§ 11:3690 — Method of financing

§3690. Method of financing
A. Employee contributions. (1) The port commission shall make deductions from
any salary or wages paid by them to any member of this plan equal to nine percent of the
compensation paid him in each and every payroll.
(2) The deductions provided for herein 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 herein 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 under this Subpart. The
employer shall certify to the board of trustees on each and every payroll or in such other
manner as the board may prescribe, the amounts to be deducted; and each of such amounts
shall be deducted, and when deducted shall be paid into the Employees' Savings Account
established in R.S. 11:532.
B. Employer contributions. The port commission shall annually contribute an
amount equal to the rate calculated pursuant to R.S. 11:102. Contributions shall be made
monthly based on the same salary or wages used to calculate the members' contributions.
C, D. Repealed by Acts 2014, No. 648, §3, eff. July 1, 2015.
E. Collections of contributions.
The port commission shall cause to be deducted on each and every payroll of a
member the contributions payable by such member as provided in this Subpart.

Legislative History

Acts 1971, No. 80, §10, designated by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2008, No. 493, §1, eff. July 1, 2008; Acts 2011, No. 399, §1, eff. July 1, 2011; Acts 2014, No. 648, §§2, 3, eff. July 1, 2015.