Terms Used In Louisiana Revised Statutes 11:1925

  • Adjusted service date: means the service date adjusted by the amount of any creditable service other than membership service, or for any periods of interrupted service, and from which all creditable service shall be calculated. See Louisiana Revised Statutes 11:1902
  • Agreement: means the document of participation between a participating employer and the board, that sets forth the requirements and procedures for covering the employees of such participating employer under this system. See Louisiana Revised Statutes 11:1902
  • Agreement date: means the date as of which the provisions of this Chapter first become applicable to an employer. See Louisiana Revised Statutes 11:1902
  • 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.
  • Creditable service: means all periods of time for which credit is allowed towards any benefits of this Chapter. See Louisiana Revised Statutes 11:1902
  • 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
  • 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
  • Regular plan: means the original plan that became effective upon the establishment of the retirement system in 1953, as amended, excluding the supplemental plan. See Louisiana Revised Statutes 11:1902
  • Revision date: means January 1, 1980, the effective date of the establishment of Plan A and Plan B. See Louisiana Revised Statutes 11:1902
  • Service certificate: means a statement of a member's total creditable service as approved by the board. See Louisiana Revised Statutes 11:1902
  • Service date: means the date of enrollment of a member into the system. See Louisiana Revised Statutes 11:1902

A.  Benefits and allowances as provided by this Chapter shall be based on total creditable service as prescribed below:

(1)  Membership service: Service rendered by an employee after the agreement date for which contributions have been made and not withdrawn.

(2)  Prior service: Service rendered by an employee prior to the agreement date, which has been credited under the terms of the agreement.

B.  Immediately after the revision date, the board shall issue a service certificate to each member who has received credit for any service other than membership service.  Such certificate shall include an adjusted service date which shall be the service date adjusted by the period of time for which credit has been approved.  Service certificates shall be presented, thereafter, for any service date adjustments as a result of acquired credits or interruptions of service under rules prescribed by the board.

C.  A member who had withdrawn his contributions shall be entitled to credit for all previously credited service after at least six months of current membership service, upon repayment of withdrawn contributions for such service plus interest at the board adopted valuation interest rate, compounded annually, from date of withdrawal of such contributions.

D.  Notwithstanding any provisions of this Section, any member who after having been a member of this system withdraws or withdrew from membership and thereafter returns to membership in a plan other than the plan in which he was previously a member, shall receive credit for such service only after payment of an amount to be determined by an actuarial study, based on the increased or decreased benefits of the new plan.

E.  A member of this system who has consecutive uninterrupted service in Plan A and Plan B or Plan A and Plan C shall comply with the eligibility and benefit computation provisions provided for in La. Rev. Stat. 11:142.

F.  On and after January 1, 1990, a member of Plan A who repays withdrawn contributions based on service rendered in the Regular Plan shall comply with the eligibility and benefit computation provisions provided for in La. Rev. Stat. 11:142.

G.  Any member who otherwise may purchase creditable service or repays refunded contributions to establish creditable service in the system pursuant to any provision of Title 11 of the Louisiana Revised Statutes, including but not limited to La. Rev. Stat. 11:143(D)(1), La. Rev. Stat. 11:144, La. Rev. Stat. 11:153, La. Rev. Stat. 11:1925, or La. Rev. Stat. 11:1939, may purchase or make a repayment for such creditable service through a direct transfer from a member’s account balance in an Internal Revenue Code Section 403(b) Annuity or Internal Revenue Code Section 457 Plan.  The system will accept such direct transfers as payment for creditable service purchased, or as repayment of refunded contributions to establish creditable service.

Acts 1979, No. 765, §1, eff. Jan. 1, 1980.  Amended by Acts 1981, No. 224, §1; Acts 1989, No. 557, §1; Redesignated from La. Rev. Stat. 33:6124 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1995, No. 749, §1, eff. June 27, 1995; Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 1997, No. 902, §2; Acts 1999, No. 28, §1, eff. May 21, 1999; Acts 2004, No. 631, §1, eff. July 5, 2004.