Louisiana Revised Statutes 11:893 – Maintenance of annuity and pension reserves; payment of benefits guaranteed
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Terms Used In Louisiana Revised Statutes 11:893
- Pensions: means payments for life. See Louisiana Revised Statutes 11:701
- Regular interest: means interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with Louisiana Revised Statutes 11:701
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
The maintenance of annuity reserves and pension reserves, and regular interest creditable to the various funds as provided in this Part, and the payment of all pensions, annuities, retirement allowance, refunds and other benefits granted under the other provisions of this Chapter, are made obligations of the pension accumulation fund. All income, interest and dividends derived from deposits and investments authorized by this Part, except that amount paid into the expense fund as provided in La. Rev. Stat. 11:882, shall be used for the payment of these obligations.
Amended by Acts 1960, No. 401, §3; Redesignated from La. Rev. Stat. 17:704 by Acts 1991, No. 74, §3, eff. June 25, 1991.