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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 ENROLLED
SENATE BILL NO. 175
BY SENATOR HEITMEIER
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
from the office of the assessor of the parish of Orleans general fund into the18
OPAREIF until the total amount of the money deposited in the OPAREIF19
equals the accrued liability of the benefits payable pursuant to R.S.20
47:1923(D)(1). The accrued liability and funded status shall be recalculated21
annually as of the close of the fiscal year. No deposit shall be required if the22
office of the assessor of the parish of Orleans has less than fifty thousand dollars23
available in its general fund after annual operations.24 SB NO. 175 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(3) The assessor of the parish of Orleans shall invest the money in the1
OPAREIF in the Louisiana Asset Management Pool.2
(4) The earnings on the money invested pursuant to this Section shall be3
available for the assessor of the parish of Orleans to withdraw for the purpose4
of paying the insurance premiums provided in R.S. 47:1923(D)(1). No earnings5
shall be withdrawn if the balance in the OPAREIF is less than seventy percent6
of the accrued liability calculated pursuant to Paragraph (2) of this Subsection.7
In any year following an actuarial determination that the fund balance is less8
than seventy percent threshold, no earnings shall be withdrawn from the9
OPAREIF, and any balance owed for the payment of insurance premiums as10
required by R.S. 47:1923(D)(1) shall be paid in full directly from the office of11
the assessor of the parish of Orleans.12
(5) The money deposited into the OPAREIF pursuant to this Section and13
the accumulated earnings up to the required total shall not be appropriated14
except for the investment and payment of premiums as provided for in this15
Section.16
B. The legislative auditor shall audit the fund annually and the expense17
of such audit shall be paid by the assessor of the parish of Orleans.18
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: