Louisiana Revised Statutes 11:534 – Retiree’s Annuity Reserve
Terms Used In Louisiana Revised Statutes 11:534
- 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.
- Employer: means the state of Louisiana or any of its boards, commissions, departments, agencies, and courts which are contributing members of the Louisiana State Employees' Retirement System. 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.
- 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 Retiree’s Annuity Reserve shall be credited as follows:
1. The employees’ accumulated contributions shall be credited immediately upon retirement or payment of survivor’s benefits.
2. Amount determined by Actuary transferred at end of fiscal year from Employer‘s Savings Account.
3. Amount required for payment of cost-of-living increases for retirees transferred from Employers’ Accumulation Account at the beginning of each fiscal year.
B. The Retiree’s Annuity Reserve shall be charged as follows:
1. Retirements paid to retirees and beneficiaries.
2. Survivor’s benefits paid to eligible survivors.
3. Refunds paid to survivors or the estates of members whereby monthly benefits do not equal total accumulated contributions.
4. Cost-of-living adjustments for retirees, beneficiaries and survivor’s benefits recipients.
5. Reestablished service.
Amended by Acts 1970, No. 37, §1; Acts 1972, No. 135, §1, eff. July 26, 1972; Acts 1989, No. 65, §1; Redesignated from La. Rev. Stat. 42:654 by Acts 1991, No. 74, §3, eff. June 25, 1991.