Louisiana Revised Statutes 11:1001 – Name and establishment of retirement system; domicile; nominee name; partnership
Terms Used In Louisiana Revised Statutes 11:1001
- Agency: means any governing body employing persons in the public school system. See Louisiana Revised Statutes 11:1002
- Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Member: means any school employee, as defined in Paragraph (13) of this Section, as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1002
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
- Retirement system: means the Louisiana School Employees Retirement System established and described in La. See Louisiana Revised Statutes 11:1002
A. A retirement system is established and placed under the management of a board of trustees for the purpose of providing retirement allowances and other benefits for school bus drivers, school janitors, school custodians, school maintenance employees and other school employees employed in the state public school system. The retirement system is created as of July 31, 1946, but shall begin full operation as of July 1, 1947.
B. It shall be a state agency domiciled in East Baton Rouge Parish and shall have the powers and privileges of a corporation and shall be known as the Louisiana School Employees’ Retirement System and by such name, or its nominee name which is hereby established as “LSERS,” all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held, except as provided in Subsection C hereof. The secretary-treasurer of the system shall be the agent for service of legal process.
C. The board of trustees may form a partnership for the purpose of trading in its nominee name. The state treasurer, the secretary-treasurer of the system and the assistant secretary-treasurer of the system shall be members of any such partnership. Other members of the partnership may be appointed by the board of trustees from among its membership. Each member of such partnership shall have the same fiduciary responsibility as do the trustees of the system.
Acts 1983, No. 18, §1, eff. June 9, 1983; Redesignated from La. Rev. Stat. 17:881 by Acts 1991, No. 74, §3, eff. June 25, 1991.