Louisiana Revised Statutes 11:2132 – The annuity savings fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments fr
Terms Used In Louisiana Revised Statutes 11:2132
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:2031
- 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: shall mean payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:2031
- Board of trustees: shall mean the board provided for in La. See Louisiana Revised Statutes 11:2031
- Earnable compensation: shall mean the full rate of compensation that would be payable to the member (employee) if he worked the full working time. See Louisiana Revised Statutes 11:2031
- Employer: shall mean the registrar of voters of any parish in the state of Louisiana, the state of Louisiana, or the police jury or any other governing body of a parish which employs and pays persons as registrars of voters. 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
- Regular interest: shall mean interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with La. See Louisiana Revised Statutes 11:2031
The annuity savings fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the annuity savings fund shall be made as follows:
(1) Each employer shall cause to be deducted from the salary of each member on every payroll of such employer for every payroll period a percentage equal to the rate established pursuant to La. Rev. Stat. 11:62(13) of each member’s earnable compensation. In determining the amount earnable by a member in a payroll period, the board of trustees may consider the rate of annual compensation payable to such member on the first day of the payroll period as continuing throughout such payroll period, and it may omit deduction from compensation for any period less than a full payroll period. To facilitate the making of deductions, it may modify the deduction required of any member by such an amount as shall not exceed one-tenth of one percent of the annual compensation upon the basis of which such deduction is to be made.
(2) The deductions provided for in this Section shall be made notwithstanding that the minimum compensation provided for by law for any member shall be reduced thereby. Every member shall be deemed to consent and agree to the deductions made and provided for in this Section and shall receipt for his full salary or compensation, and payment of salary or compensation less said deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such person during the period covered by such payment, except as to the benefits provided by this Chapter. The employer shall certify to the board of trustees on each and every payroll or in such other manner as the board of trustees may prescribe, the amounts to be deducted; and each of said amounts shall be deducted, and when deducted shall be paid into said annuity savings fund, and shall be credited together with regular interest thereon to the individual account of the member from whose compensation said deduction was made.
Acts 1954, No. 215, §8(1)(a) to (c). Amended by Acts 1956, No. 445, §1; Acts 1974, No. 388, §1; Acts 1989, No. 202, §§1, 2; Redesignated from La. Rev. Stat. 18:1832 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2013, No. 71, §1, eff. June 30, 2013; Acts 2013, No. 220, §3, eff. June 11, 2013.