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Glossary |
L
Local Agency Employer
The board of county commissioners or other legislative governing body of a
county, including that of a consolidated or metropolitan government; a clerk of the circuit court, sheriff,
property appraiser, tax collector, or supervisor of elections, provided such officer is elected or has been
appointed to fill a vacancy in an elective office; a community college board of trustees or district school board; or the governing body of any city or special district of the state which participates in the system for
the benefit of certain of its employees.
Long-Term Fees
The value in "Today's Dollars" of the total fees that would be charged by an investment fund over 30 years, assuming a $10,000 initial investment.
Lump Sum Annual Leave Payment
The amount of payment (equal to up to 500 hours of pay) able to be applied toward an employee's Pension Plan benefit calculation. In the Investment Plan, the retirement contributions paid on these payments are deposited in the Investment Plan account.
Lump Sum Distribution
One of your options for receiving benefit distribution under the Investment Plan. Once vested, you may cash out your account, but you may incur tax penalties in doing so.
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