HLS 19RS-456 ORIGINAL
2019 Regular Session
HOUSE BILL NO. 98
BY REPRESENTATIVE DUBUISSON
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
SHERIFFS: Creates the St. Tammany Parish Retired Employees' Insurance Fund
1 AN ACT
2To enact R.S. 13:5554.5, relative to the St. Tammany Parish Sheriff's Office; to provide
3 relative to the payment of certain group insurance premiums for retirees of the St.
4 Tammany Parish Sheriff's Office; to create the St. Tammany Parish Retired
5 Employees' Insurance Fund; to provide for sheriff contributions and withdrawals
6 from the fund; to provide for limitations on investments; to provide for membership
7 and election of the advisory board; to provide relative to the necessity for the
8 advisory board and certain positions; and to provide for related matters.
9Be it enacted by the Legislature of Louisiana:
10 Section 1. R.S. 13:5554.5 is hereby enacted to read as follows:
11 ยง5554.5. St. Tammany Parish; payment of group insurance premiums; retired
12 sheriffs and deputy sheriffs; creation of fund
13 A. There is hereby created the St. Tammany Parish Retired Employees'
14 Insurance Fund, hereinafter referred to as the "STREIF", to fund the payment by the
15 sheriff's office of St. Tammany Parish of the insurance premium costs for eligible
16 retired sheriffs and retired deputy sheriffs.
17 B. The sheriff of St. Tammany Parish may contribute to the STREIF at his
18 discretion.
Page 1 of 4
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 19RS-456 ORIGINAL
HB NO. 98
1 C. Upon recommendation of the board established in Subsection F of this
2 Section, the sheriff of St. Tammany Parish shall invest the monies in the STREIF as
3 follows:
4 (1) Not less than twenty-five percent in equities.
5 (2) At least twenty-five percent in fixed income investments, provided that
6 a minimum of twenty-five percent of the fixed income portion is rated as investment
7 grade by a nationally recognized rating agency.
8 D. The monies deposited pursuant to Subsection B of this Section and the
9 monies invested pursuant to Subsection C of this Section and the accumulated
10 earnings shall be available for the sheriff to withdraw for the purpose of paying the
11 insurance costs, claims, or premiums for retired sheriffs and retired deputy sheriffs
12 of St. Tammany Parish and all costs associated with administering the STREIF.
13 E. Any financial audit conducted of the sheriff's office of St. Tammany
14 Parish shall specifically address compliance with the provisions of this Section.
15 F. To provide recommendations concerning the investment of funds as
16 provided in Subsection C of this Section, the sheriff shall establish an investment
17 advisory board consisting of five members as follows:
18 (1) The controller of the sheriff's department.
19 (2) Four active deputy sheriffs, retired sheriffs, or retired deputy sheriffs of
20 the department elected by the other active deputy sheriffs of the department. If more
21 than four people qualify for the election, the four candidates receiving the highest
22 number of votes cast shall be elected to the board.
23 (3) The sheriff shall use and provide all means necessary and proper to
24 conduct the initial and subsequent elections. All expenses, including the printing of
25 the ballots for the initial and subsequent elections, shall be borne by the sheriff and
26 paid out of the sheriff's general fund.
27 (4) The controller shall serve as the chairperson for the board. The first
28 meeting shall be held within thirty days after the election of board members. The
29 board shall adopt rules governing the future elections of members of the board. The
Page 2 of 4
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 19RS-456 ORIGINAL
HB NO. 98
1 election of board members shall be called and supervised by the board with the
2 assistance of the sheriff.
3 (5) If a vacancy occurs on the board, within sixty days of the date the
4 vacancy occurs, the board shall appoint a member to fill the vacancy for the
5 unexpired term who is qualified to serve on the board as provided in Paragraph (2)
6 of this Subsection. If at any time, a board member becomes ineligible pursuant to
7 Paragraph (1) of this Subsection, Paragraph (2) of this Subsection, or both, the board
8 shall appoint a qualified replacement.
9 (6) The members of the board shall retain a financial advisor and legal
10 counsel to provide recommendations and legal consultation concerning the
11 investment of the funds. The board shall adopt rules governing their selection and
12 compensation. The board may retain the sheriff's office in-house legal counsel.
13 (7) Members of the board shall serve terms concurrent with that of the
14 sheriff.
15 (8) If the monies deposited pursuant to Subsection B of this Section and the
16 monies invested pursuant to Subsection C of this Section fall below ten thousand
17 dollars, the requirement for an investment advisory board, as provided in Subsection
18 F of this Section, and a financial advisor and legal counsel, as provided in Paragraph
19 (6) of this Subsection, shall be extinguished.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 98 Original 2019 Regular Session DuBuisson
Abstract: Creates the St. Tammany Parish Retired Employees' Insurance Fund; provides
for the depositing of certain monies into the fund, including limitation on
investments and withdrawal of funds; and provides for the composition and election
of members of the investment advisory board.
Proposed law creates the St. Tammany Parish Retired Employees' Insurance Fund (STREIF),
to fund the payment by the sheriff's office of St. Tammany Parish of the insurance premium
costs for eligible retired sheriffs and retired deputy sheriffs.
Proposed law provides that the sheriff of St. Tammany Parish shall invest the monies in
STREIF as follows:
Page 3 of 4
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 19RS-456 ORIGINAL
HB NO. 98
(1)Not less than 25% in equities.
(2)At least 25% in fixed income investments, provided that a minimum of 25% of the
fixed income portion is rated as investment grade by a nationally recognized rating
agency.
Proposed law requires the sheriff to establish an investment advisory board consisting of five
members as follows:
(1)The controller of the sheriff's department.
(2)Four active deputy sheriffs, retired sheriffs, or retired deputy sheriffs elected by other
active deputy sheriffs of the department.
Proposed law provides for election of members, filling of vacancies, election of a
chairperson, terms of office, and the adoption of rules by the board.
(Adds R.S. 13:5554.5)
Page 4 of 4
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.