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46,252 statutes · page 28 of 2313
United States — Louisiana legislation
20 statutes shown from 46,252 source-backed records
Retiree insurance contributions may be deducted from recurring benefit payments if the deduction applies to all participating retirees and survivors and is approved under the stated conditions.
The legislature may amend this retirement system, and certain board actions are treated as amendments. Members cannot be deprived of already earned benefits, and benefits must be preserved through mergers, consolidations, transfers, or termination-related distributions.
The board of trustees may manage the system’s investments and must annually allocate interest to most funds, except the expense fund and the annuity savings fund.
The secretary-treasurer must keep the funds, and payments from them may be made only on vouchers signed by two board-designated persons. The secretary-treasurer and assistant secretary-treasurer must also provide a surety bond.
The retirement system may keep cash on deposit in Louisiana banks or trust companies, but the deposit amounts are capped.
Funds and properties of the retirement system held in a state bank must be safeguarded by a fidelity and surety bond, and the board of trustees sets the bond amount.
Trustees and board employees may not have a direct interest in board investments, take pay or emoluments for their service, use the funds except for authorized necessary payments, or act as endorser, surety, or obligor for money loaned or borrowed from the board.
Retirement system assets must be credited to specified funds or to auditor/actuary-required accounts based on the purpose for which they are held.
The employer must deduct 7% of each member’s earnable compensation for the annuity savings fund, except for compensation designated by law as operating expense.
Employers must send a monthly checklist report by the 15th day after each month, and reporting agencies must repay overpayments caused by salary errors within 30 days after discovery.
Annual payments to the pension accumulation fund must meet a minimum contribution formula, and the State of Louisiana’s payment must be sufficient to cover current-year benefits.
The accrued liability contribution must stop once the pension accumulation fund reserve reaches the stated actuarial value.
If an employer eliminates positions by privatizing, outsourcing, contracting out, or similar means, the employer must remit the related unfunded accrued liability and pay it in equal monthly installments over ten years.
If an employer eliminates a position by privatizing, outsourcing, contracting out the service, or similar means, the employer must pay the related unfunded accrued liability. The amount is set by the system’s actuary, can be amortized over 10 years, and may be paid in a lump sum or monthly installments with interest. L
This section sets how Louisiana calculates annual normal and accrued liability contributions and requires the board of trustees to determine and certify the needed amounts by March 1 before each regular legislative session.
The pension reserve fund holds pension reserves and pays pensions and annuities from that fund.
This section tells what money goes into and out of the survivors' benefit fund.
The expense fund pays the retirement system’s administration expenses, but not retirement allowances or other benefits, and the board of trustees must determine the needed amount each year.
The board must pay each year’s unexpended expense-account balance on June 30 into the pension accumulation fund.
Employers must deduct and transmit member contributions and file monthly checklist reports; reporting agencies that cause overpayments must repay the system.
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