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ACT No. 240
Regular Session, 2012
HOUSE BILL NO. 78
BY REPRESENTATIVE POPE
AN ACT1
To amend and reenact R.S. 13:5554.2(C), (D), and (E), relative to the Livingston Parish2
Retired Employees' Insurance Fund; to provide relative to the administration of the3
Livingston Parish Retired Employees' Insurance Fund; to provide for the investment4
of fund monies; to authorize the use of fund monies for the LREIF Board; and to5
provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 13:5554.2(C), (D), and (E) are hereby amended and reenacted to read8
as follows: 9
ยง5554.2. Livingston Parish; payment of group insurance premiums; retired sheriffs10
and deputy sheriffs; creation of fund11
* * *12
C. Upon recommendation of the board established in Subsection G of this13
Section, the sheriff of Livingston Parish shall invest the monies in LREIF as follows:14
(1) Not more less than fifty twenty-five percent in equities.15
(2) At least fifty twenty-f ive percent in fixed income fixed-income16
investments, provided that not more than one-half of the investment in fixed income17
may be invested in corporate bonds that the average credit quality of the fixed-18
income portion is rated investment grade.19
(3) The amount of earnings received pursuant to Paragraphs (1) and (2) of20
this Subsection shall be accounted for separately from the amount of the monies21
deposited into LREIF pursuant to Subsection B of this Section.22
D. The earnings realized on the monies invested pursuant to Subsection C23
of this Section shall be available for the sheriff to withdraw for the sole purpose of24 ENROLLEDHB NO. 78
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paying the insurance premium costs provided in R.S. 13:5554(G) for retired sheriffs1
and retired deputy sheriffs of Livingston Parish or legal representation costs for the2
LREIF Board, provided that no such earnings shall be withdrawn until the amount3
of principal and accumulated earnings in LREIF is equal to the sum of six million4
dollars. In the event that the total amount of monies derived from deposits provided5
in Subsection B of this Section and investment earnings fall below the sum of six6
million dollars, no earnings shall be withdrawn, and any balance owed for the7
payment of insurance premium costs as required by R.S. 13:5554(G) or legal8
representation costs for the LREIF Board shall be paid in full from the sheriff's9
general fund.10
E. The monies deposited pursuant to Subsection B of this Section and the11
accumulated earnings up to a total of six million dollars shall not be appropriated and12
shall only be used be used only for making income-producing investments as13
provided in this Section.14
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Section 2. This Act shall become effective upon signature by the governor or, if not16
signed by the governor, upon expiration of the time for bills to become law without signature17
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If18
vetoed by the governor and subsequently approved by the legislature, this Act shall become19
effective on the day following such approval.20
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: