Louisiana Revised Statutes 11:951.51 – Interest to and deficits in other accounts chargeable to accumulation account
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Terms Used In Louisiana Revised Statutes 11:951.51
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- Pension: means annual payments for life, payable in equal monthly installments, derived from money provided by the Orleans Parish School Board and other amounts accumulated in the pension accumulation account as provided for in this Part. See Louisiana Revised Statutes 11:951.1
- Pension reserve: means the present value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of mortality tables adopted by the board of trustees, plus regular interest. See Louisiana Revised Statutes 11:951.1
The interest required to be credited annually to any of the other accounts shall be charged to the pension accumulation account. The board of trustees may transfer from time to time from the pension accumulation account the amount of any deficit which may occur in the annuity reserve account or the pension reserve account, not offset by transfers from the surplus and contingency account.
Redesignated from La. Rev. Stat. 17:1081 pursuant to La. Rev. Stat. 24:253.