2009 Louisiana Laws TITLE 11 Consolidated public retirement :: RS 11:2072 Annual amount of retirement allowance

§2072.  Annual amount of retirement allowance

A.  The annual amount of the retirement allowance for persons who retired from this system on or before June 30,1999, shall consist of:

(1)  A member's annuity which shall be the actuarial equivalent of the accumulated contributions of the member at the time of retirement, computed according to the actuarial table in use by the system.

(2)  An employer's annuity which, together with the member's annuity provided above, shall be equal to three percent of the average final compensation for each year of membership service.

(3)  A prior service employer's annuity equal to three percent of the average final compensation for each year of prior service for which the member is allowed credit.

B.  The annual amount of the retirement allowance for any person who is an active contributing member of this system on and after July 1, 1999, and for any person who first becomes a member of this system on and after July 1, 1999, shall consist of:

(1)  A member's annuity which shall be the actuarial equivalent of the accumulated contributions of the member at the time of retirement, computed according to the actuarial table in use by the system.

(2)  An employer's annuity which, together with the member's annuity provided above, shall be equal to three and one-third percent of the average final compensation for each year of membership service.

(3)  A prior service employer's annuity equal to three and one-third percent of the average final compensation for each year of prior service for which the member is allowed credit.

(4)  For any former active contributing member who returns to service as an active contributing member on and after July 1, 1999, the provisions of this Subsection shall only apply to the service credit earned after the date such member returns to service.

C.  The sum of the benefits provided in Subsection A or B of this Section, whichever is applicable, shall not exceed one hundred percent of average final compensation.

Acts 1989, No. 202, §1; Redesignated from R.S. 18:1732 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1999, No. 1273, §1, eff. July 1, 1999.