Provides for funding of certain insurance costs for retirees of the Ascension Parish Sheriff's Office. (8/1/23) (EN +$123,000 LF RV See Note)
Impact
The introduction of this bill is significant, as it directly impacts the financial stability of retired law enforcement personnel in Ascension Parish. By creating the AREIF, SB36 ensures that there is a dedicated source of funding for health and life insurance, which can enhance the quality of life for retired members who may rely on these benefits. This fund will require careful management and oversight, as the bill outlines investment strategies to ensure its growth over time.
Summary
Senate Bill 36 (SB36) focuses on providing financial support for the health and life insurance premiums of retired sheriffs and deputy sheriffs of the Ascension Parish Sheriff's Office. It establishes the Ascension Parish Retired Employees Insurance Fund (AREIF) to manage the contributions and investments aimed at funding these insurance costs. The bill mandates that a portion of the tax revenue collected by the law enforcement subdistrict be allocated to this fund, alongside other possible contributions by the sheriff's office.
Sentiment
The sentiment surrounding SB36 appears generally supportive from both political spectrums, as it addresses a crucial need for retired personnel who served the community. Proponents believe that this initiative will not only provide essential financial support but also reflect a commitment to caring for those who have dedicated their lives to public safety. There may be minor concerns regarding the management of the fund and the effectiveness of its oversight, but these do not seem to overshadow the overall positive outlook on the bill.
Contention
While the bill enjoys broad support, notable points of contention could arise around its funding mechanisms and the assurance that the contributions will sufficiently cover the anticipated costs. Additionally, the establishment of the AREIF Board raises questions about governance and transparency, particularly in how funds will be allocated and monitored. Stakeholders will be keen on whether the investments yield sufficient returns to maintain the promised benefits without burdening the sheriff’s office general fund.
Provides relative to group insurance premiums of the Plaquemines Parish Sheriff's Office and distributions to the Plaquemines Parish Retired Employees' Insurance Fund (EN +$200,000 LF RV See Note)
Provides relative to the payment of group insurance premiums for retired sheriffs and employees of the Bossier Parish Sheriff's Office (EN SEE FISC NOTE LF EX See Note)