Louisiana Revised Statutes 11:1694 – Pension reserve fund
Terms Used In Louisiana Revised Statutes 11:1694
- 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.
- Annuity: shall mean payments for life derived from the "accumulated contributions" of a member. See Louisiana Revised Statutes 11:1581
- average final compensation: shall mean the average monthly compensation earned by an employee during any period of sixty successive months of service as an employee during which the earned compensation was the highest. See Louisiana Revised Statutes 11:1581
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1581
- Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:1581
The pension reserve fund shall be the fund in which shall be held the reserves on all pensions in force and from which shall be paid all pensions and all benefits in lieu of annuities, payable as provided in this Chapter. Should a beneficiary retired on account of disability be restored to active service with a compensation not less than his average final compensation at the time of his last retirement the actuarial value of that portion of his benefit provided for by his Annuity Savings Fund balance shall be transferred from the pension reserve fund to the Annuity Savings Fund and credited to his individual account therein.
Added by Acts 1956, No. 56, §8(2); Redesignated from La. Rev. Stat. 16:1104 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1993, No. 234, §1, eff. June 1, 1993.