Louisiana Revised Statutes 11:883.4 – A. Notwithstanding any provision of R.S. 11:883.1 to the contrary, the board of trustees of the Teachers’ Retirement System of Louisiana may pay a permanent benefit increase, payable
Terms Used In Louisiana Revised Statutes 11:883.4
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means the eligible recipient of a pension, annuity, retirement allowance, or other benefit provided in this Chapter. See Louisiana Revised Statutes 11:701
- Board of trustees: means the board provided for in Part V of this Chapter to administer the retirement system. See Louisiana Revised Statutes 11:701
- 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. Notwithstanding any provision of La. Rev. Stat. 11:883.1 to the contrary, the board of trustees of the Teachers’ Retirement System of Louisiana may pay a permanent benefit increase, payable beginning July 1, 2016, to the following retirees and beneficiaries:
(1) Any retiree, other than a disability retiree, who has attained at least age sixty and who has received a benefit for at least one year.
(2) Any nonretiree beneficiary whose receipt of benefits is not based on the death of a disability retiree, if benefits had been paid to the retiree or the beneficiary, or both combined, for at least one year and if the retiree would have attained age sixty.
(3) Any disability retiree or a person who receives benefits from the system based on the death of a disability retiree, if benefits have been paid to the retiree or the beneficiary, or both combined, for at least one year.
B. Any benefit increase paid pursuant to the provisions of this Section shall be paid from the funds in the system experience account.
C. The amount of the increase authorized by this Section shall be an amount determined by the system’s actuary that is supported by the funds in the experience account up to a maximum payment of one and one-half percent of the benefit amount. The funds in the account shall be sufficient to fund such benefit fully on an actuarial basis. If the legislative auditor’s actuary disagrees with the determination of the system’s actuary, a permanent benefit increase shall not be granted.
D. The increase provided for in this Section shall be payable only on the first sixty thousand dollars of a retiree or beneficiary’s benefit.
Acts 2016, No. 93, §1, eff. June 30, 2016; Acts 2016, No. 512, §1, eff. June 30, 2016.