Louisiana Revised Statutes 11:942.7 – Benefits not obligation of the state; payment of benefits
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Terms Used In Louisiana Revised Statutes 11:942.7
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
A. Any person electing to participate in the alternative contribution plan shall agree that the benefits payable to participants are not the obligations of the state of Louisiana or the Teachers’ Retirement System of Louisiana and that such benefits and other rights of the alternative contribution plan are the liability and responsibility solely of the designated company to whom contributions have been made.
B. Benefits shall be payable to alternative contribution plan participants or their beneficiaries by the selected investment vendor.
Acts 2001, No. 1055, §1, eff. July 1, 2001.