Louisiana Revised Statutes 11:723.1 – Actuarial purchase of credit for certain service performed under contract
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Terms Used In Louisiana Revised Statutes 11:723.1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
A. Notwithstanding any other provision of law to the contrary, any person who was a member of the system for at least fifteen years and who terminated his employment, but was subsequently retained on a contractual basis with the office of receiverships within the Louisiana Department of Insurance, shall be eligible to purchase credit for service performed during the existence of such contract.
B. Any purchase of credit pursuant to this Section shall be executed on or before December 31, 2005, and shall be in an amount sufficient to offset any liability to the system caused by such purchase, calculated in accordance with the provisions of La. Rev. Stat. 11:158(C).
Acts 2001, No. 457, §1; Acts 2003, No. 1117, §1, eff. July 2, 2003.