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Terms Used In Louisiana Revised Statutes 11:952.38

  • 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 any person in receipt of a retirement allowance or other benefit provided for in this part. See Louisiana Revised Statutes 11:952.1
  • Board of supervisors: means the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College. See Louisiana Revised Statutes 11:952.1
  • Member: means any employee included in the membership of the funded system as provided in La. See Louisiana Revised Statutes 11:952.1
  • 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 part. See Louisiana Revised Statutes 11:952.1
  • 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. See Louisiana Revised Statutes 11:952.1
  • Spouse: shall mean a person who is legally married to a member of this system and shall not include a person who is legally separated from a member of this system by a judgment of separation, unless such person has voluntarily reconciled with the member and which reconciliation is established by a court of competent jurisdiction. See Louisiana Revised Statutes 11:701

A.  A member may retire under one of the following options:

Option 1:  pays total of retirement allowance formula in a retirement benefit for life of member, with no benefits payable to a beneficiary after his death except as provided in La. Rev. Stat. 11:952.42(D).

Option 2:  pays ninety percent of total retirement allowance formula in a retirement benefit for life of member.  Upon member’s death, pays fifty-five percent of total retirement allowance formula as a benefit to the surviving spouse for life provided the spouse was married to the member at least two years prior to his retirement.

Option 3:  pays a reduced retirement allowance benefit which depends on the difference between member’s age and the age of the person the member names to receive benefits after the member’s death.  The retirement allowance benefit payable to the member shall be reduced ten percent of the total retirement allowance formula, if the named beneficiary is either older, same age, or less than five years younger; fifteen percent if the named beneficiary is five but less than ten years younger; twenty percent if the named beneficiary is ten but less than fifteen years younger; twenty-five percent if the named beneficiary is fifteen but less than twenty years younger; thirty percent if the named beneficiary is twenty but less than twenty-five years younger; thirty-five percent if the named beneficiary is twenty-five but less than thirty years younger, and forty percent if the named beneficiary is thirty or more years younger.  Upon member’s death after retirement, the person named will receive one-half of the member’s reduced retirement allowance benefit.

B.  The election of an optional benefit may not be revoked or changed by the member after the date his retirement allowance becomes effective.  If the member or the beneficiary designated under the option dies prior to the date as of which the retirement allowance becomes effective, the election shall thereby be revoked.

C.  If a member fails to file a written designation of an option with the board of supervisors by the date his retirement allowance is to become effective, Option 1 benefits shall be applied and cannot be revoked or changed by the member’s late filing for another option.

Added by Acts 1971, No. 26, §1.  Amended by Acts 1972, No. 519, §1.  Redesignated from La. Rev. Stat. 17:1631 pursuant to La. Rev. Stat. 24:253.