Louisiana Revised Statutes 11:2133 – Additional member contributions or deposits to annuity savings fund
Terms Used In Louisiana Revised Statutes 11:2133
- 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
- Annuity reserve: shall mean the present value of all payments to be made on account of any annuity, or benefit in lieu of any annuity computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:2031
- Board of trustees: shall mean the board provided for 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
In addition to the contribution deducted from compensation as hereinbefore provided, subject to the approval of the board of trustees any member may redeposit in the annuity savings fund a single payment or by an increased rate of contribution an amount computed to be sufficient to purchase an additional annuity, which together with his prospective retirement allowance, will provide for him a total retirement allowance of not to exceed one-half of his average final compensation at age sixty. Such additional amounts so deposited shall become a part of his accumulated contributions except in the case of retirement, when they shall be treated as excess contributions returnable to the member in cash or as an annuity of equivalent actuarial value and shall not be considered in computing his pension. The accumulated contributions of a member withdrawn by him, or paid to his estate or to his designated beneficiary in the event of his death as provided in the Chapter, shall be paid from the annuity savings fund. Upon the retirement of a member his accumulated contributions shall be transferred from the annuity savings fund to the annuity reserve fund.
Acts 1954, No. 215, §8(1)(d); Redesignated from La. Rev. Stat. 18:1833 by Acts 1991, No. 74, §3, eff. June 25, 1991.