding the month for which the deduction will be made using the format and specifications established by TRSL.
   2. 2. If the twelfth day of the month falls on a weekend, the deductions shall be due on the immediately preceding Friday.
   3. 3. Files received after the twelfth day of the month will not be processed.
   4. 4. All deductions for a single company or credit union shall be submitted on one file.
   5. 5. A retiree, beneficiary or survivor shall be allowed only one monthly deduction for a single company or credit union effective at any one time, however, this deduction may cover more than one product for a single company or credit union.
7. G. Each professional organization under this chapter who has membership dues remitted to them will enter into an agreement with TRSL which shall include provisions regarding the deduction timing, the manner in which information and membership dues are transmitted, and reimbursement for any fees or costs incurred by TRSL.
8. H. Companies, credit unions and professional organizations shall notify TRSL immediately upon learning of the death of a retiree, beneficiary or survivor. In the event that TRSL has remitted funds to the companies, credit unions and professional organizations after the death of a retiree, beneficiary or survivor and these funds were not due the retiree, beneficiary or survivor, companies, credit unions and professional organizations shall refund said monies to TRSL after notification.
9. I. Upon learning of the death of a retiree, beneficiary or survivor, even if not notified by the companies, credit unions and professional organizations, TRSL shall be refunded any monies transmitted, but not due, after notification. The companies, credit unions and professional organizations will accept the certification of TRSL as to date of death of retiree, beneficiary or survivor as sufficient evidence of date of death in regard to any funds owed to TRSL.
10. J. The company, credit union, or professional organization shall be responsible for refunding the amounts deducted in error to the individual retiree, beneficiary, or survivor.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:826.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 22:1243 (December 1996), repromulgated LR 24:503 (March 1998), amended LR 47:1904 (December 2021).