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La. Rev. Stat. § 11:951.46 Annuity reserve account; description
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§951.46. Annuity reserve account; description The annuity reserve account is the account in which shall be held the reserves on all annuities in force and from which shall be paid all annuities, and all benefits in lieu of annuities, payable under provisions of this Part. Should …
La. Rev. Stat. § 11:951.47 Pension accumulation account, description; contributions by parish school board, determination
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§951.47. Pension accumulation account, description; contributions by parish school board, determination The pension accumulation account is the account to which shall be credited all amounts paid for the purpose of producing reserves for the payment of pensions and other benefits…
La. Rev. Stat. § 11:951.48 Accrued liability contributions; crediting to contingency account
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§951.48. Accrued liability contributions; crediting to contingency account The accrued liability contribution shall be credited to the surplus and contingency account as soon as the accumulated reserves in the pension accumulation account equals the present value as actuarially c…
La. Rev. Stat. § 11:951.49 Interest, dividends, etc., credited to accumulation account
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§951.49. Interest, dividends, etc., credited to accumulation account Any amount earned in the form of interest, dividends, rents or other income received from the investments and reinvestment of the funds of the retirement system, shall be credited to the pension accumulation acc…
La. Rev. Stat. § 11:951.5 Receipt of both salary and retirement allowances prohibited
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§951.5. Receipt of both salary and retirement allowances prohibited No beneficiary of the retirement system shall be paid for any service as an employee of the Orleans Parish School Board after the date of the first payment of such retirement allowance except as provided for in t…
La. Rev. Stat. § 11:951.50 Pensions payable from accumulation account; transfers to reserve account
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§951.50. Pensions payable from accumulation account; transfers to reserve account A. All pensions payable on account of participants entitled to prior service credit shall be payable from the pension accumulation account. B. Upon the retirement of a participant not entitled to cr…
La. Rev. Stat. § 11:951.51 Interest to and deficits in other accounts chargeable to accumulation account
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§951.51. Interest to and deficits in other accounts chargeable to accumulation account The interest required to be credited annually to any of the other accounts shall be charged to the pension accumulation account. The board of trustees may transfer from time to time from the pe…
La. Rev. Stat. § 11:951.52 Pension reserve account; description of and payment from account
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§951.52. Pension reserve account; description of and payment from account A. The pension reserve account is the account in which shall be held the reserves on all pensions granted to participants not entitled to credit for prior service and from which such pensions and benefits i…
La. Rev. Stat. § 11:951.53 Expense fund account; payments to and disbursements from account
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§951.53. Expense fund account; payments to and disbursements from account A. The expense fund account is the account to which shall be credited all money provided for the payment of expenses. From this account the expenses of the administration of the retirement system shall be p…
La. Rev. Stat. § 11:951.54 Surplus and contingency account; description of and amounts credited to account
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§951.54. Surplus and contingency account; description of and amounts credited to account A. The surplus and contingency account is the account to which shall be credited, after each actuarial valuation, all surpluses in the annuity savings account, the annuity reserve account, th…
La. Rev. Stat. § 11:951.55 Other accounts, board's authority to create
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§951.55. Other accounts, board's authority to create The board of trustees may maintain such other accounts as it may deem necessary. Redesignated from R.S. 17:1085 pursuant to R.S. 24:253.
La. Rev. Stat. § 11:951.6 Tenure unaffected
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§951.6. Tenure unaffected This Part shall not affect in any way the right of the Orleans Parish School Board to remove employees from service under the laws now in force or hereafter enacted. Redesignated from R.S. 17:1016 pursuant to R.S. 24:253.
La. Rev. Stat. § 11:951.61 New employees; participation at time of employment
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§951.61. New employees; participation at time of employment All persons who become employees of the Orleans Parish School Board after the effective date of the establishment of this Retirement System shall become participants as of the date of their employment. Redesignated from …
La. Rev. Stat. § 11:951.62 Old employees; election to participate
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§951.62. Old employees; election to participate All persons who are employees of the Orleans Parish School Board on the effective date of the establishment of this retirement system shall become participants as of that date, unless any such employee files with the board of truste…
La. Rev. Stat. § 11:951.63 Employees not electing to participate; right to future election
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§951.63. Employees not electing to participate; right to future election An employee whose participation in this retirement system is contingent on his own election and who elects not to become a participant may thereafter apply for and be admitted to participation; no such parti…
La. Rev. Stat. § 11:951.64 Temporary employees; denial of participation rights
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§951.64. Temporary employees; denial of participation rights The board of trustees has discretionary power to deny the right to participate to any employee who is serving on a temporary or other than regular basis, or the board of trustees may make optional with such employees th…
La. Rev. Stat. § 11:951.65 Absence or death of employee; effect on right to participate
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§951.65. Absence or death of employee; effect on right to participate A person shall cease to be a participant if he absents himself from service for more than five years in any period of six consecutive years, or if he withdraws his accumulated contributions, becomes a beneficia…
La. Rev. Stat. § 11:951.7 Maintenance of reserves and payment of benefits, etc., guaranteed
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§951.7. Maintenance of reserves and payment of benefits, etc., guaranteed The creation and maintenance of reserves in the pension accumulation account; the maintenance of the annuity reserves in the annuity reserve account and the pension reserves in the pension reserve account; …
La. Rev. Stat. § 11:951.71 Creditable service; determination by board of trustees
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§951.71. Creditable service; determination by board of trustees Creditable service shall be determined under such rules and regulations as the board of trustees shall adopt, each present employee, who rendered continuous service as a regular employee prior to the effective date o…
La. Rev. Stat. § 11:951.72 Prior service certificates; issuance, conclusiveness and modification
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§951.72. Prior service certificates; issuance, conclusiveness and modification Subject to the above restrictions and to other rules and regulations the board of trustees may adopt, the board of trustees shall verify, as soon as practicable after the filing of such statement of pr…
La. Rev. Stat. § 11:951.73 Expiration of prior service certificates
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§951.73. Expiration of prior service certificates When an employee ceases to be a participant his prior service certificate shall become void. Should the employee again become a participant, he shall enter the system as a participant not entitled to prior credit except as provide…
La. Rev. Stat. § 11:951.74 Service on which retirement allowances are based
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§951.74. Service on which retirement allowances are based Creditable service at retirement, on which the retirement allowance of a participant is based, shall consist of subsequent service rendered by him since last becoming a participant, and also if he has prior service credit,…
La. Rev. Stat. § 11:951.81 Retirement benefits; application for; eligibility requirements
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§951.81. Retirement benefits; application for; eligibility requirements Any participant in service may retire upon written application to the board of trustees, filed not less than thirty days nor more than ninety days prior to the date on which the retirement is to become effect…
La. Rev. Stat. § 11:951.82 Retirement at age 70
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§951.82. Retirement at age 70 Any participant in service who has attained age seventy within the two years following the effective date of the establishment of the retirement system, or who shall thereafter attain age seventy, shall be retired forthwith on a service retirement al…
La. Rev. Stat. § 11:951.83 Retirement allowances
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§951.83. Retirement allowances A participant retired on account of service shall receive a service retirement allowance which shall consist of: (1) An annuity which shall be the actuarial equivalent of his accumulated contributions at retirement; and (2) A pension on account of s…
La. Rev. Stat. § 11:951.84 Disability retirement benefits; application for; eligibility requirements
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§951.84. Disability retirement benefits; application for; eligibility requirements Upon the application of a participant or of the Orleans Parish School Board, any participant who has completed ten or more years of creditable service may be retired by the board of trustees not le…
La. Rev. Stat. § 11:951.85 Allowances on disability retirement
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§951.85. Allowances on disability retirement A participant retired on account of disability shall receive a service retirement allowance if he is eligible therefor; otherwise he shall receive a disability retirement allowance which shall consist of: (1) An annuity which shall be …
La. Rev. Stat. § 11:951.86 Re-examination of beneficiaries retired for disability; restoration to active service
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§951.86. Re-examination of beneficiaries retired for disability; restoration to active service A. Once each year during the first five years following retirement and once in every three-year period thereafter the board of trustees may, or upon application of the beneficiary shall…
La. Rev. Stat. § 11:951.87 Return of accumulated contributions upon termination of employment; death of beneficiary
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§951.87. Return of accumulated contributions upon termination of employment; death of beneficiary A. Should a participant cease to be an employee except by death or retirement under the provisions of this Part, he shall be paid his accumulated contributions including regular inte…
La. Rev. Stat. § 11:951.88 Optional benefits
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§951.88. Optional benefits With the provision that no optional selection shall be effective in case a participant retires or dies within thirty days after the date of retirement, and that in all such cases there shall be paid the amount of the contributions of the participant as …
La. Rev. Stat. § 11:952.1 Definitions
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§952.1. Definitions As used in this Part, the following words and phrases have the meaning ascribed to them in this Section, unless a different meaning is plainly required by the context: (1) "Accumulated contributions" means the sum of all the amounts deducted from the compensat…
La. Rev. Stat. § 11:952.11 New employees
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§952.11. New employees A. Except as provided under Subsection B of this Section, any person becoming a nonstudent regular employee, full time or part time, of the university after the effective date of this funded system, unless specifically excluded under the provisions of R.S. …
La. Rev. Stat. § 11:952.12 Employees on the effective date; election of coverage under the funded University Retirement System
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§952.12. Employees on the effective date; election of coverage under the funded University Retirement System Each employee on the effective date of the funded system, who is a member of the nonfunded university retirement plan and who is covered in such employment under the Feder…
La. Rev. Stat. § 11:952.13 Termination of membership
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§952.13. Termination of membership Membership in the funded system shall cease when a member receives a refund of his accumulated contributions, or receives a retirement benefit under this system, or dies. Added by Acts 1971, No. 26, §1. Redesignated from R.S. 17:1617 pursuant to…
La. Rev. Stat. § 11:952.14 Classes of employees not eligible
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§952.14. Classes of employees not eligible Any other provision of this part to the contrary notwithstanding, the following classes of employees shall be excluded from membership in this funded system: (1) Members of the Teachers Retirement System of Louisiana. (2) Members of the …
La. Rev. Stat. § 11:952.2 Name and establishment of funded university retirement system
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§952.2. Name and establishment of funded university retirement system A. A university funded retirement system is established with all the powers and privileges pertaining to corporations, under the management of the board of supervisors for the purpose of providing retirement al…
La. Rev. Stat. § 11:952.21 Service after effective date
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§952.21. Service after effective date All service as a regular employee, whether on a full-time or part-time basis, rendered by a member prior to retirement, since he became a member, or since he last became a member in the event of a break in membership, for which he has made co…
La. Rev. Stat. § 11:952.22 Service prior to the effective date
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§952.22. Service prior to the effective date For any employee who elected pursuant to R.S. 11:952.12 to become a member of the funded system as of the effective date or for former employees who are subsequently reemployed, credited service shall also include any service prior to …
La. Rev. Stat. § 11:952.23 Service on which retirement allowances are based
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§952.23. Service on which retirement allowances are based Credited service at retirement on which the retirement allowance of a member shall be based shall consist of his credited service rendered after the effective date, plus, if applicable, credited service rendered prior to t…
La. Rev. Stat. § 11:952.24 Computation of credited service
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§952.24. Computation of credited service A.(1) The computation of credited service rendered while a member shall include authorized leaves of absence on full or part pay, with appropriate employee and employer contributions being made on payments received during leave status. An …
La. Rev. Stat. § 11:952.3 Exemption of pension and other rights from levy and other processes
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§952.3. Exemption of pension and other rights from levy and other processes The right of a person to a retirement allowance, or to the return of contributions; the retirement allowance itself; any optional benefit or any other right accrued or accruing to any person under the pro…
La. Rev. Stat. § 11:952.31 Service retirement
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§952.31. Service retirement A. Any member in service may retire on a service retirement allowance upon written application to the board of supervisors setting forth at what time, not less than ninety days subsequent to the execution and filing thereof, he desires to be retired, p…
La. Rev. Stat. § 11:952.32 Service retirement allowance
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§952.32. Service retirement allowance A. For service retirement commencing with the end of the 1974-1975 academic year, a member shall receive a service retirement allowance, inclusive of any tax-sheltered annuity purchased for the member under the provisions of R.S. 11:952.52(F)…
La. Rev. Stat. § 11:952.33 Early service retirement
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§952.33. Early service retirement Any member who has not attained age sixty-five may retire on an early service retirement allowance upon written application to the board of supervisors setting forth at what time, not less than ninety days subsequent to the execution and filing t…
La. Rev. Stat. § 11:952.34 Early service retirement allowance
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§952.34. Early service retirement allowance The early service retirement allowance shall be computed as a service retirement allowance as provided in R.S. 11:952.32. Added by Acts 1971, No. 26, §1. Amended by Acts 1972, No. 519, §1. Redesignated from R.S. 17:1626 pursuant to R.S.…
La. Rev. Stat. § 11:952.35 Cost-of-living benefits
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§952.35. Cost-of-living benefits A.(1) Any member who retired prior to May 13, 1975, and the beneficiary of a deceased retired member who retired prior to May 13, 1975 under Option 2 or Option 3 and any survivor of a member who died prior to May 13, 1975 and prior to retirement w…
La. Rev. Stat. § 11:952.36 Disability retirement
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§952.36. Disability retirement A. Eligibility for disability benefits, procedures for application for disability benefits, procedures for the certification of continuing eligibility for disability benefits, the authority of the board of trustees to modify disability benefits, and…
La. Rev. Stat. § 11:952.37 Surviving spouse allowance
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§952.37. Surviving spouse allowance A.(1) Upon receipt by the board of supervisors of proper proof of the death of a member in service who has completed ten years of credited service, or a member not in service who, on the date his employment ceased, had completed twenty years of…
La. Rev. Stat. § 11:952.38 Retirement allowance options
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§952.38. Retirement allowance options A. A member may retire under one of the following options: Option 1: pays total of retirement allowance formula in a retirement benefit for life of member, with no benefits payable to a beneficiary after his death except as provided in R.S. 1…
La. Rev. Stat. § 11:952.39 Restoration to active service
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§952.39. Restoration to active service A. If any former employee with deferred vesting rights or if any beneficiary is restored to active service, any retirement allowance shall cease, any election of an optional benefit in effect thereunder shall become void, and he shall again …
