Terms Used In Louisiana Revised Statutes 11:952.41

  • Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to his individual account. See Louisiana Revised Statutes 11:952.1
  • Average regular compensation: means the average annual rate of regular compensation of a member for any period of thirty-six successive months ending with full month's pay of service as an employee during which said earned compensation was the highest. See Louisiana Revised Statutes 11:952.1
  • Board of supervisors: means the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College. See Louisiana Revised Statutes 11:952.1
  • Credited service: means service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:952.1
  • Employee: means a person employed in any classification of University employees other than a student, and the word "student" includes a graduate assistant, medical intern, and medical resident. See Louisiana Revised Statutes 11:952.1
  • Member: means any employee included in the membership of the funded system as provided in La. See Louisiana Revised Statutes 11:952.1
  • Regular compensation: means the total cash compensation for personal services paid to an employee by the university, except compensation of an unusual or noncontinuing nature excluded by the board of supervisors as provided in La. See Louisiana Revised Statutes 11:952.1
  • Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this part. See Louisiana Revised Statutes 11:952.1
  • Retirement allowance: means annual payments for life under the funded system payable in equal monthly installments beginning as of the date fixed by the board of supervisors. See Louisiana Revised Statutes 11:952.1
  • Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701

A.  Subject to the provisions of La. Rev. Stat. 11:952.41(B), a member who has completed five or more years of credited service as a contributing member of this system or ten or more years of total credited service, and who, for reasons other than retirement or death, ceases to be an employee may elect, in lieu of the refund of his accumulated contributions under La. Rev. Stat. 11:952.42, on a form provided by the board of supervisors for such purpose, to receive a vested deferred service retirement allowance when eligible under the provisions of La. Rev. Stat. 11:952.31 or an early service retirement allowance when eligible under the provisions of La. Rev. Stat. 11:952.33.

B.  If a member:

(1)  Terminates service with five years of credited service as a contributing member of this system but has less than ten years total credited service, his service retirement allowance shall be based only on the member’s average regular compensation and credited service rendered while a contributing member of this system;

(2)  Terminates service with ten or more years of total credited service, his service retirement allowance or early service retirement allowance shall be based upon his average regular compensation and credited service rendered before and after the effective date of this system.

Added by Acts 1971, No. 26, §1.  Amended by Acts 1972, No. 519, §1.  Redesignated from La. Rev. Stat. 17:1634 pursuant to La. Rev. Stat. 24:253.

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