Louisiana Revised Statutes 11:1150 – Allowances; optional allowances
Terms Used In Louisiana Revised Statutes 11:1150
- Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund, together with regular interest thereon. See Louisiana Revised Statutes 11:1002
- Actuarial equivalent: means a benefit of equivalent value to the accumulated contributions, annuity, or benefits, as the case may be, computed upon the basis of such interest and mortality assumptions as are adopted in accordance with the provisions of La. See Louisiana Revised Statutes 11:1002
- 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 payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:1002
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means any person in receipt of a pension, an annuity, a retirement allowance or other benefit provided by this Chapter. See Louisiana Revised Statutes 11:1002
- Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
- 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
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
- Retirement allowance: means the sum of annuity and the pensions or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:1002
A. Upon application for retirement, any member may elect to receive his benefit in a retirement allowance payable throughout his life. In no case shall the system pay total benefits of less than an amount equal to the member’s accumulated contributions. If the member, following retirement, should die prior to receiving in total benefits an amount equal to his accumulated contributions, the balance shall be paid to the person nominated by the member by written designation, which shall be acknowledged and filed with the board of trustees at the time of retirement, or
B. Upon application for retirement, any member may elect to receive the actuarial equivalent at that time of his retirement allowance in a reduced retirement allowance payable throughout life with the options set forth in the numbered paragraphs below. No optional selection shall be effective in case a beneficiary dies within thirty days after the effective date of retirement, and such a beneficiary shall be considered as an active member at the time of death.
(1) If he dies before he has received in annuity payments the present value of his annuity as it was at the time of his retirement, the balance shall be paid to his legal representatives or to any person he shall nominate by written designation acknowledged and filed with the board of trustees.
(2) Upon his death, his reduced retirement allowance shall be continued throughout the life of and paid to any person he shall nominate by written designation acknowledged and filed with the board of trustees at the time of his retirement.
(3) Upon his death, one-half of his reduced retirement allowance shall be continued throughout the life of and paid to any person he shall nominate by written designation acknowledged and filed with the board of trustees at the time of his retirement.
(4) Some other benefit or benefits shall be paid either to the member or to any person or persons he shall nominate provided such other benefit or benefits, together with the reduced retirement allowance, shall be certified by the actuary to be of equivalent actuarial value to his retirement allowance and approved by the board of trustees.
(5) Repealed by Acts 2001, No. 266, §2, eff. July 1, 2001.
Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1995, No. 110, §1 eff. Jan.1, 1996; Acts 2001, No. 266, §2, eff. July 1, 2001.