Louisiana Revised Statutes 11:421 – Computation of service
Terms Used In Louisiana Revised Statutes 11:421
- 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.
- Base pay: means prescribed compensation for a specific position on a full-time basis, but does not include overtime, per diem, differential pay, payment in kind, premium pay, or any other allowance for expense authorized and incurred as an incident to employment, except supplemental pay for certain members as provided by Article X, Section 10(A)(1) of thethe Louisiana Constitution of 1974. See Louisiana Revised Statutes 11:403
- Earned compensation: means the base pay earned by an employee for a given pay period as reported to the system on a monthly basis by the agency which shall include the cash value of any emolument of office in the form of paid compensation in lieu of salary which is subject to federal and state payroll taxes and includes the full amount earned by an employee, overtime, and per diem earned by an employee of the House of Representatives, the Senate, or an agency of the legislature, and expense allowances and per diem paid to members of the legislature, the clerk, or sergeant at arms of the House of Representatives and president and secretary or sergeant at arms of the Senate. See Louisiana Revised Statutes 11:403
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fiscal year: means the period beginning July first of any year and ending June thirtieth of the next succeeding year. See Louisiana Revised Statutes 11:403
- Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
- Position: means any office or any employment in the state service. See Louisiana Revised Statutes 11:403
- Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
A. In the computation of all full-time service performed prior to January 1, 1973, the following schedule shall govern on a fiscal year basis:
(1) Fifteen to eighty-nine days shall constitute a quarter of a year service.
(2) Ninety to one hundred seventy-nine days shall constitute one-half year of service.
(3) One hundred eighty to two hundred sixty-nine days shall constitute three-quarters of a year of service.
(4) Two hundred seventy days shall constitute one year of service.
B. In the computation of all part-time service performed prior to January 1, 1973, a member shall receive credit based upon the ratio of his actual earnings during the fiscal year to the total earnings he would have received had he been employed in this position on a full-time basis for the full fiscal year, based on the following schedule:
(1) Earnings of less than twenty-five percent: no credit.
(2) Earnings equal to twenty-five percent but less than fifty percent: one-quarter of a year of credit.
(3) Earnings equal to fifty percent but less than seventy-five percent: one-half of a year of credit.
(4) Earnings equal to seventy-five percent but less than one hundred percent: three-quarters of a year of credit.
C. In the computation of service, commencing January 1, 1973, and thereafter, a member shall receive credit based on the ratio of his earned compensation during the calendar year to the total base pay he would have received had he been employed in the same position on a full-time basis for the full calendar year. Any fractional part of the ratio shall be rounded off to the next highest one-tenth of a year but not to exceed one hundred percent of a year.
D. In no case shall credit be allowed for any period of absence without compensation. A member shall not receive more than one year of credit within any fiscal year prior to January 1, 1973, or within any calendar year after January 1, 1973.
E. Credit between July 1, 1972 and December 31, 1972, will be limited to one-half year total. However, any member who retires between December 31, 1972 and March 31, 1973 shall receive at least three-quarters of a year service for the period July 1, 1972 to March 31, 1973.
F. A statement of service will be issued to modify or correct membership or prior service, detailing a recapitulation of all service to the close of the last year.
G. A member may not receive credit for service which is credited in any other retirement system except where there has been a transfer under the reciprocal transfer agreement provided for by this chapter.
H. In the computation of any retirement allowance, annuity or benefit, any fractional period of service of less than one year shall be taken into account and a proportionate amount of such retirement allowance, annuity or benefit shall be granted for any such fractional period of service.
Acts 1972, No. 135, §1, eff. July 26, 1972; Redesignated from La. Rev. Stat. 42:561 by Acts 1991, No. 74, §3, eff. June 25, 1991.