Louisiana Revised Statutes 11:3005 – Retirement allowance
Terms Used In Louisiana Revised Statutes 11:3005
- 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 Account, together with regular interest thereon as provided in La. See Louisiana Revised Statutes 11:3002
- Actuarial Equivalent: shall mean a benefit of equal value to the accumulated contributions, annuity or benefit as the case may be, when computed upon the basis of such mortality tables as shall be adopted by the Board of Trustees and regular interest. See Louisiana Revised Statutes 11:3002
- 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.
- Average Compensation: means the average annual earnable compensation of an employee for any period of three consecutive years of service as an employee during which the said earnable compensation was the highest. See Louisiana Revised Statutes 11:3002
- Creditable Service: shall mean "Prior Service" plus "Membership Service" for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:3002
- Member: shall mean any employee in the City service included in the membership of the system as provided in La. See Louisiana Revised Statutes 11:3002
- Retirement Allowance: shall mean an annuity for life, as provided in this Part, payable each year in twelve equal monthly installments beginning as of the date fixed by the Board. See Louisiana Revised Statutes 11:3002
- Withdrawal from Service: shall mean complete severance of employment in the City Service of any member by resignation, dismissal or discharge. See Louisiana Revised Statutes 11:3002
A. Any member, upon withdrawal from service, upon or after attainment of the age of sixty-two years, who shall have completed at least ten years of creditable service, or after the age of fifty-five years who shall have completed at least twenty-five years of creditable service, or who has attained age sixty and has at least twenty years of creditable service, or who shall have thirty years of creditable service, regardless of age, shall be entitled to receive a retirement allowance which shall begin as of the date specified by the member in his application for the said allowance but in no event before withdrawal from service.
B. Any member whose withdrawal from service occurs prior to becoming eligible for retirement, having at least ten years of creditable service, and having received no refund of his accumulated contributions, shall be entitled to receive a retirement allowance to commence on his earliest normal retirement date.
C. The annual amount of the retirement allowance shall consist of:
(1) An annuity which shall be the actuarial equivalent of his accumulated contributions at the time of retirement; and
(2) An annual pension which together with the annuity provided for above shall provide a total retirement allowance equal to three percent of his average compensation multiplied by the number of years of his creditable service, but in no case shall this benefit exceed one hundred percent of his average compensation as defined herein.
D. Any member in the service who shall have attained the age of seventy years shall be retired forthwith.
Designated from Acts 1982, No. 590, §1 by Acts 1991, No. 74, §3, eff. June 25, 1991.