Terms Used In Louisiana Revised Statutes > Title 11 > Subtitle III > Chapter 5 > Part VIII - Excess Benefit Plan

• Actuarial equivalent: shall mean a benefit of equivalent value to the accumulated contributions, annuity, or benefits, as the case may be, computed on the basis of such mortality and interest tables as shall be adopted by the board of trustees in accordance with the provisions of La. See Louisiana Revised Statutes 11:1902
• actuary: means the actuary for this retirement system. See Louisiana Revised Statutes 11:2022
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• 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.
• 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
• Excess benefit: means the difference in the monthly benefit between the unrestricted benefit and the maximum benefit computed under this Chapter 5. See Louisiana Revised Statutes 11:2022
• Excess benefit participant: means any member whose retirement benefit as determined on the basis of all qualified plans of the employer without regard to the limitations of Section 415 of the Internal Revenue Code of the United States, as amended, and as set forth in the rules and regulations of this retirement system, would exceed the maximum benefit permitted under Section 415 of the United States Internal Revenue Code. See Louisiana Revised Statutes 11:2022
• Maximum benefit: means the retirement benefit a member, or the surviving spouse or minor child of a member, is entitled to receive from this retirement system determined in accordance with this Chapter in any month after giving effect to the limitations set forth in Section 415 of the United States Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022
• Member: means a contributing employee who is covered under the provisions of this Chapter. See Louisiana Revised Statutes 11:1902
• Minor child: means an unmarried child under the age of eighteen years who is: the issue of a marriage; the legally adopted child of a member of this system; the natural child of a female member of this system; 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 father has formally acknowledged the child; or, who had a disability at the time of the member's death and who remains in such disability status. See Louisiana Revised Statutes 11:1902
• paid or accrued: shall be construed according to the method of accounting upon the basis of which the net income is computed under this Chapter. See Louisiana Revised Statutes 47:98
• Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
• Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
• Rabbi Trust: means the trust created under this Part of Chapter 5 to provide the excess benefits under this plan to excess benefit participants. See Louisiana Revised Statutes 11:2022
• 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
• Surviving spouse: means a legal spouse who was married to a member at the time of the member's death and for at least twelve months immediately prior thereto. See Louisiana Revised Statutes 11:1902
• 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
• Unrestricted benefit: means the monthly retirement benefit a member, or the surviving spouse or minor child of a member, would have received under the terms of all qualified plans of this retirement system in any given month, except for the restrictions imposed by Section 415 of the Internal Revenue Code, as amended, which has been incorporated in the rules and regulations of this retirement system. See Louisiana Revised Statutes 11:2022