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Retirement Manual - Normal Retirement Benefits

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Webster Parish Clerk of Court

Hon Holli Vining

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Clerks' Association

 

Board of Trustees Membership Information Active Members Information Regular/DROP Benefits Retirement Manual Retirement Forms

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Click on title to view Revised Statutes:


Eligibility for Regular Retirement Benefits – (See R. S. 11:1521)

A member or former member hired on or before December 31, 2010, will be eligible for regular retirement benefits if he has twelve or more years of eligible service, is at least age fifty-five, and has terminated his employment

A member or former member hired on or after January 1, 2011, will be eligible for regular retirement benefits if he has twelve or more years of eligible service, is at least age sixty, and has terminated his employment.

A person who is eligible for retirement, must submit an application to the board.   The application must provide proof of service, age, date of termination of employment, and any other information required by the board.  The person’s employer must certify the accuracy of all information contained in the application and forward the application to the fund.

Computation of Regular Retirement Benefits – (See R. S. 11:1521)

Applicants hired on or before December 31, 2010 who are eligible for regular retirement benefits will be paid a monthly benefit using the following accrual rates multiplied by their monthly average final compensation (see definition):

  1. Three percent of his monthly average final compensation (see definition), multiplied by the number of years of service credit accrued on and before June 30, 1999.
  2. Three and one-third percent of his monthly average final compensation (see definition), multiplied by the number of years of service credit accrued on and after July 1, 1999.

Applicants hired on or after January 1, 2011 who are eligible for regular retirement benefits will be paid a monthly benefit equal to three percent of their monthly average final compensation (see definition) multiplied by the number of years of service credit accrued.

Note: The monthly retirement benefit as calculated above cannot exceed one hundred percent of the member’s monthly average final compensation.

Normal retirement benefits are paid for the life of the retiree and, if an optional mode of benefit payment is selected (see the section titled “Optional Benefit Payments”), a benefit reduced from the maximum will be paid to the retiree for life.  In addition, monthly benefits, payable upon the death of the retiree, as determined by the option selected at the time of retirement, will be paid to the option beneficiary according to the description of the option selected.

Applications for normal retirement should be submitted to the system at least six weeks prior to the planned retirement/DROP date.  Proof of age must accompany the retirement application.  If other than maximum retirement benefit is chosen, proof of age of the beneficiary must also accompany the retirement application.

Normal Retirement Benefit Computation Examples:

The following are examples of a member’s maximum monthly retirement benefit computation under the statutes:

Member hired before July 1, 2006 and retiring before January 1, 2011:
A member age fifty-five with service credit for the period of July 1, 1990 through June 30, 2010 is eligible for normal retirement benefits under the 12 years at age 55 rule.  Such member would have 9 years of service credit through June 30, 1999 at a three percent accrual rate and 11 years of service credit after June 30, 1999 at a three and one-third percent accrual rate.  With a thirty-six month average final compensation of $4,000 per month the maximum monthly benefit would be calculated as:

((9 years ´ 3%) + (11 years × 3 1/3%)) × $4,000 per month = $2,546.67 per month

Member hired before July 1, 2006 and retiring in the period between January 1, 2011 and December 31, 2012:
A member age fifty-five with service credit for the period of July 1, 1990 through June 30, 2011 is eligible for normal retirement benefits under the 12 years at age 55 rule.  Such member would have 9 years of service credit through June 30, 1999 at a three percent accrual rate and 12 years of service credit after June 30, 1999 at a three and one-third percent accrual rate.  Since such a member has completed six months since January 1, 2011, his benefits will be calculated using the greater of a forty-two month average final compensation and the thirty-six month average final compensation for salaries earned through December 31, 2010. With a forty-two month average final compensation of $4,000 per month (assuming a thirty-six month average final compensation based on their salaries through December 31, 2010 of less than $4,000), the maximum monthly benefit would be calculated as:

((9 years ´ 3%) + (12 years × 3 1/3%)) × $4,000 per month = $2,680.00 per month

Member hired before July 1, 2006 and retiring after December 31, 2012:
A member age fifty-five with service credit for the period of July 1, 1990 through June 30, 2013 is eligible for normal retirement benefits under the 12 years at age 55 rule.  Such member would have 9 years of service credit through June 30, 1999 at a three percent accrual rate and 14 years of service credit after June 30, 1999 at a three and one-third percent accrual rate.  Members hired before July 1, 2006 who retire after December 31, 2012 will receive benefits based on the greater of their sixty-month average final compensation and the highest thirty-six month average compensation using salaries through December 31, 2010.  With a sixty-month average final compensation of $4,000 per month (assuming a thirty-six month average final compensation based on their salaries through December 31, 2010 of less than $4,000), the maximum monthly benefit would be calculated as:

((9 years ´ 3%) + (14 years × 3 1/3%)) × $4,000 per month = $2,946.66 per month

Member hired between July 1, 2006 and December 31, 2010:
A member age fifty-five with service credit for the period of July 1, 2007 through June 30, 2019 is eligible for normal retirement benefits under the 12 years at age 55 rule.  Such member would have 12 years of service credit at a three and one-third percent accrual rate.  Members hired between July 1, 2006 and December 31, 2010 have benefits calculated using a sixty-month average final compensation.  With a sixty-month average final compensation of $4,000 per month, the maximum monthly benefit would be calculated as:

(12 years × 3 1/3%) × $4,000 per month = $1,600.00 per month

Member hired on or after January 1, 2011:
A member age sixty with service credit beginning January 1, 2011 and ending December 31, 2022, will be eligible for normal retirement benefits under the 12 years at age 60 rule.  Members hired on or after January 1, 2011 will earn three percent accrual per year of service and are not eligible to retire until reaching twelve years of service and at least age sixty.  With 12 years of service credit and an average final compensation of $4,000 per month, the maximum monthly benefit would be calculated as:

12 years ´ 3% × $4,000 per month = $1,440.00 per month

These are simple examples that do not include reciprocal service credit, service credit transferred into the retirement system at a different accrual rate, breaks in service, or other complications.  For an actual estimate of benefits, please contact the retirement system office.

Additional Monthly Benefit; Computation – (See R. S. 11:1521.1)

Any member who contributed on income received from per-page transcription fees will be paid a monthly regular retirement benefit in addition to the regular retirement benefits provided above.  The additional benefit will be based on the monthly average of the six highest consecutive or joined calendar years during which a member received such income and was a member of the fund for the full calendar year.  This average salary is multiplied by the number of calendar years that the member received such income (provided that the credit for each year does not exceed the regular retirement credit earned for that calendar year), and further multiplied by the regular retirement accrual rate applicable to the time that the income was earned.  If a member has credit for earning such income for less than six years, the monthly average of the actual number of calendar years during which the member received such income will be used to determine this additional benefit. Any court reporter employed by either Orleans Parish or East Baton Rouge Parish who received per-page transcription income on or before July 1, 2001, will receive credit for those years in which employee and employer contributions previously have been paid to, and are on deposit with, the fund.

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