Louisiana House Bill HB47

Louisiana 2014 Regular Session

• Introduced: 3/10/14
• Refer: 3/10/14
• Report Pass: 4/14/14

Caption

Provides relative to the Bossier Parish Retired Employees Insurance Fund (OR SEE FISC NOTE LF EX)

Impact

The bill's changes potentially affect future retirees of the Bossier Parish Sheriff's Office, creating different insurance premium obligations based on service length and age. By limiting who qualifies for full and partial coverage, it aims to address financial sustainability issues within the insurance fund. The transition from a no age requirement to specific age thresholds for premium coverage could influence retirement planning for current law enforcement employees and could spark discussions on the adequacy of benefits provided to public servants after their careers.

Summary

House Bill 47 aims to amend the eligibility requirements for the payment of insurance premiums from the Bossier Parish Retired Employees Insurance Fund. The proposed changes include adjusting the age requirements for full and partial payment of premiums and establishing a board of trustees responsible for oversight of the fund's investments. Under the current law, 100% of premium costs are covered for retirees with 30 years of service, while those with 20 years receive 50% coverage. The new bill changes the age requirement to at least 55 for full coverage and introduces a minimum age of 60 for partial coverage, impacting a specific cohort of retired sheriffs and employees who joined after a designated date.

Sentiment

The sentiment regarding HB 47 appears to be pragmatic, focusing on the necessity of sustainable benefits for retired sheriffs. Proponents likely argue that revisions to the age requirements ensure the viability of the insurance fund and maintain financial balance. However, there may be concerns from retirees and their advocates about the potential decrease in benefits, which could create a perception of inequity among those who have dedicated significant years to public service. Overall, reactions may vary significantly based on individual perspectives on public sector retirement benefits.

Contention

Notable contention revolves around the implications of increasing age requirements for receiving premium coverage. Critics may contend that this change disproportionately affects older retirees who might rely on such benefits post-retirement, arguing it could serve as a cost-cutting measure at the expense of those dependent on their entitlements. Additionally, the shift in establishing a board of trustees in place of an advisory board raises questions about governance and decision-making regarding fund management, which could influence future expenditure and investment strategies for the insurance fund.