Louisiana Revised Statutes 11:602 – Eligibility for retirement; benefit calculation
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 11:602
- Creditable service: means prior service plus membership service for which credit is allowable as provided in this Chapter. 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
A. A member shall be eligible for retirement if he has:
(1) Attained at least twenty-five years of service, regardless of age.
(2) Attained at least ten years of service, at age sixty or thereafter.
B. A member shall receive a maximum retirement allowance equal to three and one-third percent of average compensation for every year of creditable service, not to exceed one hundred percent of the member’s average compensation.
Acts 2001, No. 746, §1, eff. Dec. 31, 2001; Acts 2008, No. 259, §1, eff. June 17, 2008; Acts 2010, No. 992, §1, eff. Jan. 1, 2011.