Louisiana Revised Statutes 11:1972 – Computation of normal retirement allowance
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Terms Used In Louisiana Revised Statutes 11:1972
- Accumulated contributions: means the sum of all amounts deducted from a member's compensation and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:1902
- Creditable service: means all periods of time for which credit is allowed towards any benefits of this Chapter. See Louisiana Revised Statutes 11:1902
- Employee: means any person who is employed as a permanent employee of a parish who works at least twenty-eight hours a week and whose compensation is paid wholly or partly by said parish, but excluding all persons employed by a parish or city school board, and all persons eligible for any other public retirement system in this state. See Louisiana Revised Statutes 11:1902
- final compensation: means the average monthly earnings during the sixty highest consecutive months of employment or the sixty highest successive joined months of employment if interruption of service occurred. See Louisiana Revised Statutes 11:1902
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
- Plan C: means the plan to be effective July 1, 1997, as outlined in Part IV-A of this Chapter. See Louisiana Revised Statutes 11:1902
The monthly amount of the retirement allowance for any member of Plan C shall consist of an amount equal to two percent of the member’s final compensation multiplied by his years of creditable service provided that no retired employee shall receive less in retirement payments than the amount of his accumulated contributions at the date of retirement. Any balance remaining to his credit upon the retiree’s death shall be paid to his designated beneficiary or estate.
Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 2001, No. 695, §1, eff. Jan. 1, 2002.