In its actuarial report, G. S. Curran & Company, Ltd. certified that the interest yield on the system’s investment portfolio for the period July 1, 2021 through June 30, 2022 was 5.6%. Therefore, in accordance with R.S.11:2221(F)(2), interest at the rate of 5.1% has been credited to individual DROP account balances. Interest was posted on a monthly basis on the balance in the account on the last day of each month. (The monthly compounding factor to achieve a 5.1% annual interest rate is .004153777).
Any individual whose DROP account had been exhausted will receive a direct deposit dated January 3, 2023 for a lump sum distribution of the interest due on the account for monthly balances still on deposit prior to exhausting the balance. Mandatory income tax of 20% will be withheld from the disbursement. Those DROP accounts are now considered closed.
DROP statements have been posted to PATROLE, your MPERSonline member portal. They will not be mailed. If you don’t have a PATROLE account yet, please call us at 225-929-7411 to get you set up.
Self-Directed Plan Participants: Please check your Empower account online at www.louisianadcp.com for your actual balance, including accrued interest.
Current DROP Participants: Once your DROP account is fully funded, you will begin to receive interest the day after your DROP ends.