Louisiana Revised Statutes 11:532 – Employees’ Savings Account
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Terms Used In Louisiana Revised Statutes 11:532
- 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
- Employee: means any person legally occupying a position in the state service. See Louisiana Revised Statutes 11:403
- Member: means any person included in the membership of the system. 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
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
A. The Employees’ Savings Account shall be credited as follows:
1. Employee contributions.
2. Interest credited to employee contributions prior to July, 1970.
B. The Employees’ Savings Account shall be charged as follows:
1. Refunds paid to terminated members.
2. Refunds paid to beneficiary or estate of deceased member where no monthly survivors’ benefits are payable.
3. Members’ accumulated contributions transferred upon retirement or payment of survivor’s benefits.
4. Members’ accumulated contributions transferred to another system upon transfer of service.
Acts 1972, No. 135, §1, eff. July 26, 1972; Acts 1989, No. 65, §1; Redesignated from La. Rev. Stat. 42:652 by Acts 1991, No. 74, §3, eff. June 25, 1991.