reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:942.7. Benefits not obligation of the state; payment of benefits

RS 11:942.7 - 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 of Louisiana and that such benefits and other rights of the alternative contribution plan are the liability and responsibility solely of the designated company to whom contributions have been made.
B. Benefits shall be payable to alternative contribution plan participants or their beneficiaries by the selected investment vendor.
Acts 2001, No. 1055, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:942.8. Service credit; eligibility

RS 11:942.8 - 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 eligible for regular and disability benefits and survivor benefits.
B. The accrual rate for benefits from the regular plan for members who participate in the alternative contribution plan shall be one and twenty-five hundreths percent per year.
C.(1) Any disability benefit received by a participant in the alternative contribution plan shall not exceed twenty-five percent of his average compensation.
(2) However, notwithstanding the provisions of Paragraph (1) of this Subsection, any disability benefit received by a participant in the alternative contribution plan shall not be less than the lesser of twenty percent of the state minimum salary for a beginning teacher with a bachelor's degree or thirty-seven and one-half percent of his average compensation.
Acts 2001, No. 1055, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:942.9. Conflict with other laws

RS 11:942.9 - 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, except where they are in conflict with the specific provisions of R.S. 11:942.1 through 942.8 and in which case the said specific provisions shall govern.
Acts 2001, No. 1055, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:945. Establishment of plan

RS 11:945 - 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 Internal Revenue Code.
Acts 1999, No. 356, §1, eff. July 1, 1999.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:946. Benefit provided

RS 11:946 - 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. 11:701, less the maximum benefit.
(2) The amount by which the member's monthly benefit from the system has been reduced because of the limitations of R.S. 11:784.1.
B. A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the system except for the limitations under R.S. 11:784.1 and Section 415 of the United States Internal Revenue Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.
C. This plan shall be administered by the Board of Trustees of this system. Except as provided to the contrary by this Part, the rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the system set forth in Part V of this Chapter.
D. The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the system solely because of the limitations of R.S. 11:784.1 and Section 415 of the United States Internal Revenue Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the system.
E. The actuary designated in R.S. 11:834 shall also provide advice to the board for this excess benefit plan.
Acts 1999, No. 356, §1, eff. July 1, 1999.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:947. Contributions

RS 11:947 - 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 board as necessary to meet the requirements for retirement benefits under this excess benefit plan until the next payment of contributions is expected to be made to the system by the employer.
(2) The employer shall then pay to this excess benefit plan, out of the contributions that would otherwise have been made to the system, no later than the fourteenth day before the date of each distribution of monthly retirement benefits is required to be made from this excess benefit plan, the amount necessary to satisfy the obligation to pay monthly retirement benefits under this excess benefit plan.
B. The board shall satisfy the obligation of this excess benefit plan to pay retirement benefits out of the employer contributions so transferred.
C. The employer contributions otherwise required to be made to the system pursuant to R.S. 11:875 and any other qualified plans of the employer shall be divided into those contributions required to pay retirement benefits pursuant to this Part and those contributions paid into and accumulated to pay the maximum benefits required by any such qualified plans.
D. Employer contributions made to provide retirement benefits pursuant to this Part may not be commingled with the monies of the system or any other qualified plan, nor may this plan ever receive any transfer of assets from the system.
Acts 1999, No. 356, §1, eff. July 1, 1999.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:2161. Establishment of excess benefit plan

RS 11:2161 - Establishment of excess benefit 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 Code.
Acts 2004, No. 259, §1, eff. July 1, 2004.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:2162. Definitions

RS 11:2162 - Definitions
All definitions provided in this Chapter are applicable to this excess benefit plan unless a different definition is provided in this Part or the context in which a term is used in this Part indicates a different meaning:
(1) "Excess benefit participant" shall mean any member whose retirement benefit as determined on the basis of all qualified plans without regard to the limitations of R.S. 11:2151 and comparable provisions of other qualified plans of the employer would exceed the maximum benefit permitted under Section 415 of the Code.
(2) "Maximum benefit" shall mean the retirement benefit a member is entitled to receive from the pension plan set forth in this Chapter in any month after giving effect to R.S. 11:2151 and any similar provisions of any other qualified plans designed to conform to Section 415 of the Code.
(3) "Unrestricted benefit" shall mean the monthly retirement benefit a member, or the spouse, child, or dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of R.S. 11:2151 and any similar provisions of any other qualified plans designed to conform to Section 415 of the Code.
Acts 2004, No. 259, §1, eff. July 1, 2004.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:2163. Benefit provided

RS 11:2163 - Benefit provided
A. An excess benefit participant who is receiving benefits from the pension plan is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of:
(1) The member's unrestricted benefit less the maximum benefit; or
(2) The amount by which the member's monthly benefit from the pension plan has been reduced because of the limitations of R.S. 11:2151.
B. A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the pension plan except for the limitations under R.S. 11:2151 and Section 415 of the Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.
C. This plan shall be administered by the board. The rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the pension plan set forth in this Chapter.
D. The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the pension plan solely because of the limitations of R.S. 11:2151 and Section 415 of the Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the pension plan.
Acts 2004, No. 259, §1, eff. July 1, 2004.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:2164. Contributions

RS 11:2164 - Contributions
A. 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 pension plan shall be reduced by the amount determined by the board as necessary to meet the requirements for retirement benefits under this excess benefit plan until the next payment of contributions is expected to be made to the pension plan by the employer. The employer shall then pay to this excess benefit plan, out of the contributions that would otherwise have been made to the pension plan, no later than the fourteenth day before the date of each distribution of monthly retirement benefits is required to be made from this excess benefit plan, the amount necessary to satisfy the obligation to pay monthly retirement benefits under this excess benefit plan. The board shall satisfy the obligation of this excess benefit plan to pay retirement benefits out of the employer contributions so transferred.
B. The employer contributions otherwise required to be paid to the pension plan system pursuant to R.S. 11:103 and any other qualified plan shall be divided into those contributions required to pay retirement benefits from this excess benefit plan and those contributions paid into and accumulated to pay the maximum benefits required under the pension plan. Employer contributions made to provide retirement benefits from this excess benefit plan may not be commingled with the monies of the pension plan or any other qualified plan, nor may this excess benefit plan ever receive any transfer of assets from the pension plan.
Acts 2004, No. 259, §1, eff. July 1, 2004.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.2. Name and establishment of retirement system

RS 11:951.2 - 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 Employees' Retirement System and as such shall exercise all the rights, powers and privileges granted by law to corporations, and by such name all of its business shall be transacted, all of its funds invested, and all its cash, securities and other property shall be held.
B. The effective date of the establishment of the retirement system shall be determined by the Orleans Parish School Board which date shall be not later than July 31, 1948.
Redesignated from R.S. 17:1012 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.3. Pensions, benefits, etc., exemption from seizure

RS 11:951.3 - 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 provisions of this Part and the money in the various accounts created by this Part shall not be subject to execution, garnishment, attachment or any other process whatsoever, except as provided in R.S. 11:292, and shall be unassignable except as specifically provided for in this Part.
Redesignated from R.S. 17:1013 pursuant to R.S. 24:253; Acts 2010, No. 634, §1, eff. July 1, 2010.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.4. False statements; falsification of records; penalty; correction of errors

RS 11:951.4 - 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 nor more than five hundred dollars, or imprisoned for not less than thirty days nor more than six months, or both.
B. Should any change or error in the records result in any participant or beneficiary receiving from this retirement system more or less than he would have been entitled to receive had the records been correct, the board of trustees shall correct such error, and as far as practicable, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such participant or beneficiary was correctly entitled shall be paid.
Redesignated from R.S. 17:1014 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.5. Receipt of both salary and retirement allowances prohibited

RS 11:951.5 - 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 this Part.
Redesignated from R.S. 17:1015 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.6. Tenure unaffected

RS 11:951.6 - 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.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.7. Maintenance of reserves and payment of benefits, etc., guaranteed

RS 11:951.7 - 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; the crediting of regular interest to the various accounts; and the payment of all pensions, annuities, retirement allowances, refunds and other benefits granted under the provisions of this Part and all expenses in connection with the administration and operation of this retirement system, are made obligations of the retirement system. All income, interest and dividends derived from deposits and investments authorized by this Part shall be used for the payment of these obligations.
Redesignated from R.S. 17:1017 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.11. Board of trustees; membership; vacancies

RS 11:951.11 - 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 privileges are vested in a board of trustees which shall be composed of nine members, as follows:
(1) The superintendent of the Orleans Parish School Board shall be a member;
(2) Three members of the Orleans Parish School Board to be elected by the said Orleans Parish School Board for a term of four years; elections to fill the places of these three members whose terms have expired shall be held in the month of January every four years. The members so elected shall become members of the board of trustees at the first regular meeting in the month of February following their election. Vacancies occurring in the offices of the three trustees from the Orleans Parish School Board shall be filled for the unexpired terms by the said Orleans Parish School Board; and
(3) Five members from among the participants who shall serve for terms of six years each, except members of the first board of trustees whose terms shall be for six, four and two years respectively as provided for under the first board of trustees. Regular elections to fill the places of members whose terms have expired shall be held every two years in the month of January. The participants so elected shall become members of the board of trustees at the first regular meeting in the month of February following their election. Vacancies occurring in the office of one or more of the five trustees from among the participants shall be filled by the board of trustees if the unexpired term is for less than one year, and in cases where the unexpired term is for one year or more, the vacancy shall be filled at a special election to be held within sixty days.
Redesignated from R.S. 17:1031 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.12. Election of members of board, procedure

RS 11:951.12 - 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 serve as members of the board of trustees; these three members, with the superintendent of the Orleans Parish School Board shall constitute an election committee; within the next sixty days the election committee shall conduct an election for the five members from among the participants to serve on the board of trustees; this election shall be by secret ballot of the participants, each ballot listing five names representing choices for membership on the board of trustees; the election committee shall examine and count the ballots giving credit for each vote received by a participant, and the two receiving the largest number of votes shall be elected to serve until the regular election in the January following the expiration of their fifth year; the two receiving the next largest number of votes shall be elected to serve until the regular election in the January following the expiration of their third year; and the one receiving the next largest number of votes shall be elected to serve until the regular election in the January following the expiration of his first year.
Redesignated from R.S. 17:1032 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.13. Terms of office and compensation of trustees

RS 11:951.13 - 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.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.14. Powers of board in general

RS 11:951.14 - 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 money, issue notes or other evidences of debt. It may pledge its revenues for the year then current from whatever source received, for the purpose of promptly paying its obligations or for such other purposes it may deem necessary or appropriate to carry out the provisions of this Part. The board may accept, hold, assign, transfer, sell, or dispose of, either absolutely or under such conditions as the donor may impose, any donation whatever, or any interest therein.
Redesignated from R.S. 17:1034 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.15. Voting power of trustees; meetings, quorum; by-laws, etc.; board's power to make

RS 11:951.15 - 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 vote of all members is specifically required.
B. The board of trustees has full power to adopt and enforce such by-laws, rules and regulations for the administration of the funds and the transaction of business, to appoint and determine the rate of compensation or expenses of all employees as it may deem necessary or appropriate to carry out the purposes of this Part.
Redesignated from R.S. 17:1035 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.16. Records and other information; board's duty to keep

RS 11:951.16 - 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 fiscal year, the amount of accumulated cash and securities of this retirement system and the last balance sheet showing the financial condition by means of an actuarial evaluation of the assets and liabilities of this retirement system.
Redesignated from R.S. 17:1036 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.17. Officers of board, election; service of process

RS 11:951.17 - 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 inability to act on the vice-president.
Redesignated from R.S. 17:1037 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.18. Secretary-treasurer of board, election and compensation

RS 11:951.18 - 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 fix the amount of his compensation.
Redesignated from R.S. 17:1038 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.19. Bond furnished by secretary-treasurer

RS 11:951.19 - 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 the duties imposed upon him by this Part, or that may be assigned to him by the board of trustees, or form part of his duties in any manner, and for the faithful accounting of all monies, and securities, including both principal and interest, which may come into his hands and which belong to this retirement system or are under the control of the board of trustees. The premium for this bond is to be paid from funds in the expense account.
Redesignated from R.S. 17:1039 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.20. Duties and powers of secretary-treasurer

RS 11:951.20 - 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 and proceeds of and from the same, and perform such other duties as the board of trustees shall direct. The secretary-treasurer shall make a full and accurate account of his office whenever required to do so by the board of trustees. The secretary-treasurer, upon expiration of his term of office, shall make a full and accurate account and he shall turn over to his successors all books, records, monies, notes, bonds and other securities belonging to this retirement system.
B. The secretary-treasurer shall be the custodian of all funds of this retirement system. All payments from these funds shall be made upon voucher signed by the secretary-treasurer and president or vice-president of the board of trustees.
Redesignated from R.S. 17:1040 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.21. Actuary; appointment; duties and powers

RS 11:951.21 - 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 connection therewith.
B. The board of trustees shall keep in convenient form and furnish such data as shall be necessary for actuarial valuation and for checking the experience of this retirement system.
Immediately after the establishment of the system the actuary shall make such investigations of the mortality, service, and compensation experience of the participants as are required, and make recommendations for the adoption by the board in accordance with the investigations. The board shall adopt such service and mortality tables as it shall approve, and as soon as practicable thereafter the actuary shall make a valuation based on such tables and rates, of the assets and liabilities of the funds created by this Part.
C. Within three years after the first evaluation and at least once in each five-year period thereafter, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the participants and beneficiaries of the system, and make a valuation of the prospective assets and liabilities of the system, and taking into account the result of such investigation and valuation, the board of trustees shall:
(1) Adopt such mortality, service, and other tables as shall be deemed necessary; and
(2) Establish such rates of contribution as it shall deem desirable.
D. On the basis of such tables as the board of trustees shall adopt, the actuary shall make a valuation of the assets and liabilities of the system.
Redesignated from R.S. 17:1041 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.22. Legal advisor for board of trustees; designation

RS 11:951.22 - 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 attorney.
Redesignated from R.S. 17:1042 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.23. Medical board; appointment; duties and powers

RS 11:951.23 - 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 board shall arrange for and pass upon all medical examinations required under the provisions of this Part, shall investigate all essential statements and certificates by or on behalf of a participant in connection with the application for disability retirement, and shall report in writing to the board of trustees its conclusions and recommendations upon all matters referred to it.
Redesignated from R.S. 17:1043 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.31. Investment of funds by board of trustees; limitations and restrictions

RS 11:951.31 - 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, limitations, and restrictions imposed by laws of the State of Louisiana upon domestic life insurance companies in the making and disposing of their investments; and subject to like terms, conditions, limitations and restrictions, the board of trustees shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the assets of this retirement system shall have been invested, as well as the proceeds of these investments and any monies belonging to this retirement system.
Redesignated from R.S. 17:1051 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.32. Interest payable to various accounts; determination by board of trustees

RS 11:951.32 - 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 be due and payable to these accounts and shall be credited annually thereto by the board of trustees from interest and other earnings on the monies of the retirement system. Any additional amount required to meet the interest on the accounts shall be paid from the pension accumulation account, and any excess of earnings over the amount required shall be paid to the pension accumulation account. The per centum rate of regular interest to be compounded annually shall be determined by the board on the basis of the interest earnings of the retirement system for the preceding year and of the probable earnings to be made during the immediate future.
Redesignated from R.S. 17:1052 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.33. Cash deposits for payment of pensions, etc., limitations as to amount

RS 11:951.33 - 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 laws of the United States or the State of Louisiana and located in the City of New Orleans, for the purpose of meeting disbursements for pensions, annuities, and other payments.
Redesignated from R.S. 17:1053 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.34. Fiscal agents; selection by board of trustees

RS 11:951.34 - 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. All notes, bonds, and other securities belonging to the retirement system shall be deposited in one or more safety deposit vaults of one or more banks selected by the board of trustees subject to the joint order of both the secretary-treasurer and the president or vice-president of the board.
Redesignated from R.S. 17:1054 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.35. Private interest of trustees and employees in financial operation of system prohibited

RS 11:951.35 - 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 trustees, nor as such receive any pay or emolument for his service. No trustee or employee of the board shall directly or indirectly for himself or as an agent in any manner use the name, except to make such current and necessary payments as are authorized by the board of trustees, nor shall any trustee or employee of the board become an endorser or surety or in any manner an obligor for monies loaned or borrowed from the board of trustees.
Redesignated from R.S. 17:1055 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.41. Funds to which assets credited

RS 11:951.41 - 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 pension reserve account, the expense fund account, the surplus and contingency account or any other accounts that the board of trustees may deem necessary.
Redesignated from R.S. 17:1071 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.42. Annuity savings account; description; amount of employee contributions

RS 11:951.42 - 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 participation shall be required to contribute to the retirement system such per centum of his earnable compensation as the board of trustees may from time to time upon recommendation of the actuary adopt, provided that after attaining the normal service retirement age the participant may, by written notice to the board of trustees, elect not to contribute further.
Redesignated from R.S. 17:1072 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.43. Method of collecting employee contributions

RS 11:951.43 - 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 him. The Orleans Parish school board shall deduct and retain out of the compensation due to each participant the amount of his pay roll contribution, provided that no such deductions shall be made from those participants who have elected not to contribute after obtaining the normal service retirement age. The sum of the pay roll contributions shall be immediately paid by the Orleans Parish school board to the board of trustees. The contributions obtained by the board of trustees shall then be credited to the annuity savings account.
B. These deductions shall be made notwithstanding that the compensation that may be provided for by law for any participant shall be reduced thereby. Every participant shall be deemed to consent and agree to the deductions made and provided for in this Section and shall receipt for his full salary or compensation; and the payment of the salary or compensation less such deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by such person during the period covered by such payments except as to benefits provided by this Part.
Redesignated from R.S. 17:1073 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.44. Disposition of employee contributions upon termination of employment or death of employee

RS 11:951.44 - 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 be paid from the annuity savings account.
Redesignated from R.S. 17:1074 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.45. Disposition of accumulated contributions upon retirement of employee

RS 11:951.45 - 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. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.46. Annuity reserve account; description

RS 11:951.46 - 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 a beneficiary retired on account of disability be restored to active service, the reserve on his annuity shall be transferred from annuity reserve account to the annuity savings account and credited to his individual account therein.
Redesignated from R.S. 17:1076 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.47. Pension accumulation account, description; contributions by parish school board, determination

RS 11:951.47 - 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 payable from contributions made by the Orleans Parish school board. Contributions to and payable from the pension accumulation account shall be made as follows:
(1) On account of each participant there shall be paid annually to the credit of the pension accumulation account by the Orleans Parish school board, for the preceding fiscal year, a per centum of earnable compensation of each participant, not in excess of the per centum contributed by the Orleans Parish school board to any other retirement system or fund of which other employees are participants or members, which payment shall be divided into two parts, one part to be known as the normal contribution and the other part to be known as the accrued liability contribution. The rates per centum of such parts shall be fixed from time to time by the board of trustees, on the basis of the liabilities of the retirement system as shown by actuarial valuations.
(2) On the basis of regular interest and of such mortality and other tables as shall be adopted by the board of trustees, the actuary engaged to make the valuations required during the period over which the accrued liability is payable, immediately after making each valuation, shall determine the uniform and constant percentage of the earnable compensation of the average new entrant, which, if contributed on the basis of compensation of such new entrant throughout his entire period of active service would be sufficient to provide for the payment of the retirement allowance and other benefits payable on his account, which are not provided from his contributions to the annuity savings account. The rate per centum so determined shall be certified to the board by the actuary as his recommendation of the rate to be fixed by the board as the normal contribution rate. After the accrued liability has been extinguished, the normal contribution per centum rate of the earnable compensation of all participants shall be determined by the actuary on the basis of the mortality and service tables adopted by the board of trustees, plus regular interest. For the information of the board of trustees, the actuary shall make his recommendation as to the normal rate of contribution after each valuation.
(3) Immediately succeeding the first valuation, the actuary shall compute the total pension liability on account of all participants and beneficiaries which is not dischargeable by the aforesaid normal contribution made on account of such participants during the remainder of their active service. The rate per centum so determined shall be known as the accrued liability contribution rate.
Redesignated from R.S. 17:1077 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.48. Accrued liability contributions; crediting to contingency account

RS 11:951.48 - 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 computed and approved by the board of trustees.
Redesignated from R.S. 17:1078 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.49. Interest, dividends, etc., credited to accumulation account

RS 11:951.49 - 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 account.
Redesignated from R.S. 17:1079 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.50. Pensions payable from accumulation account; transfers to reserve account

RS 11:951.50 - 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 credit for prior service, an amount equal to his pension reserve shall be transferred from the pension accumulation account to the pension reserve account.
Redesignated from R.S. 17:1080 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.51. Interest to and deficits in other accounts chargeable to accumulation account

RS 11:951.51 - 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 pension accumulation account the amount of any deficit which may occur in the annuity reserve account or the pension reserve account, not offset by transfers from the surplus and contingency account.
Redesignated from R.S. 17:1081 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.52. Pension reserve account; description of and payment from account

RS 11:951.52 - 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 in lieu thereof shall be paid.
B. Should such a participant retired on account of disability be restored to active service his pension reserve shall be transferred from the pension reserve account to the pension accumulation account.
Redesignated from R.S. 17:1082 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.53. Expense fund account; payments to and disbursements from account

RS 11:951.53 - 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 paid, exclusive of amounts payable as retirement allowances and as other benefits provided herein.
B. Any surplus in the expense fund account shall be transferred annually to the surplus and contingency account.
C. The board of trustees may transfer to the expense fund account from the pension accumulation account, at any time, any amount earned from the investment of the assets of the retirement system in excess of interest at the rate per annum of regular interest on the total assets of the retirement system.
Redesignated from R.S. 17:1083 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.54. Surplus and contingency account; description of and amounts credited to account

RS 11:951.54 - 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, the pension accumulation account, the pension reserve account, and all annual surpluses in the expense fund account.
B. After the accrued liability of the retirement system has been extinguished there shall be paid annually into the surplus and contingency account from the contributions of the Orleans Parish School Board the difference between the normal contribution and the total contribution.
C. Any donation made absolute shall be credited to this account.
D. From the surplus and contingency account may be transferred any monies necessary to offset a deficit that may develop in any other account.
Redesignated from R.S. 17:1084 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.61. New employees; participation at time of employment

RS 11:951.61 - 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 R.S. 17:1101 pursuant to R.S. 24:253.
2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:951.62. Old employees; election to participate

RS 11:951.62 - 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 trustees a notice of his election not to be a participant, and a waiver of all present and prospective benefits which would otherwise inure to him on account of his participation in the system.
Redesignated from R.S. 17:1102 pursuant to R.S. 24:253.