Louisiana Revised Statutes 11:951.1 – Definitions
Terms Used In Louisiana Revised Statutes 11:951.1
- Accumulated contributions: means the sum of all regular contributions, plus regular interest thereon, placed to the credit of the participant in the annuity savings account. See Louisiana Revised Statutes 11:951.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means annual payments for life, payable in equal monthly installments, derived from the accumulated contributions placed to the credit of the participant in the annuity reserve account. See Louisiana Revised Statutes 11:951.1
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- 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.
- Employee: means any person regularly employed in any capacity under the control of the Orleans Parish School Board who is not a teacher or whose legal employment does not require the holding of a teacher's certificate, including employees of the public school lunch department, all skilled and unskilled employees of the maintenance department, managers, custodians, subcustodians, and others who are not temporarily employed, and are paid out of funds under the control of the Orleans Parish School Board, who are not now eligible for membership in any other retirement system created or established by the State of Louisiana or any of its political subdivisions. See Louisiana Revised Statutes 11:951.1
- Participant: means any employee who is entitled to the beneficial provisions of this retirement system. See Louisiana Revised Statutes 11:951.1
- Pension: means annual payments for life, payable in equal monthly installments, derived from money provided by the Orleans Parish School Board and other amounts accumulated in the pension accumulation account as provided for in this Part. See Louisiana Revised Statutes 11:951.1
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Prior service: means service rendered by an employee prior to the effective date of the establishment of this retirement system for which credit is allowable as provided in this Part. See Louisiana Revised Statutes 11:951.1
- Public school: means any school conducted within the state under the authority and supervision of a city, parish, or other local school board and any educational institution supported by and under the control of the state. See Louisiana Revised Statutes 11:701
- Regular contributions: means the contributions deducted from the compensation of a participant subsequent to the effective date of the establishment of this retirement system as required by this Part and placed to the credit of the participant in the annuity savings account. See Louisiana Revised Statutes 11:951.1
- Regular interest: means interest compounded annually at such rate as shall be determined by the board of trustees. See Louisiana Revised Statutes 11:951.1
- Retirement: means withdrawal from active service with a retirement allowance allowable under the provisions of this Part. See Louisiana Revised Statutes 11:951.1
- Retirement allowance: means the sum of the annuity and the pension, or any other benefits payable in lieu thereof. See Louisiana Revised Statutes 11:951.1
- Retirement system: means the corporation known as the Orleans Parish School Employees' Retirement System established in Louisiana Revised Statutes 11:951.1
- Service: means service rendered by an employee as herein defined. See Louisiana Revised Statutes 11:951.1
As used in this Part, the following words and phrases shall have the meaning ascribed to them in this Section unless a different meaning is plainly required by the context.
(1) “Accumulated contributions” means the sum of all regular contributions, plus regular interest thereon, placed to the credit of the participant in the annuity savings account.
(2) “Actuarial equivalent” means a benefit of equal value when computed upon the basis of the mortality tables adopted by the board of trustees plus regular interest.
(3) “Annuity” means annual payments for life, payable in equal monthly installments, derived from the accumulated contributions placed to the credit of the participant in the annuity reserve account.
(4) “Annuity reserve” means the present value of all payments to be made on account of an annuity or benefit in lieu of any annuity computed upon the basis of such mortality tables accepted by the board of trustees, plus regular interest.
(5) “Beneficiary” means any person in receipt of a pension, an annuity, a retirement allowance or other benefits provided for in this Part.
(6) “Board of trustees” means and includes the members of the board of trustees of the retirement system.
(7) “Creditable service” means prior service plus subsequent service for which credit is allowable as provided for in this Part.
(8) “Earnable compensation” means the full rate of the compensation that would be payable to a participant if he worked the full normal working time during the year. In cases of doubt, the board of trustees shall determine what constitutes the “earnable compensation” of a participant.
(9) “Employee” means any person regularly employed in any capacity under the control of the Orleans Parish School Board who is not a teacher or whose legal employment does not require the holding of a teacher’s certificate, including employees of the public school lunch department, all skilled and unskilled employees of the maintenance department, managers, custodians, subcustodians, and others who are not temporarily employed, and are paid out of funds under the control of the Orleans Parish School Board, who are not now eligible for membership in any other retirement system created or established by the State of Louisiana or any of its political subdivisions.
(10) “Medical board” means the board of physicians provided for in this Part.
(11) “Normal service retirement age” means age sixty.
(12) “Participant” means any employee who is entitled to the beneficial provisions of this retirement system.
(13) “Pension” means annual payments for life, payable in equal monthly installments, derived from money provided by the Orleans Parish School Board and other amounts accumulated in the pension accumulation account as provided for in this Part.
(14) “Pension reserve” means the present value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of mortality tables adopted by the board of trustees, plus regular interest.
(15) “Prior service” means service rendered by an employee prior to the effective date of the establishment of this retirement system for which credit is allowable as provided in this Part.
(16) “Regular contributions” means the contributions deducted from the compensation of a participant subsequent to the effective date of the establishment of this retirement system as required by this Part and placed to the credit of the participant in the annuity savings account.
(17) “Regular interest” means interest compounded annually at such rate as shall be determined by the board of trustees.
(18) “Retirement” means withdrawal from active service with a retirement allowance allowable under the provisions of this Part.
(19) “Retirement allowance” means the sum of the annuity and the pension, or any other benefits payable in lieu thereof.
(20) “Retirement system” means the corporation known as the Orleans Parish School Employees’ Retirement System established in La. Rev. Stat. 11:951.2.
(21) “Service” means service rendered by an employee as herein defined.
(22) “Subsequent service” means service rendered by an employee subsequent to the effective date of the establishment of this retirement system and while a participant in this retirement system.
Redesignated from La. Rev. Stat. 17:1011 pursuant to La. Rev. Stat. 24:253.