Louisiana Revised Statutes 11:3008 – Refund of contributions
Terms Used In Louisiana Revised Statutes 11:3008
- Accumulated Contributions: shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the Annuity Savings Account, together with regular interest thereon as provided in Louisiana Revised Statutes 11:3002
- 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.
- Creditable Service: shall mean "Prior Service" plus "Membership Service" for which credit is allowable as provided in Louisiana Revised Statutes 11:3002
- Employer: shall mean the City of Alexandria or any of its departments and agencies from which any employee receives his compensation. See Louisiana Revised Statutes 11:3002
- Member: shall mean any employee in the City service included in the membership of the system as provided in Louisiana Revised Statutes 11:3002
- Regular Interest: shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with Louisiana Revised Statutes 11:3002
- Retirement Allowance: shall mean an annuity for life, as provided in this Part, payable each year in twelve equal monthly installments beginning as of the date fixed by the Board. See Louisiana Revised Statutes 11:3002
- System: shall mean the City of Alexandria Employees' Retirement System established and described in Louisiana Revised Statutes 11:3002
- Withdrawal from Service: shall mean complete severance of employment in the City Service of any member by resignation, dismissal or discharge. See Louisiana Revised Statutes 11:3002
Upon withdrawal from service, any member who shall not be entitled to a retirement allowance under the provisions hereof shall be paid on demand a refund of the amount of his accumulated contributions to his credit in the Annuity Savings Account. The payment of the said refund shall discharge all obligations of the retirement system to the said member on account of any creditable service rendered by the member prior to the receipt of the refund. By the acceptance of the refund the member shall waive and relinquish all accrued rights in the system. If any person who shall receive a refund shall re-enter the service of the employer and again become a member of the system and remain a contributor for five years, he may repay all amounts previously received by him as refund, together with regular interest covering the period from the date of refund to the date of repayment. Upon such repayment, the member shall again receive credit for the entire period of creditable service which he forfeited upon the receipt of the refund.
Designated from Acts 1948, No. 459, §8 by Acts 1991, No. 74, §3, eff. June 25, 1991.