Louisiana Revised Statutes 11:1197 – Pension reserve fund; description; payment from fund
Terms Used In Louisiana Revised Statutes 11:1197
- 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
- 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 such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:1002
- Pensions: means payments for life derived from money provided by the state or the employing agency. See Louisiana Revised Statutes 11:1002
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
The pension reserve fund is the fund in which shall be held the reserves on all pensions granted to members and from which such pensions and annuities in lieu thereof shall be paid. Should such a beneficiary retired on account of disability be restored to active service with a compensation not less than his average final compensation at the time of his last retirement, his remaining accumulated contributions shall be transferred from the pension reserve fund to the annuity savings fund, and a net adjustment for all other amounts standing to his credit in the pension reserve fund shall be included within the actuary’s annual determination as defined in La. Rev. Stat. 11:1193(C)(1).
Acts 1984, No. 678, §1; Redesignated from La. Rev. Stat. 17:989 by Acts 1991, No. 74, §3, eff. June 25, 1991.