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Terms Used In Louisiana Revised Statutes 11:873

  • 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: means payments for life derived from the "accumulated contributions" of a member. See Louisiana Revised Statutes 11:701
  • Board of trustees: means the board provided for in Part V of this Chapter to administer the retirement system. See Louisiana Revised Statutes 11:701
  • Earnable compensation: means the compensation earned by a member during the full normal working time as a teacher. See Louisiana Revised Statutes 11:701
  • Employer: means the state of Louisiana, any city, parish, or other local school board, the State Board of Elementary and Secondary Education, any board created by La. See Louisiana Revised Statutes 11:701
  • Member: means any teacher included in the membership of the system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:701
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
  • Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701

The annuity savings fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities.  Contributions to and payments from the annuity savings fund shall be made as follows:

(1)(a)  Each employer shall cause to be deducted from the total salary or compensation of each person who is or becomes a member on each and every payroll of such employer for each and every payroll period, eight percent of his total earnable compensation.  However, in the event the employer’s contribution to the retirement system as approved, funded, and appropriated by the legislature is less than eleven and eight-tenths percent of the total earnable compensation of each member, each employer shall cause to be deducted from the total salary or compensation of each person who is or becomes a member, on each and every payroll period, seven percent of his total earnable compensation.  In determining the amount earnable by a member in a payroll period, the board of trustees may consider the rate of annual compensation payable to such member on the first day of the payroll period as continuing throughout such payroll period.

(b)  With respect to each member of this system who is a participant in the Louisiana Educational Employees’ Professional Improvement Program, upon retirement or termination for any cause, if such member has not completed at least three years of one program, as defined in La. Rev. Stat. 17:3602(5), any deductions made on compensation received pursuant to La. Rev. Stat. 17:3601 et seq. prior to retirement or termination for any cause, shall be returned to the member without interest.  Members of this system who complete at least three years of one program, as defined in La. Rev. Stat. 17:3602(5), shall not receive a return of any employee deductions upon retirement.

(2)  The deductions provided for herein shall be made notwithstanding that the minimum compensation provided for by law for any member shall be reduced thereby.  Every member shall be deemed to consent and agree to the deductions made and shall receipt for his full salary or compensation, and payment of salary or compensation less the deduction shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such person during the period covered by such payment, except as to the benefits provided under this Part.  The employer shall certify to the board of trustees on each and every payroll or in such other manner as the board of trustees may prescribe, the amounts to be deducted; and each of said amounts shall be deducted, and when deducted shall be paid into said annuity savings fund, and shall be credited to the individual account of the member from whose compensation the deduction was made.

Amended by Acts 1959, No. 54, §4; Acts 1962, No. 186, §1; Acts 1965, No. 6, §1; Acts 1966, No. 51, §1; Acts 1969, No. 104, §1; Acts 1970, No. 28, §4; Acts 1981, No. 935; §1, eff. July 1, 1981; Acts 1983, No. 606, §1; Acts 1987, No. 724, §1; Redesignated from La. Rev. Stat. 17:692 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1997, No. 812, §1, eff. July 1, 1997.