The original instrument was prepared by Michael Bell. The following digest, which
does not constitute a part of the legislative instrument, was prepared by Alan Miller.
DIGEST
SB 12 Engrossed 2021 Regular Session Bouie
Proposed law creates the Orleans Parish Clerk of Civil District Court's Office Retired Employees
Insurance Fund (OPCOCVDCREIF) to finance the payment of the insurance premiums by the office
of the clerk of Civil District Court of Orleans Parish for eligible retired clerks and retired employees
of the office of the clerk of Civil District Court of Orleans Parish.
Proposed law requires the clerk of Civil District Court of the parish of Orleans to annually deposit
money from the office of the clerk of Civil District Court of the parish of Orleans general fund into
the OPCOCVDCREIF until the total amount of the money deposited in the OPCOCVDCREIF
equals the accrued liability of the benefits payable. Proposed law further mandates that the accrued
liability and funded status must be recalculated annually as of the close of the fiscal year.
Proposed law provides no deposit shall be required if the office of the clerk of Civil District Court
of the parish of Orleans has less than $50,000 available in its general fund after annual operations.
Proposed law requires that the Orleans Parish clerk of Civil District Court must invest the money
in the OPCOCVDCREIF in the Louisiana Asset Management Pool.
Proposed law provides the funds and earnings invested pursuant to proposed law must be available
for the clerk of Civil District Court of the parish of Orleans to withdraw for the purpose of paying
the insurance premiums. Proposed law further provides no earnings may be withdrawn if the balance
in the OPCOCVDCREIF is less than 70% 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than the 70% threshold, no earnings shall be withdrawn from the OPCOCVDCREIF, and any
balance owed for the payment of insurance premiums as required by proposed law shall be paid in
full directly from the office of the clerk of Civil District Court of the parish of Orleans.
Proposed law provides the legislative auditor shall audit the fund annually and the expense of such
audit shall be paid by the clerk of Civil District Court.
Effective August 1, 2021.
(Adds R.S. 13:783.1)
Summary of Amendments Adopted by Senate Committee Amendments Proposed by Senate Committee on Judiciary B to the original bill
1. Changes the money that may be used for the payment of premiums from "earning on
the money" to "funds and earnings".