Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE II > Chapter 1 > Part III > Subpart E - Deferred Ascertainment of Principal Beneficiaries of Revocable Trusts

• Accumulated contributions: shall mean 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 as provided in La. See Louisiana Revised Statutes 11:2213
• Agricultural activity: means a commercial enterprise of any agricultural related or associated entity. See Louisiana Revised Statutes 3:3602
• Agricultural operation: means any agricultural facility or agricultural land which is being used for agricultural production or agricultural processing and includes any facility used for the production and processing of crops or products thereof, livestock or products thereof, farm-raised fish and fish products, wood, timber or forest products, fowl or plants for breeding or sales, and poultry or poultry products for commercial or industrial purposes. See Louisiana Revised Statutes 3:3602
• Agricultural processing: means the processing of any agricultural product and includes, but is not limited to, the slaughtering and processing of livestock and poultry, the elevation and drying of grain, the processing of sugar cane, and the ginning of cotton. See Louisiana Revised Statutes 3:3602
• Agricultural product: means crops, livestock, poultry, and aquacultural, floracultural, horticultural, silvicultural, or viticultural products. See Louisiana Revised Statutes 3:3602
• Agricultural production: means the commercial production of any agricultural products and includes the planting of cover crops, the leaving of land idle for the purpose of participating in government programs, normal crop or livestock rotation procedures, and the use of agricultural support services. See Louisiana Revised Statutes 3:3602
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• average final compensation: means the average annual earned compensation of a member for the sixty highest months of successive employment, or for the highest sixty successive joined months of employment where interruption of service occurred. See Louisiana Revised Statutes 11:2213
• 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}
• Beneficiary: shall mean any person designated by a member or retiree to receive an annuity, survivor benefit, or other benefit as provided by this Chapter. See Louisiana Revised Statutes 11:2213
• Board of trustees: shall mean the board provided for in La. See Louisiana Revised Statutes 11:2213
• Contract: A legal written agreement that becomes binding when signed.
• Creditable service: shall mean service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:2213
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Donor: The person who makes a gift.
• Employee: shall mean any of the following classifications:

              (a)(i) Any full-time police officer, empowered to make arrests. See Louisiana Revised Statutes 11:2213

• Employer: shall mean any municipality in the state of Louisiana which employs a full-time police officer, empowered to make arrests, or which has an elected chief of police whose salary is at least one thousand dollars per month, and the Municipal Police Employees' Retirement System. See Louisiana Revised Statutes 11:2213
• Established date of operation: means the date on which the agricultural operation, including forestry activities, commenced operation. See Louisiana Revised Statutes 3:3602
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Full-time: shall mean employment on a permanent, regularly scheduled basis for at least an average of thirty hours per week. See Louisiana Revised Statutes 11:2213
• Member: shall include any employee, as defined in Paragraph (11) of this Section, included in the membership of this system as provided in La. See Louisiana Revised Statutes 11:2213
• 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.
• Person: means any individual, partnership, corporation, association or other legal entity. See Louisiana Revised Statutes 3:3602
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Prior service: shall mean service rendered prior to the enrollment of an employee into this retirement system, as a municipal policeman, as a member of the state police, or as a sheriff or deputy sheriff in Louisiana for which credit is not given in any other retirement system; provided that notwithstanding any provision of this Chapter that may be to the contrary, no credit whatsoever shall be given in this retirement system, whether as prior service or creditable service, for any out of state service, nor shall any credit for prior service be given to any person who becomes a member after July 31, 1976, except that any person employed by any municipality and is required to pay social security contributions for such employment by the United States Department of Health, Education, and Welfare shall receive prior service credit provided he becomes a member of this retirement system prior to January 1, 1977. See Louisiana Revised Statutes 11:2213
• 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: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:2213
• Retirement allowance: shall mean any benefit paid to a member under La. See Louisiana Revised Statutes 11:2213
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Service: shall mean service rendered as an employee as described in Paragraph (11) of this Section. See Louisiana Revised Statutes 11:2213
• Special needs trust: shall mean a trust that is established for the sole benefit of a member's child who meets the definition of an individual with a disability under the federal Social Security Act, that permits such child to qualify for public benefits, including but not limited to those under the federal Social Security Act such as Supplemental Security Income and Medical Assistance, and that terminates upon the death of the child. See Louisiana Revised Statutes 11:2213
• Student: shall mean a person who satisfies both of the following:

              (a) The person is enrolled in a high school or postsecondary education institution duly accredited or approved by the appropriate state, regional, or professional accrediting agency which is recognized by the state in which it is located or by the United States Department of Education pursuant to the applicable laws, rules, or regulations. See Louisiana Revised Statutes 11:2213

• Surviving child: shall mean an unmarried person under the age of eighteen years or an unmarried student under the age of twenty-three years, if the person or student is one of the following:

              (i) The issue of a marriage of a member of this system. See Louisiana Revised Statutes 11:2213

• system: shall mean the Municipal Police Employees' Retirement System as established in La. See Louisiana Revised Statutes 11:2213
• Traditional farm practices: means those accepted and customary  standards established by similar agricultural operations under similar circumstances using established best management practices. See Louisiana Revised Statutes 3:3602
• Trustee: A person or institution holding and administering property in trust.