This text of Louisiana § 13:5554.1 (Bossier Parish; payment of group insurance premiums; retired sheriffs and deputy) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§5554.1. Bossier Parish; payment of group insurance premiums; retired sheriffs and deputy
sheriffs; creation of fund
A. There is hereby created the Bossier Parish Retired Employees Insurance Fund,
hereinafter referred to as the "BREIF", to fund the payment by the sheriff's office of Bossier
Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as
provided in R.S. 13:5554(G).
B. The following monies shall be deposited into the BREIF until the total amount
of the monies including principal and earnings in the BREIF equals the sum of fifteen million
dollars:
(1)One percent of the monies received in the Bossier Parish sheriff's general fund
each year.
(2)Twenty-five percent of the revenues received by the Bossier Parish sheriff from
the tax levied by R.S. 27:3
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§5554.1. Bossier Parish; payment of group insurance premiums; retired sheriffs and deputy
sheriffs; creation of fund
A. There is hereby created the Bossier Parish Retired Employees Insurance Fund,
hereinafter referred to as the "BREIF", to fund the payment by the sheriff's office of Bossier
Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as
provided in R.S. 13:5554(G).
B. The following monies shall be deposited into the BREIF until the total amount
of the monies including principal and earnings in the BREIF equals the sum of fifteen million
dollars:
(1) One percent of the monies received in the Bossier Parish sheriff's general fund
each year.
(2) Twenty-five percent of the revenues received by the Bossier Parish sheriff from
the tax levied by R.S. 27:391(B).
(3) Any other monies that the sheriff of Bossier Parish may contribute to the BREIF.
(4)(a) Once the total amount of the monies including principal and earnings in the
BREIF equals the sum of ten million dollars, the deposited monies identified in Paragraph
(1) of this Subsection shall be reduced to one-half of one percent, and the monies identified
in Paragraph (2) of this Subsection shall be reduced to twelve and one-half percent.
(b) If the monies in the BREIF should fall below ten million dollars, the deposited
monies identified in Paragraphs (1) and (2) of this Subsection shall revert to the original
amount of one percent and twenty-five percent respectively.
C. Upon recommendation of the board established in Subsection G of this Section,
the sheriff of Bossier Parish shall invest the monies in the BREIF as follows:
(1) Not less than twenty-five percent in equities.
(2) At least twenty-five percent in fixed income investments, provided that a
minimum of seventy-five percent of the fixed income portion is rated as investment grade
by a nationally recognized rating agency.
D. 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(G) for retired sheriffs and retired deputy
sheriffs of Bossier Parish, legal representation costs for the BREIF Board, or both, provided
that no such earnings shall be withdrawn until the amount of principal and accumulated
earnings in the BREIF is equal to the sum of fifteen million dollars. 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 fifteen million dollars, no earnings shall be
withdrawn, and any balance owed for the payment of insurance premium costs as required
by R.S. 13:5554(G) or legal representation costs for the BREIF Board shall be paid in full
from the sheriff's general fund.
E. The monies deposited pursuant to Subsection B of this Section and the
accumulated earnings up to a total of fifteen million dollars shall not be appropriated and
shall only be used for making investments as provided in this Section.
F. Any financial audit conducted of the sheriff's office of Bossier Parish shall
specifically address compliance with the provisions of this Section.
G.(1) To provide oversight, control, general management of the affairs of the fund
and investments of the monies as provided in Subsection C of this Section, the sheriff shall
establish a board of trustees consisting of seven members as follows:
(a) The comptroller of the sheriff's department.
(b) Five retired sheriffs or retired deputy sheriffs of the department , elected by other
retired sheriffs and retired deputy sheriffs of the department. If more than five persons
qualify for election, the five candidates receiving the highest number of votes cast shall be
elected to the board.
(c) One active deputy sheriff of the department elected by the other active deputy
sheriffs of the department. If more than one person qualifies for election, the candidate
receiving the highest number of votes cast shall be elected to the board.
(d) The sheriff shall use and provide all means necessary and proper to conduct the
initial and subsequent elections. All expenses including the printing and mailing of the
ballots for the initial and subsequent elections shall be borne by the sheriff and paid out of
the sheriff's general fund.
(e) The members of the board shall elect a chairperson at its first board meeting
which shall be held within thirty days after the election of board members. The board shall
adopt rules governing the election of the members of the board. The election of board
members shall be called and supervised by the board with the assistance of the sheriff.
(f) Should a vacancy occur on the board within sixty days of the date the vacancy
occurs, the board shall appoint a member to fill the vacancy for the unexpired term who is
qualified to serve on the board as provided in Subparagraphs (b) and (c) of this Paragraph.
If a board member who is an active deputy sheriff elected pursuant to Subparagraph (c) of
this Paragraph retires, he may continue to serve for the remainder of the term for which he
was elected, if less than two years remain on his term; however, if more than two years
remain on his term, the board shall appoint an active deputy sheriff to fill the remainder of
that term.
(2) Members of the board shall serve terms concurrent with that of the sheriff.
(3) Any vacancy on the board shall be filled in the same manner and for the same
term as provided in this Subsection.
NOTE: See Acts 2004, No. 822, §2, relative to the application of R.S.
13:5554(G) in certain parishes.
Acts 2004, No. 822, §1, eff. July 12, 2004; Acts 2005, No. 41, §1, eff. June 16, 2005;
Acts 2007, No. 69, §1; Acts 2010, No. 356, §1, eff. June 21, 2010; Redesignated from R.S.
33:1448.1 pursuant to Acts 2011, No. 248, §3; Acts 2012, No. 41, §1, eff. May 11, 2012;
Acts 2014, No. 276, §1, eff. May 28, 2014; Acts 2024, No. 117, §1.