Louisiana Revised Statutes 11:1977 – Employer contributions
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Terms Used In Louisiana Revised Statutes 11:1977
- Earnings: shall mean the full rate of compensation paid to the member (employee); however, in computing the earnings of an employee for retirement purposes, the amount of overtime earnings to be used in the computation of earnings cannot exceed the average amount of overtime earnings received for the six-year period immediately preceding retirement. See Louisiana Revised Statutes 11:1902
- Employer: means any parish in the state of Louisiana, except Orleans and East Baton Rouge Parishes, or the police jury or any other governing body of a parish which employs and pays persons serving the parish. See Louisiana Revised Statutes 11:1902
- Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
- Pension accumulation fund: means the fund to which shall be credited all payments to the system exclusive of those amounts to be credited to the annuity savings and expense funds. 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
Each participating employer of Plan C shall contribute an amount of each and every member‘s earnings equal to 5% of each and every member’s earnings, of which 4.8% shall be credited to Pension Accumulation Fund C and .20% shall be credited to the expense fund, until such time as the first actuarial evaluation is conducted by the actuary and thereafter, in an amount determined in accordance with La. Rev. Stat. 11:103.
Acts 1997, No. 867, §1, eff. July 1, 1997.