Bill > HB29

This bill establishes the Ascension Parish Clerk of Court Retired Employees Insurance Fund (APCOCREIF) to cover insurance premium costs for retired clerks and deputy clerks of Ascension Parish. The clerk of Ascension Parish has the discretion to contribute to this fund, and the fund's monies are to be invested with at least twenty-five percent in equities and at least twenty-five percent in fixed income investments, with a minimum of seventy-five percent of the fixed income portion rated as investment grade. Earnings from these investments can be withdrawn to pay for insurance premiums or legal representation costs for the APCOCREIF Board, but only after the fund reaches five million dollars. If the fund falls below four million dollars, no earnings can be withdrawn, and any outstanding insurance or legal costs will be paid from the clerk's general fund. The bill also mandates specific financial audits of the clerk's office to ensure compliance and creates an investment advisory board, appointed by the clerk, consisting of the clerk or their designee, one retired clerk or deputy clerk, and one active deputy clerk, to make recommendations on fund investments.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=HB29&sbi=y