2024 Regular Session ENROLLED
SENATE BILL NO. 36
BY SENATOR KLEINPETER
1 AN ACT
2 To enact R.S. 13:5554.13, relative to the payment of group insurance premiums for retired
3 sheriffs and deputy sheriffs in West Feliciana Parish; to create a permanent fund; to
4 provide for the depositing of certain monies into the fund; to provide for investment
5 of monies in the fund; to authorize the withdrawal of earnings; to provide for
6 limitations on appropriations from the fund; to provide for audits of the fund; to
7 provide for the membership of the investment advisory board; and to provide for
8 related matters.
9 Be it enacted by the Legislature of Louisiana:
10 Section 1. R.S. 13:5554.13 is hereby enacted to read as follows:
11 ยง5554.13. West Feliciana Parish; payment of group insurance premiums;
12 retired sheriffs and deputy sheriffs; creation of fund
13 A. There is hereby created the West Feliciana Parish Sheriff Retired
14 Employees Insurance Fund, hereinafter referred to as the "WFREIF", to help
15 offset the payment by the sheriff's office of West Feliciana Parish of the
16 premium costs for eligible retired sheriffs and retired deputy sheriffs as
17 provided in R.S. 13:5554(G).
18 B. The sheriff of West Feliciana Parish may contribute to the WFREIF
19 at his discretion.
20 C. Upon recommendations of the board established in Subsection F of
21 this Section, the sheriff of West Feliciana Parish shall invest at least twenty-five
22 percent in fixed income investments into the WFREIF, provided that at least
23 seventy-five percent is rated as investment grade by a nationally recognized
24 rating agency, and may invest in equities.
25 D.(1) The monies deposited pursuant to Subsection B of this Section and
26 the monies invested pursuant to Subsection C of this Section and the
27 accumulated earnings shall be available for the sheriff to withdraw for the sole
ACT No. 48
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 36 ENROLLED
1 purpose of paying the insurance costs, claims, or premiums for retired sheriffs
2 and retired deputy sheriffs of West Feliciana Parish, or for legal representation
3 costs for the WFREIF Board.
4 (2) In the event that the total amount of monies deposited pursuant to
5 Subsection B of this Section and the monies invested pursuant to Subsection C
6 of this Section fall below the sum of one million five hundred thousand dollars,
7 no earnings shall be withdrawn, and any balance owed for the payment of
8 insurance premium costs or legal representation costs for the board established
9 in Subsection F of this Section shall be paid in full from the sheriff's general
10 fund.
11 E. Any financial audit conducted of the sheriff's office of West Feliciana
12 Parish shall specifically address compliance with the provisions of this Section.
13 F.(1) To provide recommendations concerning the investment of funds
14 as provided in Subsection C of this Section, the sheriff shall establish an
15 investment advisory board consisting of three members as follows:
16 (a) The sheriff or his designee.
17 (b) One retired sheriff or retired deputy sheriff of the department,
18 appointed by the sheriff, who shall serve a term determined by the sheriff.
19 (c) One active deputy sheriff of the department, appointed by the sheriff,
20 who shall serve a term determined by the sheriff.
21 (2) The members of the board shall elect a chairperson at its first board
22 meeting, which shall be held within thirty days after the appointment of board
23 members.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.