Louisiana Revised Statutes 11:608 – Retirement; purchase of firearm
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Terms Used In Louisiana Revised Statutes 11:608
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403
- State: means the state of Louisiana. See Louisiana Revised Statutes 11:403
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
Any member of the State Employees’ Retirement System who is a commissioned officer of the Louisiana Department of Public Safety and Corrections, division of probation and parole, who has at least twenty years of active service and who retires under the provisions of La. Rev. Stat. 11:441 or 602, as may be applicable, shall be entitled to purchase his firearm at fair market value upon retirement, subject to the approval of the director of the division of probation and parole.
Acts 2008, No. 281, §1.