Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle III > Chapter 5 > Part V - Administration

• Accumulated contributions: means the sum of all amounts deducted from a member's compensation and credited to his individual account in the annuity savings fund. See Louisiana Revised Statutes 11:1902
• Agreement: means the document of participation between a participating employer and the board, that sets forth the requirements and procedures for covering the employees of such participating employer under this system. See Louisiana Revised Statutes 11:1902
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means a person or place of business that makes a formal application for a license, permit, certification, registration, or certificate issued pursuant to this Title. See Louisiana Revised Statutes 3:1
• 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}
• board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1902
• 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 all periods of time for which credit is allowed towards any benefits of this Chapter. See Louisiana Revised Statutes 11:1902
• Disability: means a condition which in the determination of the board renders an employee permanently and totally disabled, by bodily injury or disease, from performing the duties and responsibilities of his position; provided, however, that such condition is not, directly or indirectly, the result of military service, engaging in a felonious criminal enterprise, habitual drunkenness or use of narcotics, intentionally self-inflicted injury, or declared war or enemy action. See Louisiana Revised Statutes 11:1902
• dividend: when used in this Chapter (except in La. See Louisiana Revised Statutes 47:159
• Employee: means any person who is employed as a permanent employee of a parish who works at least twenty-eight hours a week and whose compensation is paid wholly or partly by said parish, but excluding all persons employed by a parish or city school board, and all persons eligible for any other public retirement system in this state. See Louisiana Revised Statutes 11:1902
• Employer: means any parish in the state of Louisiana, except Orleans and East Baton Rouge Parishes, or the police jury or any other governing body of a parish which employs and pays persons serving the parish. See Louisiana Revised Statutes 11:1902
• 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.
• Fiscal year: shall mean the twelve-month period ending on December 31, of each year. See Louisiana Revised Statutes 11:1902
• In forma pauperis: In the manner of a pauper. Permission given to a person to sue without payment of court fees on claim of indigence or poverty.
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
• Oath: A promise to tell the truth.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
• Revision date: means January 1, 1980, the effective date of the establishment of Plan A and Plan B. See Louisiana Revised Statutes 11:1902
• Service certificate: means a statement of a member's total creditable service as approved by the board. See Louisiana Revised Statutes 11:1902
• Statute: A law passed by a legislature.
• Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
• Testify: Answer questions in court.
• Trustee: A person or institution holding and administering property in trust.