Louisiana Revised Statutes 11:1903.1 – A. If an employee of the Louisiana School Boards Association separates from service and at the time of such separation is enrolled in this system because of the employee’s employment
Terms Used In Louisiana Revised Statutes 11:1903.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employee: means any person who is employed as a permanent employee of a parish who works at least twenty-eight hours a week and whose compensation is paid wholly or partly by said parish, but excluding all persons employed by a parish or city school board, and all persons eligible for any other public retirement system in this state. See Louisiana Revised Statutes 11:1902
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- 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
A. If an employee of the Louisiana School Boards Association separates from service and at the time of such separation is enrolled in this system because of the employee’s employment with the Louisiana School Boards Association, the Louisiana School Boards Association shall remit to this system that portion of the unfunded actuarial accrued liability, if any, existing on the December thirty-first immediately prior to the date of separation of employment which is attributable to that position.
B. The unfunded accrued liability shall be determined by the actuary employed by the system using the entry age normal funding method and the system’s actuarial value of assets. The portion of the unfunded actuarial accrued liability attributable to any such position shall be determined based upon the annual salary of the person who left the position divided by the total annual salary for all participating members of Plan B.
Acts 2021, No. 138, §1, eff. June 11, 2021.