Louisiana Revised Statutes 11:803 – Computation of regular retirement allowance
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Terms Used In Louisiana Revised Statutes 11:803
- average compensation: means his average earnable compensation for the five highest successive years of employment, or the highest five successive joined years where interruption of service occurred. See Louisiana Revised Statutes 11:701
- Creditable service: means "Prior Service" plus "Membership Service" for which credit is allowable as provided in Part III of this Chapter. 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
A. The yearly amount of the retirement allowance for any member covered by La. Rev. Stat. 11:801 shall be equal to two percent of the member’s average final compensation multiplied by his years of creditable service.
B. The benefits provided by this Section shall not exceed one hundred percent of average compensation.
Added by Acts 1982, No. 718, §1; Acts 1983, No. 37, §1, eff. July 1, 1983; Redesignated from La. Rev. Stat. 17:642.2 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1995, No. 577, §1, eff. July 1, 1995.