Bill > SB85

This bill establishes the St. Charles Parish Sheriff Retired Employees Insurance Fund (SCREIF) to help cover the costs of group insurance premiums for retired sheriffs and deputy sheriffs of the St. Charles Parish Sheriff's Office, as outlined in R.S. 13:5554(O). The sheriff of St. Charles Parish can contribute to this fund at their discretion. The bill mandates that at least twenty-five percent of the fund's money be invested in equities and twenty-five percent in fixed income investments, with a requirement that at least seventy-five percent of the fixed income portion be rated as investment grade by a nationally recognized rating agency, based on recommendations from an investment advisory board. This board will consist of the sheriff or their designee, one retired sheriff or deputy sheriff, and one active deputy sheriff, all appointed by the sheriff. Earnings from these investments can be withdrawn by the sheriff to pay for the aforementioned insurance premiums or legal representation costs for the SCREIF Board, but only after the fund's principal and accumulated earnings reach four million dollars. If the fund falls below this amount, any remaining insurance premium costs or legal representation expenses will be paid from the sheriff's general fund, and no earnings can be withdrawn. Furthermore, any financial audit of the sheriff's office must specifically review compliance with these provisions.

Justice

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=SB85&sbi=y