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46,372 statutes · page 39 of 2319
United States — Louisiana legislation
20 statutes shown from 46,372 source-backed records
Boards of the listed public retirement systems may adopt a plan that treats employee retirement contributions as excluded from gross income for federal tax purposes, but the employer must fund the employee share through salary reduction or offset and employee participation is mandatory.
The board of trustees must have eleven members, and any vacancy must be filled by election within 60 days.
The board of trustees has powers and duties to administer the system, including investments, records, benefits, meetings, and staffing.
Each trustee must take an oath of office by the first board meeting after election or appointment.
Each trustee gets one vote; board decisions need a majority of concurring votes and are effective only if presented and approved at a regular or duly called special meeting.
The board is the custodian and trustee of the fund, and system monies must be held in trust or invested for the exclusive benefit of members and beneficiaries.
Trustees and board employees may not have a direct interest in the gains or profits of board investments, and they may not receive pay or emoluments for their service other than expense reimbursement.
The secretary must keep board and fund records, and clerks of court and employees must provide fund information when required.
The secretary of the board may pay money from the fund only on warrants signed by the president and countersigned by the secretary.
The board of trustees may grant a cost-of-living adjustment to retired members if specified funding and CPI-U conditions are met.
Most retirement-system members, retirees, beneficiaries, and survivors may not receive benefits as a lump sum; benefits are paid monthly for life or the shorter legally allowed period, with stated exceptions.
Employee contributions for certain insurance coverage must be deducted from recurring retirement benefit payments, and the retirement system must send the deductions to the State Employees Group Benefits Program board.
Certain parish tax collectors must deduct a stated percentage of collectible taxes and remit it to the Clerks' of Court Retirement and Relief Fund.
Certain courts and related funds must deduct and remit employee contributions, and also pay employer contributions, to the fund.
If the fund lacks enough money to pay full benefits, each retiree and beneficiary must receive equal percentages of the full amount until the fund is replenished.
§157. Firefighters' Retirement System; Municipal Police Employees' Retirement System; optional membership; refund of employee contributions; irrevocable election; reenrollment; membership verification information A.(1)
This section creates a separate, unfunded, nonqualified excess benefit plan.
This section defines how certain pension terms are to be read for the plan covered by this part.
Certain pension plan participants are entitled to a monthly excess benefit, calculated as the lesser of two specified amounts.
Employer contributions must be redirected and used for monthly retirement benefits under the excess benefit plan, and plan funds may not be mixed or transferred from the pension plan.
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