Louisiana Revised Statutes 11:951.45 – Disposition of accumulated contributions upon retirement of employee
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 11:951.45
- Accumulated contributions: means the sum of all regular contributions, plus regular interest thereon, placed to the credit of the participant in the annuity savings account. See Louisiana Revised Statutes 11:951.1
- 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 annual payments for life, payable in equal monthly installments, derived from the accumulated contributions placed to the credit of the participant in the annuity reserve account. 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
Upon the retirement of a participant, his accumulated contributions shall be transferred from the annuity savings account to the annuity reserve account.
Redesignated from La. Rev. Stat. 17:1075 pursuant to La. Rev. Stat. 24:253.