RÉSUMÉ DIGEST
ACT 136 (HB 18) 2021 Regular Session Riser
Existing law (R.S. 13:5554(S)) applicable to the sheriff's office of Franklin Parish provides
that premium costs of group hospital, surgical, medical expense, and dental insurance shall
be paid from the sheriff's general fund for any sheriff or deputy sheriff who has retired from
the Franklin Parish Sheriff's Office and has either:
(1)At least 24 years of service and has reached the age of 55.
(2)At least 30 years of service at any age.
New law retains existing law and creates the Franklin Parish Retired Employees Insurance
Fund (FREIF), to fund the payment by the Franklin Parish Sheriff's Office for the premium
costs of insurance for retired sheriffs and deputy sheriffs as provided in existing law.
New law provides that the sheriff of Franklin Parish may contribute to the FREIF at his
discretion.
New law provides that the sheriff shall invest at least 25% in fixed income investments into
the FREIF, provided that a minimum of 25% of the fixed income portion is rated as
investment grade by a nationally recognized rating agency.
New law provides that earnings realized from investments shall be available for the sheriff
to withdraw for the purpose of paying the insurance premium costs, provided that no such
earnings shall be withdrawn until the amount of principal and accumulated earnings in the
FREIF is equal to the sum of $1.5 million. Provides that if the deposits and earnings on
investments fall below $1.5 million, no earnings shall be withdrawn and any balance owed
for the payment of insurance premium costs shall be paid in full from the sheriff's general
fund.
New law requires any financial audit by the sheriff's office to comply with all provisions of
new law.
New law requires the sheriff to establish a three-member investment advisory board
consisting of three members as follows:
(1)The sheriff or his designee.
(2)One retired sheriff or retired deputy sheriff of the department, appointed by the
sheriff, who shall serve a term determined by the sheriff.
(3)One active deputy sheriff of the department, appointed by the sheriff, who shall serve
a term determined by the sheriff.
New law requires the board to meet within 30 days after appointment of members and
provides for election of a chairperson at the first meeting of the board.
Effective August 1, 2021.
(Adds R.S. 13:5554.6)