Louisiana Revised Statutes 11:702 – Name and establishment of retirement system
Terms Used In Louisiana Revised Statutes 11:702
- Board of trustees: means the board provided for in Part V of this Chapter to administer the retirement system. See Louisiana Revised Statutes 11:701
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Internal Revenue Code: means the United States Internal Revenue Code of 1986, as amended. See Louisiana Revised Statutes 11:701
- Member: means any teacher included in the membership of the system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:701
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
- Retirement system: means the Teachers' Retirement System of Louisiana as defined in Louisiana Revised Statutes 11:701
A. A retirement system is established with all the powers and privileges pertaining to corporations, under the management of the board of trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers of the state of Louisiana. The retirement system so created shall be established as of August 1, 1936. The retirement system is established as a qualified defined benefit plan under Title 11 of the Louisiana Revised Statutes of 1950, known as the “Louisiana Public Retirement Law”, as amended from time to time, pursuant to Sections 401(a) and 414(d) of the Internal Revenue Code, other applicable provisions of the Internal Revenue Code, applicable Treasury regulations, and other guidance.
B. This system shall be known as the “Teachers’ Retirement System of Louisiana”, and by such name or its nominee name, which is hereby established as “TRSL”, all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held, except as provided in Subsection C of this Section.
C. The board of trustees may form a corporation or partnership for the purpose of trading in its nominee name. The state treasurer, the secretary-treasurer, and the assistant secretary-treasurer of the system shall be members of any such corporation or partnership. Other members of the corporation or partnership may be appointed by the board of trustees from among its membership. Each member of such corporation or partnership shall have the same fiduciary responsibility as do the trustees of the system.
Amended by Acts 1977, No. 743, §1; Acts 1983, No. 19, §1, eff. June 9, 1983; Redesignated from La. Rev. Stat. 17:572 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2014, No. 727, §1, eff. July 1, 2014.