Louisiana Revised Statutes 11:951.53 – Expense fund account; payments to and disbursements from account
Terms Used In Louisiana Revised Statutes 11:951.53
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- Pension: means annual payments for life, payable in equal monthly installments, derived from money provided by the Orleans Parish School Board and other amounts accumulated in the pension accumulation account as provided for in this Part. See Louisiana Revised Statutes 11:951.1
- Regular interest: means interest compounded annually at such rate as shall be determined by the board of trustees. 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
- Retirement system: means the corporation known as the Orleans Parish School Employees' Retirement System established in La. See Louisiana Revised Statutes 11:951.1
A. The expense fund account is the account to which shall be credited all money provided for the payment of expenses. From this account the expenses of the administration of the retirement system shall be paid, exclusive of amounts payable as retirement allowances and as other benefits provided herein.
B. Any surplus in the expense fund account shall be transferred annually to the surplus and contingency account.
C. The board of trustees may transfer to the expense fund account from the pension accumulation account, at any time, any amount earned from the investment of the assets of the retirement system in excess of interest at the rate per annum of regular interest on the total assets of the retirement system.
Redesignated from La. Rev. Stat. 17:1083 pursuant to La. Rev. Stat. 24:253.