Louisiana Revised Statutes 11:2261 – Management of funds
Terms Used In Louisiana Revised Statutes 11:2261
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of trustees: shall mean the board provided for in Louisiana Revised Statutes 11:2252
- Employee: shall mean any full-time firefighter or any person in a position as defined in the municipal fire and police civil service system who is employed by a fire department of any municipality, parish, or fire protection district of the state of Louisiana, excepting Orleans and Lafayette Parishes, and who is earning at least three hundred seventy-five dollars per month excluding state supplemental pay. See Louisiana Revised Statutes 11:2252
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2252
- Retirement system: shall mean the Firefighters' Retirement System as established in Louisiana Revised Statutes 11:2252
- Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2252
- Trustee: A person or institution holding and administering property in trust.
A.(1) The board of trustees shall be the trustees of the several funds created by this Chapter as provided in La. Rev. Stat. 11:2262 and shall have full power to invest and reinvest such funds in accordance with the provisions of La. Rev. Stat. 11:261 et seq. The trustees shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created herein have been invested as well as the proceeds of the investments and monies belonging to the funds.
(2) The trustees may adopt the terms of a group trust in compliance with all applicable United States Internal Revenue Service Revenue Rulings, to be treated as part of this Chapter.
(3) The expenses associated with the investment and administration of fund assets shall be charged against investment income and shall not be charged to the expense account.
B. All expense vouchers and pension payrolls shall be certified by the secretary. The secretary shall furnish the board of trustees a surety bond with a company authorized to do business in Louisiana and in such an amount as shall be required by the board, the premium to be paid from the expense fund.
C. For the purpose of meeting disbursements for pensions, annuities, and other payments there may be kept available cash, not exceeding ten percentum of the total amount in the several funds of the retirement system, on deposit in one or more banks or trust companies of the state of Louisiana organized under the laws of the state of Louisiana or of the United States, provided, that the sum on deposit in any one bank or trust company shall not exceed twenty-five percentum of the paid up capital and surplus of such bank or trust company.
D. The board of trustees shall approve the fiscal agency bank or banks selected for the deposit of funds and securities of the retirement system, provided that no bank shall be selected unless the bank is a fiscal agent of the state. The funds and properties of the system held in any bank of the state shall be safeguarded by bonds or other securities acceptable for the protection of state deposits, the amount to be determined by the board of trustees.
E. Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any investment made by the board of trustees, nor as such receive any pay or emolument for his service. No trustee or employee of the board shall, directly or indirectly, for himself or as an agent in any manner use the same, except to make such current and necessary payments as are authorized by the board of trustees; nor shall any trustee or employee of the board of trustees become an endorser or surety or in any manner as obligor for moneys loaned or borrowed from the board of trustees.
Added by Acts 1979, No. 434, §1. Amended by Acts 1980, No. 178, §1. Acts 1984, No. 867, §2; Redesignated from La. Rev. Stat. 33:2159 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2003, No. 719, §1, eff. June 27, 2003; Acts 2014, No. 503, §1, eff. June 5, 2014.