Louisiana Revised Statutes 11:1985 – Actuary
Terms Used In Louisiana Revised Statutes 11:1985
- Agreement: means the document of participation between a participating employer and the board, that sets forth the requirements and procedures for covering the employees of such participating employer under this system. See Louisiana Revised Statutes 11:1902
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1902
- Disability: means a condition which in the determination of the board renders an employee permanently and totally disabled, by bodily injury or disease, from performing the duties and responsibilities of his position; provided, however, that such condition is not, directly or indirectly, the result of military service, engaging in a felonious criminal enterprise, habitual drunkenness or use of narcotics, intentionally self-inflicted injury, or declared war or enemy action. 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
- Employer: means any parish in the state of Louisiana, except Orleans and East Baton Rouge Parishes, or the police jury or any other governing body of a parish which employs and pays persons serving the parish. See Louisiana Revised Statutes 11:1902
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
- Revision date: means January 1, 1980, the effective date of the establishment of Plan A and Plan B. See Louisiana Revised Statutes 11:1902
A. The actuary shall be the technical advisor of the board on matters regarding the operation of the funds of the system.
B. Immediately after the revision date and at least once every five years thereafter, the actuary shall make an actuarial investigation of the members as to mortality, disability, retirement, separation, marital status of employees, marriage of surviving spouses, interest, and employee earning rates.
C. In addition to such other duties as the board shall prescribe, the actuary shall:
(1) Recommend actuarial tables to be used for computing benefits and rate of contributions required of participating employers and members based on the investigation required by B, above.
(2) Make an annual valuation of the liabilities and reserves for present and prospective annuities and benefits, and certify to the correctness thereof.
(3) Review the terms of each new agreement as pertains to prior service, conduct such investigation as is necessary to determine the existing accrued liability, and recommend to the board the amount of employer contributions required to offset such liability.
D.(1) Unless different actuarial assumptions are formally adopted and disclosed, as provided herein, the following assumptions shall determine the actuarial equivalents as used in this retirement system, subject to the provisions of Title 11 of the Louisiana Revised Statutes:
(a) Interest shall be compounded annually at the rate of seven percent per annum; and
(b) Annuity rates shall be determined on the basis of one hundred and ten percent of the 1971 Group Annuity Mortality Tables.
(2) The board of trustees may authorize the use of interest and mortality rates in determining the actuarial equivalents which are different from the actuarial assumptions used for other purposes hereunder. Any change in such actuarial assumptions shall be considered a part of this retirement system and shall be considered an amendment to the provisions of this Section. In order to be effective, such change shall be formally adopted by the board of trustees and disclosed to members of the retirement system.
Acts 1979, No. 765, §1, eff. Jan. 1, 1980; Acts 1990, No. 450, §1; Redesignated from La. Rev. Stat. 33:6195 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2020, No. 247, §1.