§ 11:1001 — Name and establishment of retirement system; domicile; nominee name; partnership

Louisiana § 11:1001

• Jurisdiction: Louisiana
• Title 11: Consolidated Public Retirement Systems

Text

§1001. Name and establishment of retirement system; domicile; nominee name; partnership
A. A retirement system is established and placed under the management of a board
of trustees for the purpose of providing retirement allowances and other benefits for school
bus operators, school janitors, school custodians, school maintenance employees, and other
school employees employed in the state public school system. The retirement system is
created as of July 31, 1946, but shall begin full operation as of July 1, 1947.
B. It shall be a state agency domiciled in East Baton Rouge Parish and shall have the
powers and privileges of a corporation and shall be known as the Louisiana School
Employees' Retirement System and by such name, or its nominee name which is hereby
established as "LSERS," 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. The secretary-treasurer of the system shall be the agent for service of legal process. C. The board of trustees may form a partnership for the purpose of trading in its
nominee name. The state treasurer, the secretary-treasurer of the system and the assistant
secretary-treasurer of the system shall be members of any such partnership. Other members
of the partnership may be appointed by the board of trustees from among its membership.
Each member of such partnership shall have the same fiduciary responsibility as do the
trustees of the system.

Legislative History

Acts 1983, No. 18, §1, eff. June 9, 1983; Redesignated from R.S. 17:881 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2024, No. 594, §3.