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As used in this Part, the following words and phrases have the meaning ascribed to them in this Section, unless a different meaning is plainly required by the context:

(1)  “Accumulated contributions” means the sum of all the amounts deducted from the compensation of a member and credited to his individual account.

(2)  “Actuarial equivalent” means a benefit of equal value, when computed upon the basis of mortality tables adopted by the board of supervisors and regular interest.

(3)  “Average regular compensation” means the average annual rate of regular compensation of a member for any period of thirty-six successive months ending with full month’s pay of service as an employee during which said earned compensation was the highest.  In the case of interruption of employment, the thirty-six months period shall be computed by joining employment periods immediately preceding and succeeding this interruption.  For academic year employees, the nine months academic year rate of compensation increased by two-ninths (.22223) shall be used for contribution to the system and for determining average regular compensation.  For academic year employees, each regular semester shall be computed as six months of regular service.

(4)  “Beneficiary” means any person in receipt of a retirement allowance or other benefit provided for in this part.

(5)  “Board of supervisors” means the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College.

(6)  “Credited service” means service for which credit is allowable as provided in La. Rev. Stat. 11:952.21 through 952.24.

(7)  “Employee” means a person employed in any classification of University employees other than a student, and the word “student” includes a graduate assistant, medical intern, and medical resident.

(8)  “Full-time employee” means an employee who works the number of hours required by the department or division under applicable university policies for a full-time employee.

(9)  “Medical board” shall mean the State Medical Disability Board.

(10)  “Member” means any employee included in the membership of the funded system as provided in La. Rev. Stat. 11:952.11, 952.12, and 952.14.

(11)  “Regular compensation” means the total cash compensation for personal services paid to an employee by the university, except compensation of an unusual or noncontinuing nature excluded by the board of supervisors as provided in La. Rev. Stat. 11:952.52.  In addition, regular compensation will include the amount of any reduction in salary made pursuant to La. Rev. Stat. 11:952.52(F).  Regular compensation shall not include maintenance.

(12)  “Regular employee” means:

(a)  An employee whose appointment is for a period of more than one hundred eighty calendar days, or

(b)  One who has been employed for more than one hundred eighty consecutive calendar days by successive uninterrupted appointments.

(13)  “Regular interest” means interest compounded annually at such rate or rates as shall be determined by the board of supervisors.

(14)  “Retirement” means withdrawal from active service with a retirement allowance granted under the provisions of this part.

(15)  “Retirement allowance” means annual payments for life under the funded system payable in equal monthly installments beginning as of the date fixed by the board of supervisors.

(16)  “Social Security breakpoint” means the maximum level at which compensation may be included in the determination of the primary insurance amount under Title II of the Federal Social Security Act, provided that for purposes of the funded system seven thousand eight hundred dollars shall be deemed to have been the Social Security breakpoint for all years prior to 1968.

(17)  “State” means the state of Louisiana.

(18)  “University” means all campuses and divisions of the Louisiana State University and Agricultural and Mechanical College.

(19)  “University Retirement Plan” means the nonfunded University Retirement Plan established pursuant to regulations of the board of supervisors as in effect on the effective date of this funded system.

(20)  “University Retirement System” or “funded system” means the funded Louisiana State University and Agricultural and Mechanical College Retirement System as defined in La. Rev. Stat. 11:952.2.

(21)  The masculine pronoun shall include the feminine, and the feminine the masculine, wherever appropriate.

Added by Acts 1971, No. 26, §1.  Amended by Acts 1972, No. 519, §1; Acts 1977, No. 323, §1; Acts 1978, No. 727, §3, eff. Jan. 1, 1979.  Redesignated from La. Rev. Stat. 17:1611 pursuant to La. Rev. Stat. 24:253.