Louisiana Revised Statutes 11:1786 – Employee contributions
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Terms Used In Louisiana Revised Statutes 11:1786
- 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.
- Earnings: means the full amount of compensation earned by a member for service rendered as an employee, excluding bonuses or fees in excess of regular salary or retainer, overtime pay, or payments relative to termination of employment including but not limited to accrued sick or annual leave and severance pay. See Louisiana Revised Statutes 11:1732
- Employee: means a person including an elected official, actively employed by a participating employer on a permanent, regularly scheduled basis of at least an average of thirty-five hours per week. See Louisiana Revised Statutes 11:1732
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1732
- Plan A: means the revised plan to replace a combination of the regular and supplemental plans, to be effective October 1, 1978, as outlined in Part III of this Chapter. See Louisiana Revised Statutes 11:1732
Each member of Plan A shall contribute an amount equal to a percentage of his monthly earnings from each and every payment of earnings, which contributions shall be credited to annuity savings fund A, and which percentage shall be set by the board for each fiscal year within a range from nine and one-quarter percent to ten percent and shall become effective as of the next payroll period reportable on the employee‘s W-2 for that year.
Acts 1978, No. 788, §1; Redesignated from La. Rev. Stat. 33:7236 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2012, No. 717, §1, eff. July 1, 2012.