Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle II > Chapter 2 > Part XI > Subpart A - General Provisions

• Actuarial equivalent: means a benefit of equal value, when computed upon the basis of mortality tables adopted by the board of supervisors and regular interest. See Louisiana Revised Statutes 11:952.1
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means any person in receipt of a retirement allowance or other benefit provided for in this part. 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
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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
• Full-time employee: means an employee who works the number of hours required by the department or division under applicable university policies for a full-time employee. See Louisiana Revised Statutes 11:952.1
• funded system: means the funded Louisiana State University and Agricultural and Mechanical College Retirement System as defined in La. See Louisiana Revised Statutes 11:952.1
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Grantor: The person who establishes a trust and places property into it.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Member: means any employee included in the membership of the funded system as provided in La. See Louisiana Revised Statutes 11:952.1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: A promise to tell the truth.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• 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
• Regular interest: means interest compounded annually at such rate or rates as shall be determined by the board of supervisors. 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
• Retirement system: means the Teachers' Retirement System of Louisiana as defined in La. See Louisiana Revised Statutes 11:701
• Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
• Social Security breakpoint: means the maximum level at which compensation may be included in the determination of the primary insurance amount under Title II of the Federal Social Security Act, provided that for purposes of the funded system seven thousand eight hundred dollars shall be deemed to have been the Social Security breakpoint for all years prior to 1968. See Louisiana Revised Statutes 11:952.1
• State: means the state of Louisiana. See Louisiana Revised Statutes 11:952.1
• student: includes a graduate assistant, medical intern, and medical resident. See Louisiana Revised Statutes 11:952.1
• University: means all campuses and divisions of the Louisiana State University and Agricultural and Mechanical College. See Louisiana Revised Statutes 11:952.1
• University Retirement Plan: means the nonfunded University Retirement Plan established pursuant to regulations of the board of supervisors as in effect on the effective date of this funded system. See Louisiana Revised Statutes 11:952.1