Terms Used In Louisiana Revised Statutes 11:445

  • Accumulated contributions: means the sum of all amounts paid by a member, excluding interest paid on the repayment of a refund, and credited to his individual account in the employee's savings account, together with regular interest credited prior to July 1969. See Louisiana Revised Statutes 11:403
  • 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.
  • Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
  • Refund: means the withdrawal of all accumulated contributions at least thirty days after termination from the state service, or with respect to members having the option of belonging to the system, withdrawal of all accumulated contributions at least thirty days after receipt by the system of written notice of withdrawal. See Louisiana Revised Statutes 11:403
  • Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403

A.  The retirement allowance, annuity or benefit shall be paid in equal monthly installments for life and shall not be increased, decreased, revoked, or repealed except for error or where otherwise specifically provided by law.  

B.  Each member or retiree shall be guaranteed the refund or return of an amount equal to his accumulated contributions either in a monthly benefit or a lump sum refund, or both, paid to his named beneficiary or estate.  

Acts 1972, No. 135, §1, eff. July 26, 1972; Redesignated from La. Rev. Stat. 42:576 by Acts 1991, No. 74, §3, eff. June 25, 1991.  

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