Louisiana Revised Statutes 11:2012 – Funds to which assets credited
Terms Used In Louisiana Revised Statutes 11:2012
- Accumulated contributions: means the sum of all amounts deducted from a member's compensation and credited to his individual account in the annuity savings fund. 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.
- Annuity reserve fund: means the fund in which shall be held the reserves for liabilities or retirees and beneficiaries. See Louisiana Revised Statutes 11:1902
- Annuity savings fund: means the fund to which all accumulated contributions of members are credited. See Louisiana Revised Statutes 11:1902
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1902
- Disability: means a condition which in the determination of the board renders an employee permanently and totally disabled, by bodily injury or disease, from performing the duties and responsibilities of his position; provided, however, that such condition is not, directly or indirectly, the result of military service, engaging in a felonious criminal enterprise, habitual drunkenness or use of narcotics, intentionally self-inflicted injury, or declared war or enemy action. 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
- Ex officio: Literally, by virtue of one's office.
- final compensation: means the average monthly earnings during the sixty highest consecutive months of employment or the sixty highest successive joined months of employment if interruption of service occurred. See Louisiana Revised Statutes 11:1902
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 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 annuity savings funds A, B, and C shall be the funds to which shall be credited all accumulated contributions of members of Plans A, B, and C, respectively. From each of these funds shall be paid the refunded contributions because of withdrawal or death of a member, and the amounts required to be transferred to the annuity reserve funds as prescribed by Subsection C of this Section.
B. The pension accumulation funds A, B, and C shall be the funds to which shall be credited all payments to the system, exclusive of payments to the annuity savings or expense funds and including contributions from employers and taxes from sheriffs and ex officio tax collectors on behalf of members of Plans A, B, and C respectively. From each of these funds shall be paid the amounts required to be transferred to the annuity reserve funds as prescribed by Subsection C of this Section.
(1) On account of each member there shall be paid periodically as determined by the board, but not less than annually, into the pension accumulation funds, an amount equal to the employer contributions determined in accordance with La. Rev. Stat. 11:103.
(2) Each sheriff and ex officio tax collector, except in Orleans and East Baton Rouge parishes, shall deduct one-fourth of one percent of the aggregate amount of the tax shown to be collected by the tax roll of each respective parish which money each respective sheriff shall turn over to the Parochial Employees’ Retirement System of Louisiana periodically on an annual basis at the same time said sheriff disburses funds to the tax recipient bodies of his respective parish.
(3) The taxes collected in accordance with Paragraphs (1) and (2) above, shall be allocated to either of or apportioned between the pension accumulation funds A and B, based upon recommendation of the actuary and approval by the board of trustees.
C. The annuity reserve funds A, B, and C shall be the funds in which shall be held the reserves for liabilities for retirees and beneficiaries of Plans A, B, and C, respectively. Upon retirement or death of a member the respective annuity reserve fund shall be credited with said member’s accumulated contributions and the required additional amount from the respective pension accumulation fund, so as to provide for the benefits of the applicable plan. All benefits shall be paid to retirees or beneficiaries from the respective annuity reserve fund, including any refund of contributions upon death after retirement. Should a member, retired for disability, return to active employment at a rate of compensation not less than his final compensation at time of his last retirement, the balance of his accumulated contributions reduced by the member’s annuity payments received, shall be transferred to the respective annuity savings fund and credited to his individual account therein.
D. Repealed by Acts 2010, No. 871, §2, effective July 1, 2010.
E.(1)(a) If a member of Plan A ceases to be a member of Plan A and becomes a member of Plan B or Plan C, the board of trustees may transfer all liabilities and assets attributable to such member from the annuity savings fund, the pension accumulation fund, and the annuity reserve fund of Plan A to the annuity savings fund, pension accumulation fund, and annuity reserve fund of Plan B or Plan C, as may be applicable.
(b) If a member of Plan B ceases to be a member of Plan B and becomes a member of Plan A or Plan C, the board of trustees may transfer all liabilities and assets attributable to such member from the annuity savings fund, pension accumulation fund, and annuity reserve fund of Plan B to the annuity savings fund, pension accumulation fund, and annuity reserve fund of Plan A or Plan C, as may be applicable.
(c) If a member of Plan C ceases to be a member of Plan C and becomes a member of Plan A or Plan B, the board of trustees may transfer all liabilities and assets attributable to such member from the annuity savings fund, pension accumulation fund, and annuity reserve fund of Plan C to the annuity savings fund, pension accumulation fund, and annuity reserve fund of Plan A or Plan B, as may be applicable.
(2) The amount of liabilities and assets to be so transferred as provided in this Subsection shall be determined in accordance with such rules and procedures as may be adopted by the board of trustees.
Acts 1979, No. 765, §1, eff. Jan. 1, 1980; Acts 1983, No. 646, §1; Acts 1988, No. 16, §1; Acts 1991, No. 674, §1, eff. July 18, 1991; Redesignated from La. Rev. Stat. 33:6232 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 2010, No. 871, §2, eff. July 1, 2010.