Terms Used In Louisiana Revised Statutes > Title 42 > Chapter 18 - Government Deferred Compensation Plan

• Administrator: means the firm which, in accordance with its contract with the Commission, maintains the plan records, provides information to participants and prospective participants, manages the day-to-day activities of the plan relating to the transmittal of participant funds to investment product companies selected by the Commission, provides enrollment services, and/or prepares studies and recommendations for the Commission. See Louisiana Revised Statutes 42:1301
• 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.
• Commission: means the Louisiana Deferred Compensation Commission. See Louisiana Revised Statutes 42:1301
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Investment product: means any fixed annuity, variable annuity, life insurance contract, savings account, or any other form of investment selected by the Commission for the purpose of receiving funds under the plan. See Louisiana Revised Statutes 42:1301
• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participant: means : (a) a person whose compensation is currently subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code, or (b) a person whose compensation has previously been subject to deferrals in accordance with Section 457 of the United States Internal Revenue Code and whose contributions have not been withdrawn. See Louisiana Revised Statutes 42:1301
• Participant member: means any member of the commission other than an ex officio member. See Louisiana Revised Statutes 42:1301
• 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: means any officer or employee of the state of Louisiana or of any of its political subdivisions, or an independent contractor who has a current contract with the state or any of its political subdivisions. See Louisiana Revised Statutes 42:1301
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan: means the Louisiana Public Employees Deferred Compensation Plan, which is now in existence, and which was previously established pursuant to state statute and in accordance with Section 457 of the Internal Revenue Code of 1954, as amended. See Louisiana Revised Statutes 42:1301
• 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.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• public office: means any state, district, parish or municipal office, elective or appointive, or any position as member on a board or commission, elective or appointive, when the office or position is established by the constitution or laws of this state. See Louisiana Revised Statutes 42:1
• Quorum: The number of legislators that must be present to do business.
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.