Louisiana Revised Statutes 11:1936 – Vesting
Terms Used In Louisiana Revised Statutes 11:1936
- 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 11:1902
- Creditable service: means all periods of time for which credit is allowed towards any benefits of this Chapter. See Louisiana Revised Statutes 11:1902
- final compensation: means the average monthly earnings during the sixty highest consecutive months of employment or the sixty highest successive joined months of employment if interruption of service occurred. See Louisiana Revised Statutes 11:1902
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
- Revision date: means January 1, 1980, the effective date of the establishment of Plan A and Plan B. See Louisiana Revised Statutes 11:1902
A. A member who withdraws from active service on or after the revision date prior to becoming eligible for retirement, having at least seven years of creditable service, and having received no refund of his accumulated contributions, shall be entitled to receive a retirement allowance to commence on his earliest normal retirement date.
(1) Such deferred retirement allowance shall be computed according to the provisions of Part III, Part IV, or Part IV-A whichever governed such member prior to his withdrawal from service, based on final compensation and creditable service at date of withdrawal.
(2) During the period from the member’s date of withdrawal from service to the member’s earliest normal retirement date, he shall not be considered to be a member and therefore shall not be entitled to any benefits due a member. Upon retirement he shall be entitled to exercise all rights and privileges of a retired member.
B. A member who withdrew from active service prior to the revision date, and having received no refund of his accumulated contributions, shall be entitled to receive a vested retirement allowance according to the statutes in effect at time of such withdrawal, provided he was eligible therefor.
C. Should a vested termination member return to active employment, he shall become a member and shall contribute at the current rate; but should such member return to employment after attaining the age of fifty, his benefit upon retirement shall not exceed the sum of the benefit for which he would have been eligible based on the previously credited service and the benefit for which he would be eligible based on the service since his latest employment, had he enrolled at that time as a new entrant.
Acts 1979, No. 765, §1, eff. Jan. 1, 1980; Redesignated from La. Rev. Stat. 33:6131 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 2001, No. 695, §1, eff. Jan. 1, 2002.