Louisiana Revised Statutes 11:3869 – Retirement allowance fund
Terms Used In Louisiana Revised Statutes 11:3869
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Official: shall mean any person serving in elective office of any city in the State of Louisiana covered by this Part;
(6) "Retirement" shall mean withdrawal from active service in municipal office;
(7) "Retirement Allowance" shall mean payments for life computed as provided in this Part and payable in monthly installments;
(8) "Retirement allowance fund" shall mean a fund maintained by the city as defined in this Part, in which all funds provided by the city for retirement allowances authorized by this Part shall be maintained and from which all retirement allowances are to be paid. See Louisiana Revised Statutes 11:3861
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. The governing body of the municipality shall anticipate and provide in the annual budget a sufficient appropriation to the retirement fund herein established, a sum sufficient to meet the obligations herein established.
B. When a formal application for retirement benefits is filed by an eligible person, the treasurer of the municipality affected is hereby directed to compute the amount of retirement allowance to be paid and thereafter draw proper warrant for the same.
C. In the event of death of a retired elective official, the unpaid amount of his retirement allowance in the retirement allowance fund shall be used to reduce subsequent withdrawals from the general fund of the city after a sufficient amount has been reserved for the payments due the surviving spouse to the end of that fiscal year.
D. In the event of death of the surviving spouse, the amount unpaid in that fiscal year shall be used to reduce future withdrawals, as set forth in Subsection B of this Section.
Acts 1958, No. 65, §10; Redesignated from La. Rev. Stat. 33:1799 by Acts 1991, No. 74, §3, eff. June 25, 1991.