Louisiana Revised Statutes 11:3010 – Survivors’s benefits
Terms Used In Louisiana Revised Statutes 11:3010
- 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
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: shall mean any person designated to receive a retirement allowance, an annuity or other benefit as provided by this Part. See Louisiana Revised Statutes 11:3002
- Board: shall mean the Board of Trustees provided in La. See Louisiana Revised Statutes 11:3002
- City: shall mean the City of Alexandria. 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- System: shall mean the City of Alexandria Employees' Retirement System established and described in La. See Louisiana Revised Statutes 11:3002
A. Upon receipt by the board of trustees of proper proof of the death of a member in active service who had at least three years of creditable service, an amount equal to twice his accumulated contributions, or two months’ salary, whichever is the greater, plus the amount of one thousand dollars shall be paid to the designated beneficiary of the member; or, if there is no such designated beneficiary, then to the surviving spouse who is living with him at the time of his death; or if there is no such surviving spouse, then to his children. If there are none of the foregoing, then to the surviving mother and father or either of them; and in default of any of the above persons, then to the surviving brothers and sisters or other collateral heirs who are nearest of kin.
B. Any member who has completed fifteen or more years of creditable service and who dies prior to his retirement, and who leaves a surviving spouse who has been married to the member for not less than five years immediately preceding his death and who was living with him at the time of his death, shall be deemed to have automatically exercised Option 2 under La. Rev. Stat. 11:3007 for the benefit of his spouse, who shall be paid Option 2 settlement benefits; however, all such benefits shall cease if the spouse remarries. The method of calculating such retirement benefits shall be on the same basis as provided in La. Rev. Stat. 11:3007, as amended, except that the benefits so calculated shall cease when the spouse remarries. Should the spouse desire to receive in lieu of such Option 2 benefits a refund of twice the member’s contributions with interest earnings thereon, or two months salary, whichever is greater, she may do so by specifying her choice in writing, properly notarized, to the board of trustees of the City of Alexandria Employees’ Retirement System.
C. Any member who qualified for retirement under the provisions of La. Rev. Stat. 11:3007, who dies prior to his retirement and who leaves a widow, who is at least fifty years of age, and who has been married to the member for not less than five years immediately preceding his death and who was living with him at the time of his death, shall be deemed to have automatically exercised Option 2 under La. Rev. Stat. 11:3007 for the benefit of his widow based on the age of the widow and the husband at the date of his death.
Designated from Acts 1987, No. 783, §1 by Acts 1991, No. 74, §3, eff. June 25, 1991.