Title 11, Consolidated Public Retirement
0 chapters · 1,796 sections in this title.
La. Rev. Stat. § 11:942.7 Benefits not obligation of the state; payment of benefits
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§942.7. Benefits not obligation of the state; payment of benefits A. Any person electing to participate in the alternative contribution plan shall agree that the benefits payable to participants are not the obligations of the state of Louisiana or the Teachers' Retirement System …
La. Rev. Stat. § 11:942.8 Service credit; eligibility
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§942.8. Service credit; eligibility A. Members of the Teachers' Retirement System who participate in the alternative contribution plan must meet the same minimum eligibility requirements as members of the Teachers' Retirement System of Louisiana regular plan in order to be eligib…
La. Rev. Stat. § 11:942.9 Conflict with other laws
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§942.9. Conflict with other laws Any member of the Teachers' Retirement System of Louisiana who participates in the alternative contribution plan shall be governed by all of the laws, policies, rules, and regulations which govern the Teachers' Retirement System of Louisiana, exce…
La. Rev. Stat. § 11:945 Establishment of plan
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§945. Establishment of plan There is hereby created a separate, unfunded, nonqualified excess benefit plan containing the terms and provisions set forth in this Part and intended to be a qualified governmental excess benefit arrangement, as defined in Section 415(m)(3) of the Int…
La. Rev. Stat. § 11:946 Benefit provided
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§946. Benefit provided A. An excess benefit participant who is receiving benefits from this system is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of either: (1) The member's unrestricted benefit as that term is defined in R.S. 11:…
La. Rev. Stat. § 11:947 Contributions
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§947. Contributions A.(1) Contributions may not be accumulated under this excess benefit plan to pay future retirement benefits. Instead, each payment of contributions by the employer that would otherwise be made to the system shall be reduced by the amount determined by the boar…
La. Rev. Stat. § 11:951.1 Definitions
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§951.1. Definitions As used in this Part, the following words and phrases shall 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 regular contributions, plus regula…
La. Rev. Stat. § 11:951.11 Board of trustees; membership; vacancies
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§951.11. Board of trustees; membership; vacancies The general administration, management, and responsibility for the proper operation of this retirement system and for making effective the provisions of this Part, as well as the exercise of all its corporate rights, powers, and p…
La. Rev. Stat. § 11:951.12 Election of members of board, procedure
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§951.12. Election of members of board, procedure The first board of trustees shall be elected as follows: within sixty days after the effective date of the establishment of this retirement system, the Orleans Parish School Board shall elect the three of its members, who are to se…
La. Rev. Stat. § 11:951.13 Terms of office and compensation of trustees
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§951.13. Terms of office and compensation of trustees The members of the board of trustees shall hold office until their successors have been elected and have taken office. The trustees shall serve without compensation. Redesignated from R.S. 17:1033 pursuant to R.S. 24:253.
La. Rev. Stat. § 11:951.14 Powers of board in general
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§951.14. Powers of board in general The board of trustees shall exercise all the rights, powers and privileges granted by law to corporations. It may sue and be sued, acquire, hold, receive, use, transfer, assign, sell or dispose of any kind of property. The board may also borrow…
La. Rev. Stat. § 11:951.15 Voting power of trustees; meetings, quorum; by-laws, etc.; board's power to make
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§951.15. Voting power of trustees; meetings, quorum; by-laws, etc.; board's power to make A. Each trustee shall be entitled to one vote on the board. A majority of the board of trustees shall constitute a quorum for the transaction of all business except in cases where a majority…
La. Rev. Stat. § 11:951.16 Records and other information; board's duty to keep
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§951.16. Records and other information; board's duty to keep The board of trustees shall keep a record of all its proceedings which shall be open to public inspection and shall publish annually a report showing the fiscal transactions of this retirement system for the previous fi…
La. Rev. Stat. § 11:951.17 Officers of board, election; service of process
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§951.17. Officers of board, election; service of process The board of trustees shall at the regular meeting in February of each year elect from its members a president and a vice-president for a term of one year. Legal process shall be served on the president or in his absence or…
La. Rev. Stat. § 11:951.18 Secretary-treasurer of board, election and compensation
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§951.18. Secretary-treasurer of board, election and compensation The board of trustees shall by a majority vote of all its members, fix the term of office and appoint a secretary-treasurer who may be, but need not be, either a member of the board or one of the participants, and f…
La. Rev. Stat. § 11:951.19 Bond furnished by secretary-treasurer
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§951.19. Bond furnished by secretary-treasurer Before assuming his duties the secretary-treasurer shall furnish bond in one or more bonding companies authorized to do business in the State of Louisiana, in an amount fixed by the board of trustees for the faithful performance of t…
La. Rev. Stat. § 11:951.2 Name and establishment of retirement system
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§951.2. Name and establishment of retirement system A. A retirement system for the purpose of providing retirement allowances and other benefits for employees of the Orleans Parish School Board is created and established under the corporate name of the Orleans Parish School Emplo…
La. Rev. Stat. § 11:951.20 Duties and powers of secretary-treasurer
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§951.20. Duties and powers of secretary-treasurer A. The secretary-treasurer shall keep a true and accurate account of the proceedings of the board of trustees, of all monies, notes, bonds, and other securities coming into his hands, and for the interest, income, profits, rentals…
La. Rev. Stat. § 11:951.21 Actuary; appointment; duties and powers
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§951.21. Actuary; appointment; duties and powers A. The board of trustees shall designate an actuary who shall be the technical advisor of the board of trustees on matters regarding the operation of this retirement system, and shall perform such other duties as are required in co…
La. Rev. Stat. § 11:951.22 Legal advisor for board of trustees; designation
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§951.22. Legal advisor for board of trustees; designation Either the City Attorney for the City of New Orleans or the official attorney of the Orleans Parish School Board shall be the attorney of the board of trustees, unless the board of trustees elects to employ a special attor…
La. Rev. Stat. § 11:951.23 Medical board; appointment; duties and powers
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§951.23. Medical board; appointment; duties and powers The board of trustees shall designate a medical board to be composed of three physicians from the medical staff of the Orleans Parish School Board. If necessary, other physicians may be employed from time to time. The medical…
La. Rev. Stat. § 11:951.3 Pensions, benefits, etc., exemption from seizure
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§951.3. Pensions, benefits, etc., exemption from seizure The right of a person to a pension, an annuity, or a retirement allowance, to the return of contributions, the pension, annuity or retirement allowance itself, or any other right accrued or accruing to any person under the …
La. Rev. Stat. § 11:951.31 Investment of funds by board of trustees; limitations and restrictions
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§951.31. Investment of funds by board of trustees; limitations and restrictions The board of trustees shall be the trustees of all assets or funds of the retirement system and shall have full power to invest and reinvest such assets or funds subject to all the terms, conditions, …
La. Rev. Stat. § 11:951.32 Interest payable to various accounts; determination by board of trustees
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§951.32. Interest payable to various accounts; determination by board of trustees Each year the board of trustees shall allow regular interest on the mean amount for the preceding year in each of the accounts with the exception of the expense account. The amounts so allowed shall…
La. Rev. Stat. § 11:951.33 Cash deposits for payment of pensions, etc., limitations as to amount
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§951.33. Cash deposits for payment of pensions, etc., limitations as to amount Available cash, not exceeding ten per centum of the total amount in the several accounts of the retirement system, may be kept on deposit in one or more banks or trust companies organized under the law…
La. Rev. Stat. § 11:951.34 Fiscal agents; selection by board of trustees
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§951.34. Fiscal agents; selection by board of trustees The board of trustees shall select the bank or banks for the deposit of the funds belonging to the retirement system to be withdrawn on checks signed by the secretary-treasurer and president or vice-president of the board. Al…
La. Rev. Stat. § 11:951.35 Private interest of trustees and employees in financial operation of system prohibited
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§951.35. Private interest of trustees and employees in financial operation of system prohibited Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profit of any investment made by the board of tr…
La. Rev. Stat. § 11:951.4 False statements; falsification of records; penalty; correction of errors
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§951.4. False statements; falsification of records; penalty; correction of errors A. Whoever wilfully makes any false statement or falsifies or permits to be falsified any record of this retirement system in any attempt to defraud, shall be fined not less than one hundred dollars…
La. Rev. Stat. § 11:951.41 Funds to which assets credited
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§951.41. Funds to which assets credited All of the assets of the retirement system shall be credited according to the purposes for which they are held to one of the following accounts: the annuity savings account, the annuity reserve account, the pension accumulation account, the…
La. Rev. Stat. § 11:951.42 Annuity savings account; description; amount of employee contributions
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§951.42. Annuity savings account; description; amount of employee contributions A. The annuity savings account is the account to which shall be credited the contributions from the compensation of the participants to provide for their annuities. B. Each employee eligible to partic…
La. Rev. Stat. § 11:951.43 Method of collecting employee contributions
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§951.43. Method of collecting employee contributions A. The Orleans Parish school board shall prepare as a part of each and every pay roll, a roll of contributions and place opposite the name of each and every participant the amount of the regular pay roll contribution payable by…
La. Rev. Stat. § 11:951.44 Disposition of employee contributions upon termination of employment or death of employee
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§951.44. Disposition of employee contributions upon termination of employment or death of employee The regular contributions of a participant withdrawn in the event he ceases to be an employee, or paid in the event of his death to his succession or designated beneficiary, shall b…
La. Rev. Stat. § 11:951.45 Disposition of accumulated contributions upon retirement of employee
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§951.45. Disposition of accumulated contributions upon retirement of employee Upon the retirement of a participant, his accumulated contributions shall be transferred from the annuity savings account to the annuity reserve account. Redesignated from R.S. 17:1075 pursuant to R.S. …
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…