Louisiana Revised Statutes 11:942.4 – Contributions
Terms Used In Louisiana Revised Statutes 11:942.4
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Earnable compensation: means the compensation earned by a member during the full normal working time as a teacher. See Louisiana Revised Statutes 11:701
- Employer: means the state of Louisiana, any city, parish, or other local school board, the State Board of Elementary and Secondary Education, any board created by La. See Louisiana Revised Statutes 11:701
- 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
- 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. Each participant shall contribute monthly to the alternative contribution plan six percent of his earnable compensation. These contributions may be made by employer pick-up in accordance with the provisions of Section 414(h)(2) of the United States Internal Revenue Code or any amendment thereto. This six percent member contribution shall be remitted by the Teachers’ Retirement System to the appropriate designated company for application to the participant’s investments, but not until all employee and employer contributions have been received by the Teachers’ Retirement System.
B.(1) Each participant shall contribute monthly to the regular plan of the Teachers’ Retirement System one and nine-tenths percent of his earnable compensation.
(2) The participant shall also contribute one-tenth of one percent of his earnable compensation to the Teachers’ Retirement System for the administration of the alternative contribution plan.
C. Each employer shall contribute to the Teachers’ Retirement System on behalf of each participant in the alternative contribution plan the same amount it would have contributed if the participant had been a member of the regular plan.
Acts 2001, No. 1055, §1, eff. July 1, 2001.