La. Stat. tit. 13 § 5554.13

Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 1-3, 6-671

Section 13:5554.13 - [Effective 8/1/2024] LaSalle Parish; payment of group insurance premiums; retired sheriffs and deputy sheriffs; creation of fund

A. There is hereby created the LaSalle Parish Sheriff Retired Employees Insurance Fund, hereinafter referred to in this Section as the "LSREIF", to help offset the payment by the sheriff's office of LaSalle Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as provided in R.S. 13:5554(M).

B. The sheriff of LaSalle Parish may contribute to the LSREIF at his discretion.

C. Upon recommendations of the board established in Subsection F of this Section, the sheriff of LaSalle Parish shall invest the funds into the Louisiana Asset Management Pool.

(1) The earnings realized on the monies invested pursuant to Subsection C of this Section shall be available for the sheriff to withdraw for the sole purpose of paying the insurance premium costs provided in R.S. 13:5554(M) for retired sheriffs and retired deputy sheriffs of LaSalle Parish, legal representation costs for the LSREIF board, or both, provided that no such earnings shall be withdrawn until the amount of principal and accumulated earnings in the LSREIF are equal to the sum of two million five hundred thousand dollars.

(2) In the event that the total amount of monies derived from deposits provided in Subsection B of this Section and investment earnings fall below the sum of two million five hundred thousand dollars, no earnings shall be withdrawn, and any balance owed for the payment of insurance premium costs as required by R.S. 13:5554(M) or legal representation costs for the LSREIF board shall be paid in full from the sheriff's general fund.

E. The legislative auditor shall audit the fund annually and audit costs shall be paid by the sheriff of LaSalle Parish from the sheriff's general fund.

(1) To provide recommendations concerning the investment of funds as provided in Subsection C of this Section, the sheriff shall establish an investment advisory board consisting of three members as follows:

(a) The sheriff or his designee.

(b) One retired sheriff or retired deputy sheriff of the department, appointed by the sheriff, who shall serve a term determined by the sheriff.

(c) One active deputy sheriff of the department, appointed by the sheriff, who shall serve a term determined by the sheriff.

(2) The members of the board shall elect a chairperson at its first board meeting, which shall be held within thirty days after the appointment of board members.

(3) Any board vacancy shall be filled within sixty days of the date the vacancy occurs.

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SPEAKER OF THE HOUSE OF REPRESENTATIVES

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PRESIDENT OF THE SENATE

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GOVERNOR OF THE STATE OF LOUISIANA

APPROVED:_____________

La. R.S. § 13:5554.13

Added by Acts 2024, No. 41,s. 1, eff. 8/1/2024.