Louisiana Revised Statutes 11:2165.5 – A.(1) The annual amount of the retirement allowance for any member who upon retirement has less than thirty years of creditable service in this system shall be three percent of the a
Terms Used In Louisiana Revised Statutes 11:2165.5
- 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 11:2165.2
- Creditable service: shall mean service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2031
- Member: shall include persons who would be eligible for system membership pursuant to La. See Louisiana Revised Statutes 11:2165.2
- 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.(1) The annual amount of the retirement allowance for any member who upon retirement has less than thirty years of creditable service in this system shall be three percent of the average final compensation for each year of creditable service earned in a position covered by this system.
(2) The annual amount of the retirement allowance for any member who upon retirement has at least thirty years of creditable service, with at least twenty years of creditable service earned in a position covered by this system, shall be three and one-third percent of the average final compensation for each year of creditable service earned in a position covered by this system.
(3) Creditable service transferred to this system pursuant to La. Rev. Stat. 11:143 shall be governed by the provisions of that Section.
B. The benefits provided in this Section shall not exceed one hundred percent of average compensation.
Acts 2012, No. 719, §1, eff. June 30, 2012; Acts 2018, No. 614, §1, eff. July 1, 2018.