§3682. Definitions
The following words and phrases, as used in this Subpart, unless expressly indicated
to the contrary or unless a different meaning is plainly required by context, shall have the
following meanings:
(1)"Accumulated contribution" means the sum of all the amounts deducted from the
compensation of a member and credited to his individual account in the Employee Savings
Account established in R.S. 11:532, together with regular interest thereon as provided in R.S.
11:3688.
(2)"Actuarial equivalent" means a benefit of equivalent value to the accumulated
contributions, annuity, or benefits, as the case may be, computed upon the basis of such
interest and mortality assumptions as are adopted by the board or provided in law.
(3)"Annuity reserve" means the present value of all pa
Free access — add to your briefcase to read the full text and ask questions with AI
§3682. Definitions
The following words and phrases, as used in this Subpart, unless expressly indicated
to the contrary or unless a different meaning is plainly required by context, shall have the
following meanings:
(1) "Accumulated contribution" means the sum of all the amounts deducted from the
compensation of a member and credited to his individual account in the Employee Savings
Account established in R.S. 11:532, together with regular interest thereon as provided in R.S.
11:3688.
(2) "Actuarial equivalent" means a benefit of equivalent value to the accumulated
contributions, annuity, or benefits, as the case may be, computed upon the basis of such
interest and mortality assumptions as are adopted by the board or provided in law.
(3) "Annuity reserve" means the present value of all payments to be made on account
of any annuity, or benefit in lieu of any annuity, computed upon the basis of such mortality
tables as shall be adopted by the Board of Trustees, and regular interest.
(4)(a) "Average compensation" for the limited purpose of applying Section 415(b)
of the Internal Revenue Code, means the average compensation earned by a member for the
period of three consecutive years during which the member was an active member of the plan
and had the greatest aggregate compensation from the employer.
(b) "Compensation" for purposes of this Paragraph, means the total compensation
reportable by the state of Louisiana, its agencies, or its political subdivisions as income to
the member for the reported year. However, for the limited purpose of this Paragraph,
"compensation" shall specifically exclude amounts not includable or reported in the
member's gross income for federal tax purposes pursuant to the provisions of Sections 125
and 414(h) of the Internal Revenue Code or any other provision of federal law, such as
deferred compensation contributions.
(5) "Average final compensation" means the average annual earned compensation
of an employee for any period of thirty-six successive or joined months of service as an
employee during which the said earned compensation was the highest. In case of interruption
of employment, the thirty-six-month period shall be computed by joining employment
periods immediately preceding and succeeding the interruption.
(6) "Beneficiary" means any person designated to receive a pension, an annuity, a
retirement allowance, or other benefit as provided by this Subpart.
(7) "Board of trustees" or "board" means the board provided for in R.S. 11:511.
(8) "Creditable service" means service for which credit is allowable as provided in
R.S. 11:3684.
(9) "Defined benefit plan" means a pension plan established and maintained by an
employer primarily to provide systematically for the payment of definitely determinable
benefits to employees over a period of years after retirement based upon factors such as years
of service and compensation received by employees.
(10) "Defined contribution plan" means a pension plan established and maintained
by an employer which provides benefits based upon amounts contributed to an employee's
individual account, plus any earnings allocated to the account, for distribution to the
employee or his beneficiary either at retirement, after a fixed number of years, or upon the
occurrence of some special event.
(11) "Direct rollover" means a payment by the system to the eligible retirement plan
specified by the distributee.
(12) "Distributee" means a member or former member. In addition, the member's
or former member's surviving spouse, or the member's or former member's spouse or former
spouse with whom a benefit or a return of employee contributions is to be divided pursuant
to R.S. 11:291(B), are distributees with reference to an interest of the member or former
member.
(13) "Earned compensation" means the full amount of compensation earned by an
employee for a given month, but shall not include overtime.
(14) "Eligible retirement plan" means an individual retirement account described in
Section 408(a), an individual retirement annuity described in Section 408(b), an annuity plan
described in Section 403(a), or a qualified trust described in Section 401(a), all of the Internal
Revenue Code, that accepts the member's eligible rollover distribution. However, in the case
of an eligible rollover distribution to the surviving spouse, an eligible retirement plan is an
individual retirement account or individual retirement annuity.
(15) "Eligible rollover distribution" means any distribution of all or any portion of
the balance to the credit of a member, except that an eligible rollover distribution does not
include any distribution that is one of a series of substantially equal periodic payments not
less frequently than annually, made for the life or life expectancy of the member or the joint
lives or joint life expectancies of the member and the member's designated beneficiary, or
for a specified period of ten years or more, or any distribution to the extent such distribution
is required under Section 401(a)(9) of the Internal Revenue Code, or the portion of any
distribution that is not includable in gross income.
(16) "Employee" means any commissioned member or employee of the Harbor
Police Department of the Port of New Orleans prior to July 1, 2004, or any commissioned
member of the Harbor Police Department of the Port of New Orleans on or after July 1, 2004
and hired on or before June 30, 2014.
(17) "Employer" means the Board of Commissioners of the Port of New Orleans.
(18) "Medical board" means the board of physicians provided for in R.S. 11:403.
(19) "Member" includes any employees, as defined in Paragraph (16) of this Section,
included in the membership of this plan as provided in R.S. 11:3683.
(20) "Membership service" means service as an employee while a member of the
Harbor Police Retirement System or this plan.
(20.1) "Plan" means the Harbor Police Retirement Plan established in this Subpart
and administered as a plan within the Louisiana State Employees' Retirement System
pursuant to R.S. 11:631.
(21) "Port commission" means the Board of Commissioners of the Port of New
Orleans.
(22) "Prior service" means service rendered prior to August 1, 1971 for which credit
is allowable as provided in R.S. 11:3684.
(23) "Qualified participant" means a member of the system who first became a
member before January 1, 1990.
(24) "Retirement" means withdrawal from active service with a retirement allowance
granted under the provisions of this Subpart.
(25) "Retirement allowance" means any benefit paid to a member under R.S.
11:3685(A) or any optional benefit payable in lieu thereof
(26) "Retirement system" or "system" means the Louisiana State Employees'
Retirement System.
(27) "Section 401(a)(17) employee" means an employee whose current accrued
benefit as of a date on or after the first day of the first plan year beginning on or after January
1, 1996, is based on compensation for a year beginning prior to the first day of the first plan
year beginning on or after January 1, 1996, that exceeded one hundred fifty thousand dollars.
(28) "Service" means service rendered as an employee as described in Paragraph (16)
of this Section.
(29) Repealed by Acts 2014, No. 648, §3, eff. July 1, 2015.
(30) "Spouse" means that person who is legally married to the member on the
member's effective date of retirement or effective date of participation in the Deferred
Retirement Option Plan, whichever is earlier.
(31) "Survivor's benefit" means any benefit paid to a survivor of a member under this
Subpart.