§ 11:615 — Retirement benefit calculation

Louisiana § 11:615

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

Text

A. Except as provided in Subsection B of this Section, a member shall receive a retirement benefit equal to three and one-third percent of average compensation for every year of creditable service in the Hazardous Duty Services Plan, not to exceed one hundred percent of the member's average compensation.
B. If the member's last ten years of creditable service were not accrued exclusively in one of the hazardous duty positions defined in R.S. 11:612(2) or (2.1), he shall receive a retirement benefit equal to two and one-half percent of his average compensation for the actual number of years of creditable service earned in a hazardous duty position.
C. Retirement benefits for members who had service in nonhazardous duty or service under existing plans prior to entering the Hazardous Duty Services Plan shall upon retirement eligibility receive a retirement benefit for that prior service based on the applicable accrual rate when earned.

Legislative History

Acts 2010, No. 992, §1, eff. Jan. 1, 2011; Acts 2014, No. 648, §1, eff. June 30, 2014.