Louisiana Revised Statutes 11:2011 – General
Terms Used In Louisiana Revised Statutes 11:2011
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity reserve fund: means the fund in which shall be held the reserves for liabilities or retirees and beneficiaries. See Louisiana Revised Statutes 11:1902
- Annuity savings fund: means the fund to which all accumulated contributions of members are credited. See Louisiana Revised Statutes 11:1902
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Pension accumulation fund: means the fund to which shall be credited all payments to the system exclusive of those amounts to be credited to the annuity savings and expense funds. 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
- retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
All of the assets of the retirement system shall be credited according to the purpose for which they are held to one of twelve funds, namely the annuity savings fund A, the annuity savings fund B, the annuity savings fund C, the annuity reserve fund A, the annuity reserve fund B, the annuity reserve fund C, the pension accumulation fund A, the pension accumulation fund B, the pension accumulation fund C, the Deferred Retirement Option Plan Fund A, the Deferred Retirement Option Plan Fund B, and the Deferred Retirement Option Plan Fund C. Expenses for the entire system shall be paid from the pension accumulation fund from Plan A. Annually, a transfer of funds from Plans B and C shall be made to reimburse Plan A for the pro rata expenses attributable to each fund.
Acts 1979, No. 765, §1, eff. Jan. 1, 1980; Redesignated from La. Rev. Stat. 33:6231 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 2010, No. 871, §1, eff. July 1, 2010.