Louisiana Revised Statutes 11:533 – Employers’ Accumulation Account
Terms Used In Louisiana Revised Statutes 11:533
- 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
- Agency: means any governmental body employing persons and includes departments, agencies, boards, commissions, and courts. 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.
- Employee: means any person legally occupying a position in the state service. See Louisiana Revised Statutes 11:403
- Fiscal year: means the period beginning July first of any year and ending June thirtieth of the next succeeding year. See Louisiana Revised Statutes 11:403
- 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.
- Member: means any person included in the membership of the system. See Louisiana Revised Statutes 11:403
- State: means the state of Louisiana. See Louisiana Revised Statutes 11:403
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
A. The Employers’ Accumulation Account shall be credited as follows:
1. Employer contributions.
2. Interest paid by the agency on purchase of state service, military service, and educational leave and training.
3. Interest paid by the member to purchase state service, military service, educational leave and training, and repayment of refunds.
4. Interest, dividends, profits, and other income derived from investment of the system‘s funds.
5. All transactions not covered by other accounts.
B. The Employers’ Accumulation Account shall be charged as follows:
1. Amount determined by Actuary transferred at end of each fiscal year to Retiree’s Annuity Reserve.
2. Amount required for payment of cost-of-living increases for retirees shall be transferred to Retiree’s Annuity Reserve at the beginning of each fiscal year.
3. All transactions not covered by other accounts.
4. Employers’ accumulated contributions transferred to another system upon transfer of employee service credit.
Acts 1972, No. 135, §1, eff. July 26, 1972; Acts 1989, No. 65, §1; Redesignated from La. Rev. Stat. 42:653 by Acts 1991, No. 74, §3, eff. June 25, 1991.