Louisiana § 11:2132 Annuity savings fund; contributions to fund; amount of employee contributions

Louisiana Statutes

§ 11:2132 — Annuity savings fund; contributions to fund; amount of employee contributions

Louisiana·Title 11 Consolidated Public Retirement Systems

§2132. Annuity savings fund; contributions to fund; amount of employee contributions The annuity savings fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the annuity savings fund shall be made as follows:

(1)Each employer shall cause to be deducted from the salary of each member on every payroll of such employer for every payroll period a percentage equal to the rate established pursuant to R.S. 11:62(13) of each member's earnable compensation. In determining the amount earnable by a member in a payroll period, the board of trustees may consider the rate of annual compensation payable to such member on the first day of the payroll period as continuing throughout such payroll

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§2132. Annuity savings fund; contributions to fund; amount of employee contributions
The annuity savings fund shall be a fund in which shall be accumulated contributions
from the compensation of members to provide for their annuities. Contributions to and
payments from the annuity savings fund shall be made as follows:
(1) Each employer shall cause to be deducted from the salary of each member on
every payroll of such employer for every payroll period a percentage equal to the rate
established pursuant to R.S. 11:62(13) of each member's earnable compensation. In
determining the amount earnable by a member in a payroll period, the board of trustees may
consider the rate of annual compensation payable to such member on the first day of the
payroll period as continuing throughout such payroll period, and it may omit deduction from
compensation for any period less than a full payroll period. To facilitate the making of
deductions, it may modify the deduction required of any member by such an amount as shall
not exceed one-tenth of one percent of the annual compensation upon the basis of which such
deduction is to be made.
(2) The deductions provided for in this Section shall be made notwithstanding that
the minimum compensation provided for by law for any member shall be reduced thereby.
Every member shall be deemed to consent and agree to the deductions made and provided
for in this Section and shall receipt for his full salary or compensation, and payment of salary
or compensation less said deductions shall be a full and complete discharge and acquittance
of all claims and demands whatsoever for the services rendered by such person during the
period covered by such payment, except as to the benefits provided by this Chapter. The
employer shall certify to the board of trustees on each and every payroll or in such other
manner as the board of trustees may prescribe, the amounts to be deducted; and each of said
amounts shall be deducted, and when deducted shall be paid into said annuity savings fund,
and shall be credited together with regular interest thereon to the individual account of the
member from whose compensation said deduction was made.

Louisiana § 11:2132 (Annuity savings fund; contributions to fund; amount of employee contributions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Acts 1954, No. 215, §8(1)(a) to (c). Amended by Acts 1956, No. 445, §1; Acts 1974, No. 388, §1; Acts 1989, No. 202, §§1, 2; Redesignated from R.S. 18:1832 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2013, No. 71, §1, eff. June 30, 2013; Acts 2013, No. 220, §3, eff. June 11, 2013.