Louisiana Revised Statutes 11:2072 – A. The annual amount of the retirement allowance for persons who retired from this system on or before June 30, 1999, shall be three percent of the average compensation for each year
Terms Used In Louisiana Revised Statutes 11:2072
- Average compensation: shall mean the average annual earned compensation of an employee for any period of sixty successive or joined months of service as an employee during which earned compensation was the highest. See Louisiana Revised Statutes 11:2031
- Creditable service: shall mean service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2031
- Member: shall include any employee, as defined in Paragraph (10) of this Section, included in the membership of this system as provided in La. See Louisiana Revised Statutes 11:2031
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2031
- Retirement allowance: shall mean the sum of the annuity and the pensions, or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:2031
- Service: shall mean service rendered as an employee as described in Paragraph (10) of this Section. See Louisiana Revised Statutes 11:2031
A. The annual amount of the retirement allowance for persons who retired from this system on or before June 30, 1999, shall be three percent of the average compensation for each year of creditable service.
B.(1) The annual amount of the retirement allowance for any person who is an active contributing member of this system on or after July 1, 1999, and whose first employment making him eligible for membership in the system occurred on or before January 1, 2013, shall be equal to three and one-third percent of the average compensation for each year of creditable service.
(2) For any former active contributing member who returns to service as an active contributing member on and after July 1, 1999, and whose first employment making him eligible for membership in the system began prior to January 1, 2013, the provisions of this Subsection shall apply only to the service credit earned after the date such member returns to service.
C. The retirement allowance provided to a member pursuant to the provisions of this Section shall not exceed one hundred percent of the member’s average compensation.
Acts 1989, No. 202, §1; Redesignated from La. Rev. Stat. 18:1732 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1999, No. 1273, §1, eff. July 1, 1999; Acts 2012, No. 526, §§1, 2, eff. July 1, 2012; Acts 2016, No. 423, §1, eff. June 9, 2016.