Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle II > Chapter 2 > Part XI > Subpart C - Credited Service

• Appraisal: A determination of property value.
• 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
• 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.
• Creditable service: means "Prior Service" plus "Membership Service" for which credit is allowable as provided in Part III of this Chapter. See Louisiana Revised Statutes 11:701
• 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
• Employer: means the state of Louisiana, any city, parish, or other local school board, the State Board of Elementary and Secondary Education, any board created by La. See Louisiana Revised Statutes 11:701
• Fiscal year: means the period beginning July first of any year and ending June thirtieth of the next succeeding year. See Louisiana Revised Statutes 11:701
• 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.
• 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
• 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.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• State: means the state of Louisiana. 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