Louisiana Revised Statutes 11:878 – Pensions and benefits payable from accumulation fund; transfers to reserve fund
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Terms Used In Louisiana Revised Statutes 11:878
- 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
- Pension reserve: means the present value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of mortality tables adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:701
- Pensions: means payments for life. See Louisiana Revised Statutes 11:701
- Prior service: means service rendered prior to the date of establishment of the retirement system for which credit is allowable under Part III of this Chapter. See Louisiana Revised Statutes 11:701
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
- Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
A. All pensions, and benefits in lieu thereof, with the exception of those payable on account of members who receive no prior service allowance, payable from contributions of employers, shall be paid from the pension accumulation fund.
B. Upon the retirement of a member not entitled to credit for prior service, an amount equal to his pension reserve shall be transferred from the pension accumulation fund to the pension reserve fund.
Redesignated from La. Rev. Stat. 17:699 by Acts 1991, No. 74, §3, eff. June 25, 1991.