RS 11:3008 Refund of contributions - Louisiana Statutes

§3008.  Refund of contributions

Upon withdrawal from service, any member who shall not be entitled to a retirement allowance under the provisions hereof shall be paid on demand a refund of the amount of his accumulated contributions to his credit in the Annuity Savings Account.  The payment of the said refund shall discharge all obligations of the retirement system to the said member on account of any creditable service rendered by the member prior to the receipt of the refund.  By the acceptance of the refund the member shall waive and relinquish all accrued rights in the system.  If any person who shall receive a refund shall re-enter the service of the employer and again become a member of the system and remain a contributor for five years, he may repay all amounts previously received by him as refund, together with regular interest covering the period from the date of refund to the date of repayment.  Upon such repayment, the member shall again receive credit for the entire period of creditable service which he forfeited upon the receipt of the refund.  

Designated from Acts 1948, No. 459, §8 by Acts 1991, No. 74, §3, eff. June 25, 1991.