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 6 Original 2022 Regular Session Echols
Abstract: Creates a permanent fund to pay group insurance premiums for retired sheriffs and
deputy sheriffs in Ouachita Parish and provides for the deposit of certain monies into the
fund, including limitations on investments and withdrawal of funds.
Present law (R.S. 13:5554(I)) applicable to the sheriff's office of Ouachita Parish provides that
premium costs of group hospital, surgical, and medical expense shall be paid from the sheriff's
general fund for any sheriff or deputy sheriff who has retired from the Ouachita Parish Sheriff's
Office and have either:
(1)At least 15 years of service and have reached the age of 55.
(2)At least 20 years of service at any age.
Proposed law retains present law and creates the Ouachita Parish Retired Employees Insurance Fund
(OREIF), to fund the payment by the Ouachita Parish Sheriff's Office for the premium costs of
insurance for retired sheriffs and deputy sheriffs as provided in present law.
Proposed law provides that the sheriff of Ouachita Parish may contribute to the OREIF at his
discretion.
Proposed law provides that the sheriff shall invest at least 25% in fixed income investments into the
OREIF, provided that a minimum of 25% of the fixed income portion is rated as investment grade
by a nationally recognized rating agency.
Proposed 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shall be withdrawn until the amount of principal and accumulated earnings in the OREIF is equal
to the sum of $5 million. Provides that if the deposits and earnings on investments falls below $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million, no earnings shall be withdrawn and any balance owed for the payment of insurance premium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.
Proposed law requires any financial audit by the sheriff's office to comply with all provisions of
proposed law.
Proposed 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.
Proposed 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.
(Adds R.S. 13:5554.8)