Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle II > Chapter 2 > Part X > Subpart D - Method of Financing

• 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
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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
• 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. See Louisiana Revised Statutes 11:951.1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
• Chambers: A judge's office.
• Compensation: means a payment of money, objects, services, or anything else having monetary value. See Louisiana Revised Statutes 9:2718.1
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• 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. See Louisiana Revised Statutes 11:951.1
• 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
• Gestational carrier: means a woman who agrees to engage in a process by which she attempts to carry and give birth to a child born as a result of an in utero transfer of a human embryo to which she makes no genetic contribution. See Louisiana Revised Statutes 9:2718.1
• In utero embryo transfer: means the medical procedure whereby the genetic mother's egg is fertilized with the sperm of the genetic father, with the resulting embryo transferred into the uterus of the gestational carrier. See Louisiana Revised Statutes 9:2718.1
• Intended parents: means a married couple who each exclusively contribute their own gametes to create their embryo and who enter into an enforceable gestational carrier contract, as defined in this Chapter, with a gestational carrier pursuant to which the intended parents will be the legal parents of the child resulting from an in utero embryo transfer. See Louisiana Revised Statutes 9:2718.1
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Normal service retirement age: means age sixty. 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
• 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. See Louisiana Revised Statutes 11:951.1
• Pensions: means payments for life. See Louisiana Revised Statutes 11:701
• 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
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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 La. See Louisiana Revised Statutes 11:951.1
• Service: means service rendered by an employee as herein defined. See Louisiana Revised Statutes 11:951.1
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.