Louisiana Revised Statutes 11:3038 – Amount of service retirement annuity
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Terms Used In Louisiana Revised Statutes 11:3038
- 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 salary: shall mean the average annual earnable rate of salary of a member for the thirty-six highest consecutive months during the total service of the member. See Louisiana Revised Statutes 11:3033
- Member: shall mean any employee included in the membership of the system. See Louisiana Revised Statutes 11:3033
- Salary: shall mean the amount of compensation earned by a member as an employee of the city. See Louisiana Revised Statutes 11:3033
- Total service: shall mean service rendered before the operative date of the system, and subsequent thereto. See Louisiana Revised Statutes 11:3033
A. Upon retirement, a member shall be entitled to receive a service retirement annuity equal to two and two-thirds percent of average salary for each year of total service.
B. A proportional amount of the annual rate of annuity shall be determined and granted for any fractional part of a year of service.
C. The minimum amount of service retirement annuity in any case shall be twenty-five percent of average salary. The maximum service retirement annuity shall be sixty-six and two-thirds percent of average salary.
Designated from Acts 1967, No. 9, §1, by Acts 1991, No. 74, §3, eff. June 25, 1991.