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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2013
SENATE BILL NO. 175
BY SENATORS HEITMEIER, BROOME AND WALSWORTH
ASSESSORS. Creates a fund to pay group insurance premiums for retired assessors and
employees in Orleans Parish. (8/1/13)
AN ACT1
To enact R.S. 47:1923.1, relative to the payment of group insurance premiums for retired2
assessors and assessor's employees; to create the Orleans Parish Assessor's Office3
Retired Employees' Insurance Fund; to provide for deposits in the fund; to provide4
for payments from the fund; and to provide for related matters.5
Notice of intention to introduce this Act has been published.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 47:1923.1 is hereby enacted to read as follows:8
ยง1923.1. Orleans Parish; retired assessors and assessor's employees; creation9
of fund10
A.(1) There is hereby created within the office of assessor of the parish11
of Orleans a special fund which shall be known as the Orleans Parish Assessor's12
Office Retired Employees Insurance Fund, hereinafter referred to as the13
"OPAREIF", to finance the payments of insurance premiums by the assessor14
of Orleans Parish for eligible retired assessors and retired employees of the15
office of the assessor of Orleans Parish as provided in R.S. 47:1923(D)(1).16
(2) Annually, the assessor of the parish of Orleans shall deposit money17 SB NO. 175
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
from the office of the assessor of the parish of Orleans general fund into the1
OPAREIF until the total amount of the money deposited in the OPAREIF2
equals the accrued liability of the benefits payable pursuant to R.S.3
47:1923(D)(1). The accrued liability and funded status shall be recalculated4
annually as of the close of the fiscal year. No deposit shall be required if the5
office of the assessor of the parish of Orleans has less than fifty thousand dollars6
available in its general fund after annual operations.7
(3) The assessor of the parish of Orleans shall invest the money in the8
OPAREIF in the Louisiana Asset Management Pool.9
(4) The earnings on the money invested pursuant to this Section shall be10
available for the assessor of the parish of Orleans to withdraw for the purpose11
of paying the insurance premiums provided in R.S. 47:1923(D)(1). No earnings12
shall be withdrawn if the balance in the OPAREIF is less than fifty percent of13
the accrued liability calculated pursuant to Paragraph (2) of this Subsection. In14
any year following an actuarial determination that the fund balance is less than15
fifty percent threshold, no earnings shall be withdrawn from the OPAREIF, and16
any balance owed for the payment of insurance premiums as required by R.S.17
47:1923(D)(1) shall be paid in full directly from the office of the assessor of the18
parish of Orleans.19
(5) The money deposited into the OPAREIF pursuant to this Section and20
the accumulated earnings up to the required total shall not be appropriated21
except for the investment and payment of premiums as provided for in this22
Section.23
B. Any financial audit conducted by the office of the assessor of the24
parish of Orleans shall address compliance with the provisions of this Section.25 SB NO. 175
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Christopher D. Adams.
DIGEST
Heitmeier (SB 175)
Heitmeier (SB 175)
Proposed law creates the Orleans Parish Assessor's Office Retired Employees Insurance
Fund (OPAREIF) to finance the payment of the insurance premiums by the office of the
assessor of Orleans Parish of eligible retired assessors and retired employees of the office
of the assessor of Orleans Parish as provided in present law.
Proposed law provides that on an annual basis the assessor of the parish of Orleans shall
deposit money from the office of the assessor of the parish of Orleans general fund into the
OPAREIF until the total amount of the money deposited in the OPAREIF equals the accrued
liability of the benefits payable pursuant to present law. Proposed law provides the accrued
liability and funded status shall be recalculated annually as of the close of the fiscal year.
Proposed law provides no deposit shall be required if the office of the assessor of the parish
of Orleans has less than $50,000 available in its general fund after annual operations.
Proposed law provides the Orleans Parish assessor shall invest the money in the OPAREIF
in the Louisiana Asset Management Pool.
Proposed law provides the earnings on the money invested pursuant to the proposed law
shall be available for the assessor of the parish of Orleans to withdraw for the purpose of
paying the insurance premiums provided in present law. Proposed law provides no earnings
shall be withdrawn if the balance in the OPAREIF is less than 50% of the accrued liability
calculated pursuant to proposed law. Proposed law provides in any year following an
actuarial determination that the fund balance is less than the 50% threshold, no earnings shall
be withdrawn from the OPAREIF, and any balance owed for the payment of insurance
premiums as required by present law shall be paid in full directly from the office of the
assessor of the parish of Orleans.
Proposed law provides any financial audit conducted by the office of the assessor of the
parish of Orleans shall address compliance with the provisions of proposed law.
Effective August 1, 2013.
(Adds R.S. 47:1923.1)