Terms Used In Louisiana Revised Statutes > Title 41 > Chapter 7 - Timber

• 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
• 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
• 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.
• Annuity: means payments for life derived from the accumulated contributions of a member. See Louisiana Revised Statutes 11:1002
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
• 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 3:836
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Earnable compensation: means the full amount earned by an employee for a given pay period. See Louisiana Revised Statutes 11:1002
• 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.
• Goal: means a general purpose toward which the efforts of an agency are directed. See Louisiana Revised Statutes 39:2
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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
• Obligation: means an amount which a government may be required legally to meet out of its resources. 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 3:836
• 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
• 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
• 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: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. 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
• Trustee: A person or institution holding and administering property in trust.