Creates a fund to pay group insurance premiums for retired sheriffs and deputies in Plaquemines Parish. (8/15/10) (EN SEE FISC NOTE LF EX)
One of the primary impacts of SB276 is its attempt to offer financial security to retired law enforcement personnel, who may be particularly vulnerable after their years of service. The establishment of the PREIF is projected to enhance the quality of life for these retirees by alleviating the burden of insurance premiums. Additionally, this fund systematizes how revenues are collected and utilized, ensuring a sustainable resource dedicated to this support. The bill, thus, has implications for budgetary allocations within the Plaquemines Parish Sheriff's Office and redefines how local tax revenues can be directed towards specific community needs.
Senate Bill 276 establishes the Plaquemines Parish Retired Employees' Insurance Fund (PREIF) specifically to provide for the payment of health insurance premiums for eligible retired sheriffs and deputy sheriffs in Plaquemines Parish, Louisiana. The fund aims to secure the financial well-being of retirees by allocating a portion of property tax revenue and video poker proceeds, up to a total of five million dollars, to cover insurance costs. This move is seen as a recognition of the service that these individuals have provided to the community in their law enforcement roles.
The overall sentiment surrounding SB276 has been positive among lawmakers and constituents who understand the importance of supporting public safety personnel as they transition into retirement. Supporters argue that the bill is a vital step toward valuing the contributions of sheriffs and deputies to the community, while also preventing financial hardships in their retirement years. However, there may be concerns voiced regarding the long-term sustainability of the funding sources designated for the PREIF, particularly in the context of fluctuations in revenues from property taxes and gambling proceeds.
Notable points of contention relate to the trust in the management and investment strategies of the PREIF funds. The bill establishes parameters for investments, limiting certain high-risk options and requiring oversight from an advisory board comprising active deputy sheriffs. This layer of governance is meant to ensure accountability, but discussions may arise about the adequacy of oversight and the balance between risk and return on investments, as any shortfall in the fund could directly impact retirees' insurance coverage.