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withdrawn if the balance in the OPAREIF is less than 50% of the accrued liability calculated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withdrawn from the OPAREIF, and any balance owed for the payment of insurance premiums as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)