Louisiana Revised Statutes 11:951.42 – Annuity savings account; description; amount of employee contributions
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Terms Used In Louisiana Revised Statutes 11:951.42
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- Earnable compensation: means the full rate of the compensation that would be payable to a participant if he worked the full normal working time during the year. See Louisiana Revised Statutes 11:951.1
- Employee: means any person regularly employed in any capacity under the control of the Orleans Parish School Board who is not a teacher or whose legal employment does not require the holding of a teacher's certificate, including employees of the public school lunch department, all skilled and unskilled employees of the maintenance department, managers, custodians, subcustodians, and others who are not temporarily employed, and are paid out of funds under the control of the Orleans Parish School Board, who are not now eligible for membership in any other retirement system created or established by the State of Louisiana or any of its political subdivisions. See Louisiana Revised Statutes 11:951.1
- Normal service retirement age: means age sixty. See Louisiana Revised Statutes 11:951.1
- Participant: means any employee who is entitled to the beneficial provisions of this retirement system. See Louisiana Revised Statutes 11:951.1
- Retirement: means withdrawal from active service with a retirement allowance allowable under the provisions of this Part. See Louisiana Revised Statutes 11:951.1
- Service: means service rendered by an employee as herein defined. See Louisiana Revised Statutes 11:951.1
A. The annuity savings account is the account to which shall be credited the contributions from the compensation of the participants to provide for their annuities.
B. Each employee eligible to participation shall be required to contribute to the retirement system such per centum of his earnable compensation as the board of trustees may from time to time upon recommendation of the actuary adopt, provided that after attaining the normal service retirement age the participant may, by written notice to the board of trustees, elect not to contribute further.
Redesignated from La. Rev. Stat. 17:1072 pursuant to La. Rev. Stat. 24:253.