Heitmeier (SB 175) Act No. 293
New 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 prior law.
New 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 prior law. New law provides the accrued liability
and funded status shall be recalculated annually as of the close of the fiscal year. New 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.
New law provides the Orleans Parish assessor shall invest the money in the OPAREIF in the
Louisiana Asset Management Pool.
New law provides the earnings on the money invested pursuant to the new law shall be
available for the assessor of the parish of Orleans to withdraw for the purpose of paying the
insurance premiums provided in prior law. New law provides no earnings shall be
withdrawn if the balance in the OPAREIF is less than 70% of the accrued liability calculated
pursuant to new law. New law provides in any year following an actuarial determination that
the fund balance is less than the 70% threshold, no earnings shall be withdrawn from the
OPAREIF, and any balance owed for the payment of insurance premiums as required by
prior law shall be paid in full directly from the office of the assessor of the parish of Orleans.
New law provides the legislative auditor shall audit the fund annually and the expense of
such audit shall be paid by the assessor.
Effective August 1, 2013.
(Adds R.S. 47:1923.1)