Louisiana Revised Statutes 11:556 – Exercise of option; additional time granted
Terms Used In Louisiana Revised Statutes 11:556
- Board: means the Board of Trustees of the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
- Creditable service: means prior service plus membership service for which credit is allowable as provided in this Chapter. See Louisiana Revised Statutes 11:403
- Employee: means any person legally occupying a position in the state service. See Louisiana Revised Statutes 11:403
- Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403
- State: means the state of Louisiana. See Louisiana Revised Statutes 11:403
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
Notwithstanding any other provisions of law to the contrary, any person enumerated in La. Rev. Stat. 11:553 who is in office on September 6, 1985, and who failed to timely exercise his option to be governed by this Subpart shall be eligible to become a member, transfer creditable service, and receive credit for all service rendered as provided by this Subpart, particularly La. Rev. Stat. 11:563. In order to receive such membership and credit, any such person shall on or before the lapse of one hundred twenty days after September 6, 1985, apply to the board of trustees in a form as required by the board for such membership and credit. In addition, there shall be paid into the system a sum equal to the present value of the retirement benefit payable on account of the membership and credit should the member retire at the time membership and credit is established if he is eligible to retire at the time he establishes the membership and credit, or an amount which, if invested at regular interest, as set by the board of trustees, would accumulate to an amount equal to the present value of the retirement benefit payable on account of the membership and credit should the member continue until the earliest date he is eligible to retire if he is not eligible to retire at the time he establishes the membership and credit. Of this sum, the member shall pay an amount equal to the employee contributions which would have been paid on and after October 1, 1976, had this system been applicable to the service as a judge or court officer since October 1, 1976, plus seven percent interest thereon, compounded annually from the date of service until paid, and the state shall pay the difference. This option shall only be effective upon payment by both the state and the judge or court officer. If agreed to by the board of trustees, and under terms and conditions set by the board, the required payments may be paid in installments, but in any case, the payments shall be paid in full prior to the date of application for retirement.
Acts 1985, No. 264, §1; Redesignated from La. Rev. Stat. 13:14.2 by Acts 1991, No. 74, §3, eff. June 25, 1991.