Louisiana Revised Statutes 11:1808.4 – Computation of normal retirement allowances; return of accumulated contributions
Terms Used In Louisiana Revised Statutes 11:1808.4
- Accumulated contributions: means the sum of all amounts deducted from a member's compensation and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:1732
- Creditable service: means all periods of time for which credit is allowed towards any benefits of this Chapter. See Louisiana Revised Statutes 11:1732
- Earnings: means the full amount of compensation earned by a member for service rendered as an employee, excluding bonuses or fees in excess of regular salary or retainer, overtime pay, or payments relative to termination of employment including but not limited to accrued sick or annual leave and severance pay. See Louisiana Revised Statutes 11:1732
- Final compensation: means the average monthly earnings during the highest sixty consecutive months or joined months if service was interrupted. See Louisiana Revised Statutes 11:1732
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1732
- Plan B: means the revised plan to replace the regular plan, to be effective October 1, 1978, as outlined in Part IV of this Chapter. See Louisiana Revised Statutes 11:1732
- retirement system: means the Municipal Employees' Retirement System of Louisiana, established as of January 1, 1955, defined in Chapter 4, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1732
The monthly amount of the retirement allowance for any member of MERS Plan B Tier 2 shall consist of an amount equal to two percent of the member’s final compensation multiplied by his years of creditable service. In addition:
(1) Should a retired member die without having received in retirement benefits an amount equal to his accumulated contributions standing to his credit at the date of his retirement, and leave no eligible survivors, any balance remaining to his credit shall be paid to his designated beneficiary or, if none, his estate.
(2) Any city marshal or deputy city marshal shall receive an additional regular retirement benefit computed as follows: the monthly average of the seventy-two highest consecutive or joined months of supplemental marshals’ earnings on which contributions were paid to the retirement system multiplied by the number of years contributions were paid to the retirement system on supplemental marshals’ earnings multiplied by two percent for all service as a city marshal or deputy city marshal. Should the period for which contributions are paid to the retirement system for supplemental marshals’ earnings be less than seventy-two months, then the actual period on which contributions were paid shall be used to determine average supplemental marshals’ earnings used to compute this benefit.
Acts 2012, No. 720, §1, eff. July 1, 2012; Acts 2014, No. 142, §1, eff. May 22, 2014.