2023 Louisiana Laws › Revised Statutes › Title 11 - Consolidated Public Retirement › §11:901.8. Allocation of funds for supplement to teachers' retirement allowance; computation; eligibility

RS 11:901.8 - Allocation of funds for supplement to teachers' retirement allowance; computation; eligibility
There is hereby dedicated or allocated out of the state public school fund of the state of Louisiana the sum of four hundred sixty thousand dollars annually, or so much thereof as may be necessary, beginning on the first of the month immediately following July 1, 1957 to be paid by the state treasurer to the teachers' retirement system of Louisiana for the purpose of providing a supplementary allowance of any teacher who is or will be retired under the provisions of Parts III, IV, V, or VII of Title 17 of the Louisiana Revised Statutes of 1950 by the board of trustees of either the teachers' retirement system of Louisiana or teachers' retirement fund of Orleans parish provided the teacher is eligible under the eligibility requirements hereinafter set forth:
(1) Computation of benefit provided by this Sub-part if retirant retired, or will retire, under one of the optional plans.
The following paragraphs assume that the retirant retired, or will retire, under the regular, or the maximum plan. For a retirant who retired, or will retire, under one of the several optional plans (called options), the supplement, or benefit, provided by this Subpart shall be computed on the basis of the retirement allowance payable to him had he retired under the regular, or maximum plan.
(2) Eligibility.
(a) Retirement under the regular, or maximum plan.--No retirant (retired teacher) who is entitled to receive, apart from the provisions of this Sub-part (from other legislative acts), a benefit equal to or in excess of the amount of one hundred sixty dollars per month is eligible to receive any benefit provided by this Sub-part.
(b) Retirement under one of the optional plans called options.--If retirement is under one of the optional plans, or options, and the amount that the retirer would receive from the retirement act and other acts which provide a supplementary benefit (not including this Sub-part) under the regular, or maximum plan is equal to or in excess of the amount of one hundred sixty dollars then the retirer is not eligible to receive any benefit provided by this Sub-part.
(c) Repealed by Acts 1960, No. 302, §2.
(3) Method of determining the amount of the supplement.
(a) No retirant shall receive a total retirement allowance which is less than the amount of fifty dollars per month. Hence, the supplement provided by this Sub-part when added to the retirement allowance otherwise provided shall not be less than the amount necessary to provide a total allowance of at least fifty dollars per month.
(b) If the supplement provided by this Sub-part plus the benefit otherwise provided (provided by the retirement law or other legislation) exceeds the amount of one hundred sixty dollars per month, then the benefit provided by this Sub-part shall be reduced to an amount which when added to the benefit otherwise provided shall not exceed the amount of one hundred sixty dollars per month.
(c) If a retirant is receiving old age assistance from the department of public welfare the amount received from said department shall be deducted from the supplement, or amount, otherwise provided by this Sub-part.
(d) No retirant who is earning from any kind of employment (including self-employment) as much as twelve hundred dollars per annum is eligible while receiving such earnings to receive any benefit from this Sub-part.
(e) The supplementary retired pay provided by this Sub-part shall be computed in accordance with the following formula or schedule:
SCHEDULE
Amount of monthly allowance excluding allowance provided by this Sub-part
Amount of increase provided by this Sub-part is sum of a and b below:
a
b
Rate of increase
Allowance for each year of accredited service in excess of 15 years
75 and less
100% but not more than $30 provided no total benefit shall be less than $50 per month
Fifty cents per month
76 to 100
25%
One dollar per month
101 to 160
12 1/2%
(4) Monthly payments.
The supplement provided by this Sub-part shall be paid monthly in equal payments.
Added by Acts 1957, No. 27, §1. Amended by Acts 1960, No. 302, §1. Redesignated from R.S. 17:719.1 pursuant to R.S. 24:253.