1. A. Upon receipt of the conversion of leave form from an employer, MERS will send an invoice to the employer for the actuarial cost of the leave conversion.
2. B. The participating employer shall pay to MERS the actuarial cost of the member’s unused leave within 30 days of the date of the member’s retirement.
3. C. The employer must make full payment of the actuarial value of the member’s unused leave before it is converted to retirement credit.
4. D. The member’s benefit will be recalculated by MERS, to include the value of their converted leave, upon receipt of payment from the employer. Future benefit payments to the member will then include the value of the leave and a one-time retroactive payment to the date of their retirement for leave not previously compensated.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1755.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Treasury, Municipal Employees’ Retirement System, LR 48:2370 (September 2022).