Louisiana Revised Statutes 11:2242.5 – Retirement benefit calculation
Terms Used In Louisiana Revised Statutes 11:2242.5
- average final compensation: means the average annual earned compensation of a member for the sixty highest months of successive employment, or for the highest sixty successive joined months of employment where interruption of service occurred. See Louisiana Revised Statutes 11:2213
- Creditable service: shall mean service for which credit is allowable as provided in Louisiana Revised Statutes 11:2213
- Member: shall include any employee, as defined in Paragraph (11) of this Section, included in the membership of this system as provided in Louisiana Revised Statutes 11:2213
- Prior service: shall mean service rendered prior to the enrollment of an employee into this retirement system, as a municipal policeman, as a member of the state police, or as a sheriff or deputy sheriff in Louisiana for which credit is not given in any other retirement system; provided that notwithstanding any provision of this Chapter that may be to the contrary, no credit whatsoever shall be given in this retirement system, whether as prior service or creditable service, for any out of state service, nor shall any credit for prior service be given to any person who becomes a member after July 31, 1976, except that any person employed by any municipality and is required to pay social security contributions for such employment by the United States Department of Health, Education, and Welfare shall receive prior service credit provided he becomes a member of this retirement system prior to January 1, 1977. See Louisiana Revised Statutes 11:2213
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2213
- Service: shall mean service rendered as an employee as described in Paragraph (11) of this Section. See Louisiana Revised Statutes 11:2213
- system: shall mean the Municipal Police Employees' Retirement System as established in Louisiana Revised Statutes 11:2213
A. Except as provided in Subsection B of this Section, a member shall receive a retirement benefit equal to two and one-half percent of average final compensation for every year of creditable service in this subplan, not to exceed one hundred percent of the member’s average final compensation.
B. Retirement benefits for members who had service in hazardous duty or service under existing plans prior to entering this subplan shall upon retirement eligibility receive a retirement benefit for that prior service based on the applicable accrual rate when earned.
C. Average final compensation as defined in La. Rev. Stat. 11:2213 shall be based on all creditable service in the system regardless of the subplan in which such service has been earned.
Acts 2012, No. 522, §1.