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 St. Charles Parish, as outlined in existing law (R.S. 13:5554(O)). The sheriff of St. Charles Parish has the discretion to contribute to this fund. 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 specific rating requirements for the fixed income portion. Earnings from these investments can be withdrawn by the sheriff to pay for the retirees' insurance premiums or for legal representation costs for the SCREIF Board, but only after the fund reaches a principal and earnings total of four million dollars. If the fund falls below this amount, any shortfall in insurance premiums or legal costs will be paid from the sheriff's general fund, and no earnings can be withdrawn. Financial audits of the sheriff's office will specifically review compliance with these provisions. To guide investment decisions, the sheriff will create a three-member SCREIF Board, consisting of the sheriff or their designee, a retired sheriff or deputy sheriff, and an active deputy sheriff, all appointed by the sheriff. This board will elect a chairperson and provide recommendations on fund investments.

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