2006 Louisiana Laws - RS 11:702 — Name and establishment of retirement system

§702.  Name and establishment of retirement system

A.  A retirement system is established with all the powers and privileges pertaining to corporations, under the management of the board of trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers of the state of Louisiana.  The retirement system so created shall be established as of the first day of August nineteen hundred and thirty-six.  

B.  This system shall be known as the "Teachers' Retirement System of Louisiana", and by such name or its nominee name, which is hereby established as "TRSLA", all of its business shall be transacted, all of its funds invested and all of its cash and securities and other property held, except as provided in Subsection C hereof.  

C.  The board of trustees may form a corporation or partnership for the purpose of trading in its nominee name.  The state treasurer, the secretary-treasurer, and the assistant secretary-treasurer of the system shall be members of any such corporation or partnership.  Other members of the corporation or partnership may be appointed by the board of trustees from among its membership.  Each member of such corporation or partnership shall have the same fiduciary responsibility as do the trustees of the system.

Amended by Acts 1977, No. 743, §1; Acts 1983, No. 19, §1, eff. June 9, 1983; Redesignated from R.S. 17:572 by Acts 1991, No. 74, §3, eff. June 25, 1991.