Louisiana Revised Statutes 11:1901 – Name; date of establishment; effect of revision
Terms Used In Louisiana Revised Statutes 11:1901
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Plan A: means the revised plan to replace a combination of the regular and supplemental plans, to be effective January 1, 1980, as outlined in Part III. See Louisiana Revised Statutes 11:1902
- Plan B: means the revised plan to replace the regular plan, to be effective January 1, 1980, as outlined in Part IV. See Louisiana Revised Statutes 11:1902
- Plan C: means the plan to be effective July 1, 1997, as outlined in Part IV-A of this Chapter. See Louisiana Revised Statutes 11:1902
- retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
A. The retirement system established as of January 1, 1953, according to Act 205 of 1952, and as subsequently amended, and placed under the management of the board for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter, is hereby continued under the revised provisions of this Chapter.
B. The system shall continue to have the power and privileges of a corporation and shall continue to be known as the “Parochial Employees’ Retirement System of Louisiana”, and by such name all of its business shall be transacted, all of its funds invested and all of its cash and securities and other property held.
C.(1) Effective January 1, 1980, the system is hereby revised and shall be composed of two separate and distinct accounts, to be known as Plan A and Plan B, the provisions of which are outlined in this Chapter. The “regular plan” and the “supplemental plan” are hereby replaced. The reserves, funds, securities, and assets held under Plan A and Plan B shall remain separate and distinct and shall not be commingled. All agreements in effect prior to the effective date of this Act shall continue in full force and effect under the applicable plan as outlined in this Chapter.
(2) Effective July 1, 1997, the system is revised to include Plan C, as provided in Part IV-A of this Chapter, which shall be a separate and distinct account from the accounts known as Plan A and Plan B.
Redesignated from La. Rev. Stat. 33:6101 by Acts 1991, No. 74, §3, eff. June 25, 1991; Amended by Acts 1997, No. 867, §1, eff. July 1, 1997.