Louisiana Revised Statutes 11:3720 – Money available for pensions
Terms Used In Louisiana Revised Statutes 11:3720
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
A. The interest received from the investments after the fund has reached fifty thousand dollars or fifteen thousand dollars, as the case may be, and all money received from any source, shall be applicable to the payment of pensions and relief under this Subpart.
B. In any year in which the assets of the fund are sufficient to cover eighty percent of the fund’s liabilities, the board may in its discretion award a permanent benefit increase or a cost-of-living adjustment to the fund’s beneficiaries. Such increase shall not exceed three percent of the pension amount payable to the beneficiary on the date the increase becomes effective.
Acts 1968, No. 641, §2; Redesignated from La. Rev. Stat. 33:2360 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2009, No. 398, §1, eff. July 1, 2009.