Terms Used In Louisiana Revised Statutes > Title 17 > Chapter 20 - Higher Education Assistance

• Accrued liability: shall mean the entry age normal accrued liability. See Louisiana Revised Statutes 11:2252
• Accumulated contributions: shall mean the sum of all the amounts deducted from the earnable compensation of a member and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:2252
• Actuarial assumptions: shall mean the calculations used by an actuary engaged annually by the board to calculate the amounts necessary to fund the members' annuities. See Louisiana Revised Statutes 11:2252
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Average final compensation: shall mean the average annual earned compensation of an employee for any period of thirty-six successive or joined months of service as an employee during which the said earned compensation was the highest. See Louisiana Revised Statutes 11:2252
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: shall mean any natural or juridical person or estate administrator designated to receive a pension, an annuity, a retirement allowance, or other benefit as provided by this Chapter. See Louisiana Revised Statutes 11:2252
• Board of trustees: shall mean the board provided for in Louisiana Revised Statutes 11:2252
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Creditable service: shall mean service for which credit is allowable as provided in Louisiana Revised Statutes 11:2252
• Dependent: A person dependent for support upon another.
• Director: shall mean the executive director of the Firefighters' Retirement System. See Louisiana Revised Statutes 11:2252
• Earnable compensation: shall mean the full amount of compensation earned by an employee on a regular tour of duty, including supplemental pay paid by the state of Louisiana, educational incentive pay, holiday pay, seniority incentive pay, and pay to an employee acting in a civil service classification higher than the one he holds, but shall not include overtime. See Louisiana Revised Statutes 11:2252
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Employee: shall mean any full-time firefighter or any person in a position as defined in the municipal fire and police civil service system who is employed by a fire department of any municipality, parish, or fire protection district of the state of Louisiana, excepting Orleans and Lafayette Parishes, and who is earning at least three hundred seventy-five dollars per month excluding state supplemental pay. See Louisiana Revised Statutes 11:2252
• Employer: shall mean any municipality, parish, or fire protection district in the state of Louisiana, excepting Orleans and Lafayette Parishes, which employs a full-time fireman, and the Firefighters' Retirement System. See Louisiana Revised Statutes 11:2252
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Legatee: A beneficiary of a decedent
• Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in Louisiana Revised Statutes 11:2252
• Membership service: shall mean service as an employee or elected official while a member of this system. See Louisiana Revised Statutes 11:2252
• Overtime: shall mean the additional hours worked above the regular tour of duty required by the local governing authority for which the member works and the compensation therefor. See Louisiana Revised Statutes 11:2252
• Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2252
• Retirement allowance: shall mean any benefit paid to a member under Louisiana Revised Statutes 11:2252
• Retirement system: shall mean the Firefighters' Retirement System as established in Louisiana Revised Statutes 11:2252
• Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2252
• years of service: shall mean the number of twelve-month periods a member has which are creditable toward receiving retirement benefits from the retirement system. See Louisiana Revised Statutes 11:2252