Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle II > Chapter 3 - Louisiana School Employees' Retirement System

• Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund, together with regular interest thereon. See Louisiana Revised Statutes 11:1002
• Activity: means a distinct subset of functions or services within a program. See Louisiana Revised Statutes 39:2
• Actuarial equivalent: means a benefit of equivalent value to the accumulated contributions, annuity, or benefits, as the case may be, computed upon the basis of such interest and mortality assumptions as are adopted in accordance with the provisions of La. See Louisiana Revised Statutes 11:1002
• 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.
• Agency: means any state office, department, board, commission, institution, division, officer or other person, or functional group, heretofore existing or hereafter created, that is authorized to exercise, or that does exercise, any functions of the government of the state in the executive branch, but not any governing body or officer of any local government or subdivision of the state, or any parochial officer who exercises functions coterminous with the municipality in which he performs those functions. See Louisiana Revised Statutes 39:2
• Agency: means any governing body employing persons in the public school system. See Louisiana Revised Statutes 11:1002
• Amortization: Paying off a loan by regular installments.
• Annuity: means payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:1002
• Appropriation: means an authorization by the legislature to a budget unit for a program to expend from public funds a sum of money, for purposes designated, under the procedure prescribed in this Chapter. See Louisiana Revised Statutes 39:2
• Arrest: Taking physical custody of a person by lawful authority.
• Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer;

  (2)  "Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties;

  (3)  "Corporation" means a private or public corporation, association or trust issuing a security;

  (4)  "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee;

  (5)  "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity;

  (6)  "Security" includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation;

  (7)  "Transfer" means a change on the books of a corporation in the registered ownership of a security;

  (8)  "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Louisiana Revised Statutes 9:3831

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: means any person in receipt of a pension, an annuity, a retirement allowance or other benefit provided by this Chapter. See Louisiana Revised Statutes 11:1002
• Board: means the Louisiana Board of Animal Health augmented by the persons named in La. See Louisiana Revised Statutes 3:663
• Board: shall mean the Louisiana Strawberry Marketing Board. See Louisiana Revised Statutes 3:730.2
• Board: means the Louisiana State Police Retirement System Board. See Louisiana Revised Statutes 11:1301
• Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
• bonds: means any bonds, notes, warrants, certificates of indebtedness, certificates of participation or other written contracts, agreements, or instruments evidencing the obligation of a governmental entity to repay borrowed money, regardless of the designation thereof. See Louisiana Revised Statutes 39:503
• Brand: means an identification mark hot or cold branded into or onto the hide of a live animal. See Louisiana Revised Statutes 3:731
• Budget request: means the document with its accompanying explanations, in which a budget unit states its financial requirements and requests appropriations. See Louisiana Revised Statutes 39:2
• Budget unit: means any spending agency of the state which is declared to be a budget unit by the division of administration and which is identified for accounting purposes by a five-digit number code. See Louisiana Revised Statutes 39:2
• Case: means a standard thirty dozen egg case. See Louisiana Revised Statutes 3:836
• Charter: means the charter for livestock market operations authorized under this Part. See Louisiana Revised Statutes 3:663
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commission: means the Livestock Brand Commission. See Louisiana Revised Statutes 3:731
• Commission: means the Louisiana Egg Commission. See Louisiana Revised Statutes 3:836
• Commissioner: means the Louisiana commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:663
• Commissioner: shall mean the commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:730.2
• Commissioner: means the commissioner of agriculture. See Louisiana Revised Statutes 3:731
• Commissioner: means the Louisiana commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:836
• Commissioner: means the Louisiana commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:921
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: means a private or public corporation, association or trust issuing a security;

  (4)  "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee;

  (5)  "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity;

  (6)  "Security" includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation;

  (7)  "Transfer" means a change on the books of a corporation in the registered ownership of a security;

  (8)  "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Louisiana Revised Statutes 9:3831

• Costs of issuance: means all items of expense related to the authorization, sale and issuance of bonds, including but not limited to printing costs, costs of preparation and reproduction of documents, filing and recording fees, fees and charges of any fiduciary, legal fees and charges of any counsels necessary in connection with the issuance of bonds, costs of preparation, printing, and distribution of official statements or other disclosure documents, fees and disbursements of consultants and professionals in connection with the issuance of bonds, costs of credit ratings, fees and charges for preparation, execution, transportation, and safekeeping of bonds, costs and expenses of refunding, underwriters discount or placement fees, costs of any credit enhancement, costs of any financial products agreement, and any other cost, charge, or fee in connection with the issuance of bonds. See Louisiana Revised Statutes 39:503
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Court: means a court of competent jurisdiction in the parish of the domicile of the minor. See Louisiana Revised Statutes 9:751
• Covered produce farm: means any farm engaged in the growing, harvesting, packing, or holding of produce for human consumption which is subject to the requirements of the FDA Food Safety Modernization Act, but shall not include farms that have twenty-five thousand dollars or less of gross income from sales of produce in a year. See Louisiana Revised Statutes 3:921
• Credit enhancement: means any letter of credit, insurance policy, surety bond, standby bond purchase agreement, reserve fund surety bond, or similar facility as used for the purpose of enhancing the security or credit quality of bonds. See Louisiana Revised Statutes 39:503
• Creditable service: means "prior service" plus "in service" plus "membership service" for which credit is allowable as provided in Part III of this Chapter. See Louisiana Revised Statutes 11:1002
• Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
• Custodian: means a person so designated under La. See Louisiana Revised Statutes 9:751
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: shall mean the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:730.2
• Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:836
• Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:921
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Director: means the director of the commission. See Louisiana Revised Statutes 3:731
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distribute: means to ship, bring, or take eggs or egg products into or out of Louisiana or to transfer eggs or egg products in Louisiana from one place to another. See Louisiana Revised Statutes 3:836
• Donee: The recipient of a gift.
• Earnable compensation: means the full amount earned by an employee for a given pay period. See Louisiana Revised Statutes 11:1002
• Efficiency: means cost-effectiveness or productivity relative to achievement of an objective. See Louisiana Revised Statutes 39:2
• Egg products: means shell eggs, whether in cooked, dried, frozen, liquid, or raw form, and any product made from shell eggs, egg whites, egg yolks, or any combination thereof. See Louisiana Revised Statutes 3:836
• Eggs: means pullet and hen eggs only. See Louisiana Revised Statutes 3:836
• Employee: means any person legally occupying a position as a school bus driver who actually renders a service by driving a school bus during the full time of his employment, a school janitor, a school custodian, a school maintenance employee, school bus aide, monitor or attendant, or other regular school employee who actually works on a school bus helping with the transportation of school children, and who is a legal employee of a parish or city school board of the state of Louisiana, and shall include the employees of this system. See Louisiana Revised Statutes 11:1002
• Employer: means the state of Louisiana or any parish or city school board from which any employee receives his compensation. See Louisiana Revised Statutes 11:1002
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Executor: A male person named in a will to carry out the decedent
• Expenses: means amounts represented by cash paid out or by obligations to pay cash or partly by each for maintaining and operating government services. See Louisiana Revised Statutes 39:2
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Financial products agreement: means an interest rate swap, cap, collar, floor, other hedging agreement, arrangement, or security, however denominated, entered into by a governmental entity not for investment purposes but with respect to a series of bonds for the purpose of reducing or otherwise managing the risk of interest rate changes, or effectively converting a governmental entity's interest rate exposure, in whole or in part, from a fixed rate exposure to a variable rate exposure, or from a variable rate exposure to a fixed rate exposure. See Louisiana Revised Statutes 39:503
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
• Fund: means the Louisiana State Police Retirement System Fund. See Louisiana Revised Statutes 11:1301
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goal: means a general purpose toward which the efforts of an agency are directed. See Louisiana Revised Statutes 39:2
• Governing authority: means the elected or appointed body that exercises the legislative functions of a parish, municipality, school board, school district, or other political subdivision, including:

              (a) A sheriff in the case of a law enforcement district. See Louisiana Revised Statutes 39:503

• Governmental entity: means any parish, municipality, school board, school district, or other political subdivision of the state, other than the city of New Orleans and its agencies, boards, authorities, and commissions, and other than the Sewerage and Water Board of New Orleans. See Louisiana Revised Statutes 39:503
• In service: means service rendered after June 30, 1947, for which retirement credit has not been received and for which credit is allowable under Part III of this Chapter. See Louisiana Revised Statutes 11:1002
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Legatee: A beneficiary of a decedent
• Liability: means a debt arising out of a transaction where goods or services have been received or rendered which must be liquidated, renewed, or refunded at some future date. See Louisiana Revised Statutes 39:2
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means cattle, buffalo, bison, oxen, and other bovine; horses, mules, donkeys, and other equine; sheep; goats; swine; domestic rabbits; fish, turtles, and other animals identified with aquaculture that are located in artificial reservoirs or enclosures that are both on privately owned property and constructed so as to prevent, at all times, the ingress and egress of fish life from public waters; imported exotic deer and antelope, elk, farm-raised white-tailed deer, farm-raised ratites, and other farm-raised exotic animals; chickens, turkeys, and other poultry; and animals placed under the jurisdiction of the commissioner of agriculture and forestry and any hybrid, mixture, or mutation of any such animal. See Louisiana Revised Statutes 3:663
• Livestock market: means any place, establishment or facility commonly known as a "buying station" "livestock market" "livestock auction market" "sales ring" "stockyard" or the like, operated for compensation or profit as a market for livestock, consisting of pens, or other enclosures, and their appurtenances, in which livestock are received, held, sold, or kept for sale or shipment. See Louisiana Revised Statutes 3:663
• Mark: means a distinct marking or device placed on or in a live animal sufficient to distinguish the animal readily if it becomes intermixed with other animals, including a tattoo or an electronic device. See Louisiana Revised Statutes 3:731
• Medical board: shall mean the State Medical Disability Board. See Louisiana Revised Statutes 11:1002
• Member: means any school employee, as defined in Paragraph (13) of this Section, as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:1002
• Membership service: means service as an employee rendered while a member of the retirement system. See Louisiana Revised Statutes 11:1002
• Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
• Minor child: means an unmarried child under the age of eighteen years or an unmarried student under the age of twenty-three years who is the issue of a marriage of a member of this system, the legally adopted child of a member of this system, the natural child of a female member of this system, or the child of a male member of this system if a court of competent jurisdiction has made an order of filiation declaring the paternity of such a member for the child or if the name of the father appears on the birth certificate or if the father has formally acknowledged the child. See Louisiana Revised Statutes 11:1002
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonrecurring revenue: means revenue received by the state from a source identified by the Revenue Estimating Conference as being of a nonrecurring nature. See Louisiana Revised Statutes 39:2
• Obligation: means an amount which a government may be required legally to meet out of its resources. See Louisiana Revised Statutes 39:2
• office: means the office of state police, Department of Public Safety. See Louisiana Revised Statutes 11:1301
• Official forecast: means the most recently adopted estimate of money available for appropriation by the Revenue Estimating Conference as provided in La. See Louisiana Revised Statutes 39:2
• Pension reserve: means the present value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. See Louisiana Revised Statutes 11:1002
• Pensions: means payments for life derived from money provided by the state or the employing agency. See Louisiana Revised Statutes 11:1002
• Person: means an individual, partnership, firm, company, association, corporation, limited liability company, and any other legal entity or group of persons. See Louisiana Revised Statutes 3:730.2
• Person: means an individual, firm, partnership, corporation, or other association. See Louisiana Revised Statutes 3:731
• Person: means an individual, partnership, firm, company, association, corporation, limited liability company, and any other legal entity or group of persons. See Louisiana Revised Statutes 3:836
• Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Prior service: means service rendered prior to July 1, 1947, for which credit is allowable under Part III of this Chapter. See Louisiana Revised Statutes 11:1002
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Produce: means any food that is defined as such within the meaning of the FDA Food Safety Modernization Act and is a raw agricultural commodity, including raw agricultural commodities that are grown domestically or imported or offered for sale in Louisiana. See Louisiana Revised Statutes 3:921
• Producer: means any person engaged in the business of producing eggs in Louisiana or any person deriving a profit from such a business. See Louisiana Revised Statutes 3:836
• Professional architectural corporation: means a corporation organized pursuant to this Chapter for the practice of architecture as provided for by La. See Louisiana Revised Statutes 12:1086
• Professional chiropractic corporation: means a corporation organized pursuant to this Chapter for the practice of chiropractic. See Louisiana Revised Statutes 12:1051
• Professional nursing corporation: means a corporation organized pursuant to this Chapter for the practice of nursing. See Louisiana Revised Statutes 12:1071
• Professional Optometry Corporation: means a corporation organized pursuant to this Chapter for the practice of optometry as provided for by La. See Louisiana Revised Statutes 12:1110
• Program: means a grouping of activities directed toward the accomplishment of a clearly defined objective or set of objectives. See Louisiana Revised Statutes 39:2
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Quality: means degree or grade of excellence. See Louisiana Revised Statutes 39:2
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Regular interest: means interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with La. See Louisiana Revised Statutes 11:1002
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
• Retirement allowance: means the sum of annuity and the pensions or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:1002
• Retirement system: means the Louisiana School Employees Retirement System established and described in La. See Louisiana Revised Statutes 11:1002
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Spouse: means a person who is legally married to a member of this system and shall not include a person who is legally separated from a member of this system by a judgment of separation. See Louisiana Revised Statutes 11:1002
• State: means the state of Louisiana. See Louisiana Revised Statutes 39:503
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Strawberries: means all strawberries of the grades as recommended by the United States Department of Agriculture and the State Market Commission. See Louisiana Revised Statutes 3:730.2
• Student: means a person in a high school, a vocational-technical school, or a college or university, in a sufficient number of courses and classes in an accredited institution to be classified as a full-time regular student under the criteria used by the institution in which he is enrolled. See Louisiana Revised Statutes 11:1301
• Surplus: means the excess for any fiscal year of the actual monies received and any monies or balances carried forward over the actual expenditures paid by warrant or transfer for any fund at the close of the fiscal year as such are reported by the office of statewide reporting within the division of administration. See Louisiana Revised Statutes 39:2
• System: means the Louisiana State Police Retirement System. See Louisiana Revised Statutes 11:1301
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Total assessed value: means the assessed valuation of all property, including both homestead-exempt property, which shall be included on the assessment roll for the purposes of total assessed value, and nonexempt property as shown on the most recent assessment of the parish in which the governmental entity is located. See Louisiana Revised Statutes 39:503
• Transferor: means a person who makes a transfer under this Subpart. See Louisiana Revised Statutes 9:751
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Venue: The geographical location in which a case is tried.