Louisiana Revised Statutes 11:1942 – Computation of normal retirement allowances; return of accumulated contributions
Terms Used In Louisiana Revised Statutes 11:1942
- 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
- Employee: means any person who is employed as a permanent employee of a parish who works at least twenty-eight hours a week and whose compensation is paid wholly or partly by said parish, but excluding all persons employed by a parish or city school board, and all persons eligible for any other public retirement system in this state. 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
- Final salary: means the average monthly earnings of a member during the twelve-month period immediately preceding his death or retirement. 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
- Plan A: means the revised plan to replace a combination of the regular and supplemental plans, to be effective January 1, 1980, as outlined in Part III. 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
- Supplemental plan: means the supplementary plan established by Act No. See Louisiana Revised Statutes 11:1902
The monthly amount of the retirement allowance for any member of Plan A shall consist of an amount equal to three percent of the member’s final compensation multiplied by his years of creditable service, provided however, that:
(1) For any employee who was a member only of the supplemental plan prior to the revision date, the benefit earned for service credited prior to the revision date shall be determined on the basis of one percent of final compensation plus two dollars per month for each year of service credited prior to the revision date, and three percent of final compensation for each year of service credited after the revision date; and
(2) No benefits provided by this Section shall exceed one hundred percent of member’s final salary or the final compensation whichever is the greater.
(3) Provided that no retired employee shall receive less in retirement payments than the amount of his accumulated contributions at the date of retirement. Any balance remaining to his credit upon the retiree’s death shall be paid to his designated beneficiary or estate.
Acts 1979, No. 765, §1, eff. Jan. 1, 1980; Redesignated from La. Rev. Stat. 33:6152 by Acts 1991, No. 74, §3, eff. June 25, 1991.