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Rules and regulations of the Retirement Fund Print

 

Bylaws of the Retirement Fund

 of Lebanese Certified Public Accountants

The committee in charge of the administration of the Retirement Fund of Lebanese Certified Public Accountants endorsed the bylaws of this Fund in consent with the Association’s Council during its session held on 3/5/2006, by virtue of the power granted thereto in Article 32 of the Decree No. 15222 issued on 27/9/2005 as follows:

Preliminary Provisions

Article 1: The Retirement Fund of the Lebanese Certified Public Accountants is governed by the provisions of the Decree 15222 issued on 27/9/2005.

Article 2: The following expressions shall have the meaning ascribed thereto adjacently.

Decree 15222 – The decree related to the Retirement Fund of the Lebanese Certified Public Accountants issued on 27/9/2005.

Bylaws: The bylaws of the Retirement Fund of the Lebanese Certified Public Accountants.

Committee: Committee of the Administration of the Retirement Fund of Lebanese Certified Public Accountants.

Fund: Retirement Fund of the Certified Public Accountants in Lebanon.

Salary: Retirement Salary.

LACPA: Lebanese Association of Certified Public Accountants

Profession Organization Law: Law No. 364/94 that regulates and organizes the profession of Lebanese certified public accountants.

Affiliation Fees: The fees paid one time by the public accountant who has the right to benefit from the retirement fund.

Retirement Fees: the annual contribution that every member should pay to the Retirement Fund.

Chairperson: the chairperson of the Retirement Fund Administration Committee, and he is the practicing President or the vice president.

Public Accountant: whoever becomes member in the Retirement Fund amongst the male and female public accountants registered in the enrollment list of the Association.
 

Chapter One

Affiliation and Fund Resources

Article 3:  The affiliation to the Fund is mandatory for all the Lebanese certified public accountants registered in the enrollment list of LACPA, with the exception of those who enjoy of a particular retirement system. The public accountant affiliated to the Retirement Fund must sign a commitment of non benefit from any other retirement system.

If it is revealed at a later stage to the Committee that he is benefiting from another retirement system, his affiliation will be automatically canceled and the contributions and fees that he paid to the Fund will be maintained without being entitled to recuperate them in whole or part. However, if his benefit from another retirement system is subsequent to his affiliation to the Fund, the public accountant must choose between the two systems and notify the Committee thereof. The fees and contributions that he actually paid to the Fund will be maintained should he choose another retirement system.

Article 4: Pursuant to Article 3 of the Decree No. 15222, the resources of the Fund are:

1-      The affiliation fees to the Retirement Fund paid one time and equivalent to the minimum wage.

2-      The annual retirement fees determined by the general assembly, based on the justified suggestion of the Fund Administration Committee and agreed upon by LACPA Council, and due on the first day of every year. They must be settled on the thirty-first of March at the latest and collected with the annual participation fees.

Any modification of the retirement fees is subject to the approval of the general assembly provided that it takes effect as of the year that follows the year during which it was endorsed.

3-      The fees of the attestations issued by LACPA and fixed by its Council.

4-      A visa fee of LBP 5000 (Five Thousand Lebanese Pounds) collected by LACPA from the public accountant for every report issued, provided that the visa includes an indication that the public accountant is dully registered at LACPA.

The visa provided for in the previous paragraph includes the following information:

Name of the Public Accountant                                 Registration Number at LACPA

Name of the Professional Civil Company                   Registration Number at LACPA

Client……………….                                               Registration Number at the Ministry of Finance

Financial Year                                                           Type of Report

                                                                                 Date

Signature & Seal of the Public Accountant                  Signature & Seal of LACPA

The visa must be provided for every report separately upon the request and under the responsibility of the public accountant provided that he fulfills the conditions of practicing the profession and that he had paid his annual contributions to LACPA and to the Fund.

The visa should be paid for every report related to a particular subject whatsoever the number of copies.

5-      A relative amount of 1/1000 (one per thousand) calculated on the basis of the total revenues of the public accountant indicated in the income tax declarations and paid to LACPA Fund based on a declaration submitted by the public accountant. The total revenues refer to the amounts received by the public accountant whether from the salary that he is receiving or through his free practice of the profession.

The annual declaration shall be submitted to the Committee within the month that follows the expiry of the term of the declaration to the income tax, and it should include the following information:
 
      Financial Year

Name of the Public Accountant                                 Registration Number at LACPA

Name of the Professional Civil Company                   Registration Number at LACPA

Value of Annual Revenues                                         Annual Fees – 1 per thousand

Date

Signature and seal of the Public Accountant 

In the case of a professional civil company, one declaration on the revenues of the company shall be submitted, provided that it is attached to a detailed statement with the names of the public accountants who are members in the civil company.

If one of the members of the professional civil company has other revenues arising from his practice of the profession, he should submit a separate declaration thereon.

6-      The amounts that the general assembly decides to transfer from the general fund of LACPA to the Retirement Fund at the end of every financial year, provided that the transferred amount does not exceed the third of the annual net savings achieved by LACPA.

7-      30% (thirty per cent) of the accrued reserve funds available in LACPA General Fund and indicated in the balance sheet elaborated at the end of the year that precedes the year of issuance of this Decree.

8-      The donations, grants and what is bequeathed by third parties in favor of the Retirement Fund.

9-      The interests and returns of the funds collected in the Retirement Fund.

Every certified public accountant who refrains from paying or delays to pay the due taxes, totally or partially, or who facilitates to others, directly or indirectly or through any means, the reduction of such fees, will be subjected to a fine by LACPA Council based on the recommendation of the Retirement Committee, equivalent to the amount or part of the amount that the Fund lost, and in case of refraining from paying, the transgressor will be referred to LACPA Disciplinary Council or before the competent jurisdiction based on a decision issued by LACPA Council.

 

Chapter Two 

Fund Administration

Article 5: The administration of the Fund is assumed by a committee composed of:

1-      The actual president or the vice president during his absence.

2-      Two members from outside LACPA Council amongst the practicing certified public accountants elected by the general assembly for two years, renewable. The candidate who wins the majority of votes is elected. In case two candidates win equal votes, the elder candidate will be elected. In case the two candidates are of the same age, the senior candidate affiliated to the fund shall be elected.

The applications for the candidacy to the Committee shall be submitted to LACPA after the announcement of the convocation to the general assembly, and the deadline for submitting the applications will be three days before the meeting of the general assembly.

The general assembly is convoked by the president in conformity with the procedures stipulated by the organization Law No. 364/4 that regulates the profession.

3-      Two members from LACPA Council deputed by LACPA Council for one renewable year.

4-      The last two former presidents.

·         The public accountant who fulfills the candidacy conditions does not have the right to apply simultaneously for more than one position, and the members of LACPA Council and the Disciplinary Council shall not apply for membership in the Fund Administration Committee.

·         If the position of one of the two elected members mentioned in Paragraph 2 becomes vacant six months before the end of the mandate, the vacant position will be occupied by the candidate who won in the previous elections the highest number of votes and who is considered ever since a reservist member. If this condition is not met, the general assembly will be convoked to elect a new member for the remaining period of the mandate of the vacant position. If the two positions indicated in Paragraph 2 become vacant, the general assembly will be convoked to elect two substitute members to complete their mandates. If the position of one of the members indicated in paragraph 3 becomes vacant, LACPA Council will nominate a successor thereto.

·         The applications for candidacy for the Fund Administration shall be submitted to the Directorate General 72 hours before the meeting of the general assembly.

·         No public accountant convicted by the disciplinary council or convicted for a crime affecting the dignity and honor is entitled to be a member in the Fund Administration Committee.

Article 6- The Fund Administration Committee will elect amongst its members, in the first week that follows its election through the secret vote, a secretary and an accountant.

The voting will be secret and when votes are equal, the elder member will be elected. If this is not possible, the voting will be repeated publicly, and if the votes are equal, the vote of the president or the vice president will be preponderant.

During the same session, the committee designates two members amongst its members to substitute the secretary and the treasurer in their absences or in the absence of any of them, provided that such absence is temporary.

The Committee has the right to entrust the accounting of the Fund to the Accounting Department in LACPA and designate, when need be, an independent accountant.

Article 7– The Fund Administration Committee meets once a month at least to peruse the works, accounts, expenditures, and revenues of the Fund. The chairperson has the right to convoke the Committee, when need be, and the session will not be considered legal unless it is attended by more than the half of members, amongst whom the president or the vice president.

·         The decisions of the Committee are taken by the majority of votes of the present members. If the votes are equal, the president or the vice president in his absence will have the preponderant vote.

·         The chairperson convokes to the meetings and fixes their dates and agenda which shall be notified to all the members three days at least before the session.

·         The members of the Administration Committee are committed to the confidentiality of the deliberation and no person is entitled to learn about the decisions, records, or files of the Committee without a written permission from the president which shall be maintained in the bureau of the Committee.

Article 8: Every member is considered resigned in the following cases:

1-      If he is absent for three consecutive times from the meetings of the Committee without a legitimate excuse and after that the president draws his attention to this repetitive absence by virtue of a written letter notified to him.

2-      If he submitted his resignation from the Committee.

3-      If he is convicted by the disciplinary council and condemned to stop the practice of the profession for any period or if he is convicted of a crime affecting the dignity and honor.

4-      If he stops or becomes definitely incapable to practice the profession for any reason whatsoever.

Article 9 – All the registers, records, and accounts of the Fund Committee are subject to the audit of certified public accountants designated by the general assembly.

At the end of every year, the Committee sets a balance sheet attached to a general report on the financial position of the Fund and the report of the auditors, and submits them to LACPA Council to be examined and presented before the General Assembly during its ordinary annual meeting to discuss them and approve thereof.

The general assembly has the power to put an end to the service of the members of the Fund Committee if their misconduct is established or in case of embezzlement of the amounts of the Fund.

Article 10: The Committee is responsible for managing this Fund, protecting its interests, preserving its rights and money, enforcing its laws and regulations, and when need be and within the powers granted thereto, proposing the modifications that might increase its resources, develop its grants and protect it in order to continue to confront the challenges in the present time and the future.

The Committee is responsible also for taking the necessary procedures to collect the money, invest them, estimate the disbursement of salaries and aids to the beneficiaries or suspending them pursuant to these regulations. Furthermore, it organizes the balance sheet and the annual budget and submits them to the general assembly for approval after the approval of LACPA Council.

In exceptional cases, the Committee has the right to estimate, by the absolute majority of the votes of its members, the payment of the expenditures through one or more advances granted to the treasurer by virtue of decisions determining the methods, procedures, and aspects of disbursement thereof.

 

Chapter Three

Secretariat & Treasury

Article 11: The treasurer may maintain an amount not exceeding five hundred thousand Lebanese pounds in its fund for emergencies, and he cannot disburse any amount without a decision of the Fund Committee.

Article 12: The money of the Fund are deposited in one or more banks designated by the Fund Administration Committee, and no amount can be withdrawn without the decision of this Committee cosigned by the president or the vice president, during his absence, and the treasurer or the secretary during the absence of this latter.

Article 13: The missions of the Committee include also:

* Opening and closing accounts at banks, leasing save box at banks and terminating the leasing in application of the decisions of the Committee in this respect.

* Deciding about payments and bank transfers and moving, withdrawing, and transferring the deposited amounts.

* Opening the boxes leased at the banks for their intended purposes.

The appropriate flow of the operations of the administration presumes that the secretary and treasurer always communicate with the president and the Committee office in LACPA.

Article 14: The secretary is responsible for ensuring the administrative works of the Committee and preserving all its documents, instruments and files, except for those who fall within the competence of the treasury. He shall also enforce the laws and regulations of the Fund and its bylaws, convoke, in the absence of the president and the vice president, the Committee to the meetings, organize and control the verbal processes and sign them with the president. Moreover, he shall create a special file with serial number for every retirement transaction at the Fund in the name of the retirement claimant.

Additionally, he shall maintain the incoming and outgoing records of the Fund Administration Committee.

Responsibility of the Treasurer:

Article 15:

1-      The treasurer is responsible for the accounts and amounts of the Fund with their different revenues and expenditures.

2-      Supervising the collection of the revenues of the Fund.

3-      Ensuring that payments from the Fund are done in conformity with the decisions of the Committee.

4-      Setting the annual balance sheet and budget within the timeframes specified in LACPA’s financial rules and submitting them to the Committee.

5-      Complying with LACPA’s financial rules.

 

Responsibility of the Retirement Fund Accountant

He is particularly responsible for:

1-      Controlling the registers pursuant to the rules followed in book keeping. Therefore, he shall maintain the books, in conformity with the legal and accounting procedures, including the receipt books necessary to ensure the movement of the Fund and a special record to control the ages and conditions of the retirees and the beneficiaries after him in order to control their continuous right in the salary.  

It is to be noted that some or all of these registers may be dispensed with through adopting the automation pursuant to an accounting regularization and a special regulation set for this purpose.

2-      Organizing a special file under a serial number for every retirement transaction in the Fund in the name of the retirement claimant or the beneficiary.

3-      Complying with the decisions and instructions issued by the Committee.

Article 16: All these books, the retirement applications files and all the documents of the Committee and the Fund, absolutely and without any specification, shall be maintained in the committee’s bureau at LACPA location unless the Committee decides to preserve them in another place or destroy them.

Article 17: The Fund Administration Committee sets the annual balance sheet in the month of November of every year and submits it to the ordinary general assembly convoked for this purpose.

The annual balance sheet of the Fund must include three parts when submitted to the general assembly:

First Part: indicates the expected revenues of the Fund and their details.

Second Part: indicates the administrative expenditures, costs, and estimated obligations of the Fund.

Third Part: calculation of the reserve and its usage.

 

Chapter Four

Retirement Conditions, Maturity and Transference

Article 18 – Every member who reached the age of sixty-four has the right to fully benefit, upon his request, from the retirement pension if he has been registered in LACPA enrollment list for at least fifteen years. If he has been registered for less than this period, the retirement that he is entitled thereto will be a part of the full retirement and calculated proportionally to his registration years to fifteen years. It is to be noted that he retirement will not be due if he has been registered for less than five years.

In order to benefit from the retirement pension, the beneficiary must have paid all his contributions to the Fund as stipulated in Article 4 of these regulations as well as his contributions to LACPA within the legal timeframes.

Article 19: The monthly retirement pension is determined in the ordinary general assembly based on the suggestion of the Fund Administration Committee and the approval of LACPA Council.

The retirement pension is fixed based on the resources of the Fund and the actuarial study that must be fully updated when need be.

Article 20: Every public accountant participating in the retirement, who is inflicted with a chronic disease or a disability which prevents him from continuing the practice of the profession, has the right to benefit, upon his request, from a proportional retirement pension as determined in Article 13 of the decree if he has been registered in LACPA’s enrollment list for at least five years.

The public accountant who applies for benefiting from the retirement pension as per the previous paragraph shall submit to the Committee:

a-      A medical report certifying his permanent disability to practice the profession.

b-      A commitment of non-practice of the profession directly or indirectly.

The Committee has the right to verify the permanent disability and the benefit from the retirement pension though all the evidence means.

Article 21: It is not permissible to benefit from the retirement pension unless the fees due to LACPA Fund and the Retirement Fund are paid. All delayed fees will be subject to a fine of five percent, and the fraction of the year is considered a full year as of their maturity date. If the delay period exceeds two years, the benefit from the retirement pension will be postponed for a period equivalent to the delay period.

Article 22: The retirement pension from which the deceased retired public accountant benefited or the retirement pension from which the deceased public accountant could have benefited  if liquidated at the death date pursuant to the percentage determined in Article 13 of this Law without considering the factor of age, will be transferred to his family as per the following articles. The members of the family of the deceased are the assigns pursuant to the limitation of succession stipulated legally and legitimately:

1-      His spouse or spouses equally among them. Upon the death of one of the spouses, her share will be transferred to the surviving spouse/s.

2-      The legitimate children who did not reach the age of eighteen, the recognized children, and the children adopted at least ten years before the maturity of the pension and who did not reach the age of eighteen.

3-      The parents who did not have a supporter other than the deceased public accountant.

The delayed entitlements on the death date will be distributed to the heirs pursuant to the limitation of succession stipulated legally and legitimately.

Article 23: The assigns from the family of the deceased public accountant, mentioned in the previous article, are granted the following pensions:

1-      Third of the pension of the deceased to the spouse or spouses equally.

2-      Third of the pension to the children, divided equally.

3-      A twelfth share of the retirement pension to each parent.

Two twelfth shares of the retirement pension will be dedicated for the Retirement Fund.

Article 24:

1-      The right of the widow of the public accountant extinguishes with death or marriage and her share will be transferred to her beneficiary children equally; and if they do not exist, such share shall return to the Retirement Fund.

2-      The right of the minor male children extinguishes with death or when they reach the age of eighteen; and if they are pursuing their studies, at the end of their studies or when they reach the age of twenty-five.

3-      The right of the female children extinguishes with death, when they reach the age of eighteen or upon marriage. If they are pursuing their studies, then at the end of their studies or when they reach the age of twenty-five.

4-      The share of the child, extinguished pursuant to paragraphs (2) and (3), returns to the Retirement Fund.

5-      The right of the parents extinguishes with death and the share of the deceased parent returns to the surviving parents; and when both parents decease, their shares return to the Retirement Fund.

6-      If a beneficiary from the retirement pension passed away before the maturity of the retirement pension, his share will not be cut off from those to whom the share would have belonged if such death occurred after the maturity of the retirement pension.

Article 25: If the public accountant passes away leaving behind him a child or children inflicted with a handicap that prevents them from earning their livelihood after reaching the eighteen, the Retirement Fund Committee will have the right to decide the disbursement of their share of the retirement fund provided that they submit a request embracing the valid reasons attached to a medical certificate.

Article 26: Requests for pension shall be submitted in writing to the president who submits them to the Fund Committee. The public accountant must present the following documents:

1-      Extract of individual registration from the civil personal status department.

2-      Extract of family registration.

3-      An attestation from LACPA certifying: the date and period of his registration at its rolls, his full payment of the due fees and contributions, including the fee of the year during which he requested to be superannuated.

4-      The necessary documents to establish the required right, notably those related to the benefit from the retirement pension due to sickness or permanent disability.

5-      A list of the submitted documents.

When the pension disbursement application is submitted by one of the family members of the deceased public accountant, it must be accompanied, under the responsibility of such member, with at least the following documents:

1-      A judgment certifying the death and the limitation of succession of the deceased public accountant.

2-      Extract of family registration with the names of the heirs from personal status department.

3-      A judgment of guardianship if the beneficiary heir is minor.

4-      A list of the submitted documents.

The Committee shall have the absolute right to conduct, at the determination and expense of the claimant of the retirement pension, any investigation that it deems appropriate in this regard, and investigate through all means it deems fit about the validity of the submitted documents and thereon take the appropriate decision.

The invalidity of the documents and declarations submitted by the claimants will result in depriving him from the pension and recuperating the amounts that would have been paid to him.

The retirement is granted based on the first registration date at the personal status departments; the subsequent corrections registered thereat will not be accepted unless they are in the interest of the Fund.

When a beneficiary from the pension expresses his wish not to benefit from his share, the Committee will observe such wish and decide the distribution of such share in the pension to the remaining beneficiaries upon a request submitted by him.

It is absolutely prohibited to pay the pension from the Fund to the agent, guardian or custodian without the following documents:

The agent shall:

·         Produce his proxy or maintain a true copy thereof in the file of his mandator at the Committee bureau.

·         Renew such proxy every year.

·         Submit the identity card or the individual registration extract of his mandator.

·         Submit every year, in the file of his mandator, an attestation issued by a legal authority (personal status, mayor, etc.) dated for no more than ten days from the submission date, taking into consideration the distance if a mail is arriving from abroad, certifying that the mandator is still alive and of sound mind.

The guardian or custodian shall:

·         present the identity card or the individual registration  extract of the minor

·         Include the attestation, required in paragraph 4 above, in the file of the minor.

·         Include, in the file of the minor, an official attestation certifying that the female heir under custody is still single.

·         Include, in the file of the minor at the end of every year, an official attestation from the court, which designated him custodian, that he is still appointed for such custody or guardianship.

·         The agent, guardian or custodian must resubmit the aforementioned documents renewed upon request.

It is prohibited to combine between two pensions due from the Fund and the assigns must choose between the two pensions, with the exception of the spouses who both are public accountants.

The retirement rights of the public accountant and the beneficiaries are prescribed:

·         With the prescription of a period of five years from their maturity date.

·         Upon the disappearance of the legal reason to benefit therefrom, similar to the loss of the Lebanese nationality.

·         If the public accountant was condemned to deprivation of the retirement rights following a disciplinary sanction or a definitive deprivation of the practice of the profession.

Article 27: The Fund Administration Committee shall decide whether the conditions of entitlement to the retirement are met, and it shall justify its decision of approval or rejection and determine the maturity date. This decision must be accompanied with the approval of LACPA Council provided that it does not exceed a period of two months from the date of submission of the application.

The retirement pension shall be liquidated when its maturity is established and as of its maturity date; and it must be paid only upon the request of the public accountant and the assigns in his family.

Article 28: The retirement pension is non-transferable and non-seizable as it is allocated to ensure the livelihood unless the entitled person is obliged to pay alimony to his parents, children, spouse or spouses. In this case, part of the pension may be seized up to the half of its amount only, provided that such seizure is issued by virtue of a judicial decision.

Article 29: Every person who collects a retirement pension to which he is not totally or partially entitled or continues to collect a salary that was allocated to him and then his right thereto extinguished, the amounts that he unlawfully collected will be recuperated from him, and LACPA will have the right to sue him.

Article 30: It is prohibited for the superannuated public accountant to:

1-      Register or renew his registration at LACPA or any similar foreign association.

2-      Practice the profession of public accountancy, and in general, conduct a work that might be competitive with his colleagues or harm them directly or indirectly with the exception of the academic work, assume any other work without notifying the president, obtaining a previous authorization for every consultancy or work from the Fund Administration Committee and after taking the approval of LACPA Council. Any breach of the abovementioned will extinguish the right of the transgressor to the pension throughout his practice of one the mentioned works.

3-      To conduct any work contrary to the dignity of the public accountant.

4-      Every public accountant who had received a pension without complying with the conditions provided for in this article shall restitute what he has collected unrightfully to the Pension Fund.

Article 31: The retiree may practice the profession for a definite renewable period by virtue of a special permission from the Fund Administration Committee, after obtaining the approval of LACPA Council. In this case, his retirement pension will be suspended during this period.

Article 32: Every superannuated public accountant shall comply, as every certified accountant member in LACPA, with all the laws, regulations, and decisions of LACPA; however, he will be exempted from the payment of the annual contributions. Every breach accompanied with a decision by the disciplinary council or a judicial decision will extinguish the right of the transgressor in the pension throughout the persistence of the transgression.

The certified accountants who are convicted by virtue of a disciplinary or judicial decision stipulating their suspension of the practice of the profession will not be deprived of the retirement right when the prohibition ceases to exist.

The certified accountants who were stricken off from the roll of LACPA according to Article 11 of the Law regulating the profession, and whose registration has not been renewed, will be deprived of the retirement right and the amount that they had paid will remain an acquired right to the Fund.

If the public accountant whose name was stricken off from the general roll was registered in conformity with the applicable procedures in force as stipulated by the provisions of the organization law and the LACPA’s bylaws, he has the right to request his re-registration in the enrollment list of the affiliated accountants to the Retirement Fund, and he shall then pay all the delayed contributions incurred on the suspension period, adding thereto an annual interest of 5% five per cent.

Article 33: Every dispute arising between the Fund Administration Committee and the beneficiaries from the retirement pension pursuant to the provisions of these regulations will be referred to LACPA Council that will settle it in first instance; and its members in the Fund Administration Committee will not attend expect for the president or the vice president. The decision of LACPA Council is subject to appeal before the Civil Appeal Court in Beirut within thirty days at most from the notification date.

The Committee and every beneficiary from the retirement pension have the right to transfer to LACPA Council the arising dispute on the condition to comply with the following procedures:

a-      That the Committee had issued the necessary decision that is the subject matter of the dispute.

b-      To submit the request to LACPA Council within one month from the date of notification of the decision of the Committee.

Article 34: In all cases, it is not allowed to disburse more than 90% of the Retirement Fund annual revenues balance; and the remaining amounts will be preserved as reserve funds.

Article 35: If the revenues of the retirement fund in a year did not suffice to cover the administrative costs and the determined retirement pensions, the differences will be taken from the general reserve to ensure the continuous payment of the due and determined retirement pensions for an additional year that follows the year during which the deficit occurred. LACPA Council shall convoke the general assembly to meet within three months from the deficit date to take the appropriate decisions in order to ensure the continuous operation of the retirement fund, of which:

a-      Increase the annual retirement fees determined by virtue of Paragraph 2 of Article 3 of Decree No. 15222.

b-      Increase the amounts allocated for the Fund and which are determined in Article 3 of Decree No. 15222.

c-      Reconstitute the general reserve.

d-     And all that is deemed convenient by the general assembly.

The general assembly remains entitled, based on the recommendation and approval of the Retirement Fund Committee and LACPA Council, to restitute the retirement pension to its former state before the deficit, or to increase it partially when the required amounts are available. The entitled persons whose collections decreased as mentioned above do not have the right to claim any differences or to return to the Retirement Fund or LACPA to claim them when amounts are later available in the Fund.

Chapter Four

Employees at the Fund

Article 36: The Committee shall designate one or more employees to ensure the flow of the works of the Fund and it may, for specific missions, request the approval of LACPA Council to provide assistance through some employees at LACPA.

Article 37: The Committee designates these employees as need be, determine their number and types, work conditions, salaries, layoff indemnities, and all what belong to them, including their raises, recompenses, layoff or termination of their service.

Article 38: The Chairperson has the right to inflict the following sanctions on the employees: warning them, reprimanding them, and deducting part of the salary not exceeding the wage of five days a month. Such sanctions must be indicated in the file of the punished employee and the more severe sanctions will be settled by the Committee upon the request of the chairperson.

Chapter Five

General Provisions

Article 39: Every application submitted to the Committee shall be registered thereat as per the followed procedures and then submitted to the chairperson who settles the matter or refers it to the Fund Committee as per the jurisdiction.

The chairperson, the secretary or a member of the Fund Committee will conduct the investigation about the applications that necessitate investigation and will include the result in a report submitted by the Chairperson to the Committee.

Article 40: The beneficiaries from the retirement pension as per the provisions of Article 31 of Decree No. 15222 shall submit a request to the Committee attached to all the documents provided for by the said decree or the regulations.

The Committee shall then take its decision as per the adopted procedures provided for in the present Decree and regulations.

Article 41: These regulations shall become effective as of its adoption by the Committee and LACPA Council. Any modification thereto requires the approval of the general assembly that is convoked as per the procedures provided for by Law No. 364/94 (law of rorganization of the profession) and the regulations of LACPA.

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