Louisiana Revised Statutes 11:2022 – Definitions
Terms Used In Louisiana Revised Statutes 11:2022
- actuary: means the actuary for this retirement system. See Louisiana Revised Statutes 11:2022
- Employer: means any parish in the state of Louisiana, except Orleans and East Baton Rouge Parishes, or the police jury or any other governing body of a parish which employs and pays persons serving the parish. See Louisiana Revised Statutes 11:1902
- Excess benefit: means the difference in the monthly benefit between the unrestricted benefit and the maximum benefit computed under this Chapter 5. See Louisiana Revised Statutes 11:2022
- Maximum benefit: means the retirement benefit a member, or the surviving spouse or minor child of a member, is entitled to receive from this retirement system determined in accordance with this Chapter in any month after giving effect to the limitations set forth in Section 415 of the United States Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
- Minor child: means an unmarried child under the age of eighteen years who is: the issue of a marriage; the legally adopted child of a member of this system; the natural child of a female member of this system; the child of a male member of this system if a court of competent jurisdiction has made an order of filiation declaring the paternity of such a member for the child or if the father has formally acknowledged the child; or, who had a disability at the time of the member's death and who remains in such disability status. See Louisiana Revised Statutes 11:1902
- Rabbi Trust: means the trust created under this Part of Chapter 5 to provide the excess benefits under this plan to excess benefit participants. See Louisiana Revised Statutes 11:2022
- retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
- Surviving spouse: means a legal spouse who was married to a member at the time of the member's death and for at least twelve months immediately prior thereto. See Louisiana Revised Statutes 11:1902
- Unrestricted benefit: means the monthly retirement benefit a member, or the surviving spouse or minor child of a member, would have received under the terms of all qualified plans of this retirement system in any given month, except for the restrictions imposed by Section 415 of the Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022
As used in this Part, the following words shall have the following meanings unless a different meaning is plainly required by the context:
(1) “Excess benefit” means the difference in the monthly benefit between the unrestricted benefit and the maximum benefit computed under this Chapter 5.
(2) “Excess benefit participant” means any member whose retirement benefit as determined on the basis of all qualified plans of the employer without regard to the limitations of Section 415 of the Internal Revenue Code of the United States, as amended, and as set forth in the rules and regulations of this retirement system, would exceed the maximum benefit permitted under Section 415 of the United States Internal Revenue Code. The term also includes any surviving spouse or minor child of an excess benefit participant under this retirement system.
(3) “Maximum benefit” means the retirement benefit a member, or the surviving spouse or minor child of a member, is entitled to receive from this retirement system determined in accordance with this Chapter in any month after giving effect to the limitations set forth in Section 415 of the United States Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system.
(4) “Rabbi Trust” means the trust created under this Part of Chapter 5 to provide the excess benefits under this plan to excess benefit participants. The Rabbi Trust shall be revocable unless and until made irrevocable pursuant to its terms, and shall be a non-tax qualified trust for federal income tax purposes.
(5) “The actuary” means the actuary for this retirement system.
(6) “Unrestricted benefit” means the monthly retirement benefit a member, or the surviving spouse or minor child of a member, would have received under the terms of all qualified plans of this retirement system in any given month, except for the restrictions imposed by Section 415 of the Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system.
Acts 2003, No. 194, §1, eff. June 5, 2003.