RS 11:1863 Allocation of assets and liabilities - Louisiana Statutes

§1863.  Allocation of assets and liabilities

On the revision date, the assets and liabilities of the system shall be rededicated and credited to the seven funds in the following order of priority:

(1)  First, to the annuity savings funds A and B shall be credited the assets of the system in an amount equal to the total accumulated contributions of all active members, and vested terminated members, whose employers, or former employers, become covered under Plans A and B, respectively.  

(2)  Second, to the expense fund shall be credited the assets of the expense fund held prior to the revision date.  

(3)  Third, to the annuity reserve fund A shall be credited the assets of the system, exclusive of the assets of the expense fund, in an amount equal to the liabilities of all present beneficiaries of the supplementary plan whose employers become covered under Plan A.  

(4)  Fourth, to the pension accumulation fund A shall be credited any assets remaining in the supplementary fund.  

(5)  Fifth, to the annuity reserve funds A and B shall be credited the assets of the system, exclusive of the assets of the expense fund, in an amount equal to the liabilities of all beneficiaries of the regular plan whose employers become covered under Plans A and B, respectively.  

(6)  Sixth, to the pension accumulation funds A and B shall be credited the balance of the assets of the system in the same proportion as those assets allocated in (5) above.

Acts 1978, No. 788, §1; Redesignated from R.S. 33:7393 by Acts 1991, No. 74, §3, eff. June 25, 1991.