Louisiana Revised Statutes 11:1198 – Survivors’ benefit fund
Terms Used In Louisiana Revised Statutes 11:1198
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- In service: means service rendered after June 30, 1947, for which retirement credit has not been received and for which credit is allowable under Part III of this Chapter. 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
A. The survivors’ benefit fund shall be credited as follows:
(1) The accumulated contributions (annuity savings) of a member who dies in service having survivors eligible for a benefit.
(2) An amount to be determined by the actuary, based on the latest available actuarial reports or information, shall be transferred from the pension accumulation fund at the end of each fiscal year.
(3) Amounts received from the state treasurer for survivor benefits.
B. The survivors’ benefit fund shall be charged as follows:
(1) The monthly benefits paid to survivors, excluding any cost-of-living adjustments.
(2) Amounts refunded as provided in La. Rev. Stat. 11:1150(A).
Acts 1984, No. 678, §1; Redesignated from La. Rev. Stat. 17:989.1 by Acts 1991, No. 74, §3, eff. June 25, 1991.