Louisiana Revised Statutes 11:1693 – Deferred Retirement Option Plan Account
Terms Used In Louisiana Revised Statutes 11:1693
- 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: shall mean payments for life derived from the "accumulated contributions" of a member. See Louisiana Revised Statutes 11:1581
- Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1581
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1581
Upon effective date of commencement of participation in the Deferred Retirement Option Plan, the member‘s retirement benefit shall be paid into the Deferred Retirement Option Plan Account from the member’s Annuity Savings Account. When the member’s Annuity Savings Account is exhausted the benefit shall be paid from the Pension Reserve Account. If a member elects to receive regular monthly retirement benefits in the form of a life annuity, the balance of the Deferred Retirement Option Account shall be transferred to the Pension Reserve Account upon commencement of payments.
Acts 1956, No. 56, §8; Redesignated from La. Rev. Stat. 16:1103 by Acts 1991, No. 74, §3, eff. June 25, 1991; Amended by Acts 1993, No. 234, §1, eff. June 1, 1993.