Louisiana House Bill HB746

Louisiana 2024 Regular Session

• Introduced: 3/18/24
• Refer: 3/19/24
• Report Pass: 4/11/24
• Engrossed: 4/22/24
• Refer: 4/23/24
• Report Pass: 4/30/24
• Enrolled: 5/15/24
• Chaptered: 5/21/24
• Passed: 5/21/24

Caption

Provides relative to the Bossier Parish Retired Employees Insurance Fund

Impact

The implications of HB 746 on state laws are significant as it directly impacts the financial management of the insurance fund for retired law enforcement personnel. By increasing the financial threshold and setting stricter investment guidelines, the bill could provide more robust financial backing to those covered under the BREIF. This can lead to improved insurance premium rates for retired sheriffs and deputies, potentially enhancing their post-retirement benefits and overall quality of life. It represents a proactive approach to ensuring that the fund remains solvent and adequately supports its beneficiaries.

Summary

House Bill 746 aims to amend existing legislation regarding the Bossier Parish Retired Employees Insurance Fund (BREIF). The bill seeks to increase the total amount of principal and earnings held within the BREIF from ten million dollars to fifteen million dollars. Additionally, it introduces modifications to the investment strategies for the fund, specifying that at least twenty-five percent of the investments must be allocated to fixed income while ensuring a higher proportion of eighty-five percent of that portion is rated as investment grade. This series of amendments seeks to enhance the financial security of the fund for retired sheriffs and deputy sheriffs within Bossier Parish.

Sentiment

The sentiment surrounding HB 746 appears to be largely supportive, particularly among members of the legislature who advocate for improved benefits for retired law enforcement personnel. The bill received no opposition in its final voting stage, indicating that it is viewed positively by the legislative body. This alignment suggests a recognition of the importance of supporting those who have served in law enforcement roles and the need for sustainable financial structures to guarantee their benefits.

Contention

While the bill passed with unanimous support, underlying discussions may reflect concerns about the feasibility of the proposed investments and the financial health of the BREIF overall. As the bill emphasizes stricter guidelines on investments, there may be considerations regarding how these changes will be implemented and whether they can effectively stabilize or grow the fund. Such financial measures necessitate careful oversight to ensure that the interests of retired employees are adequately served without compromising fund performance.