This text of Louisiana § 13:5554.5 (St. Tammany Parish; payment of group insurance premiums; retired sheriffs and) 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.
§5554.5. St. Tammany Parish; payment of group insurance premiums; retired sheriffs and
deputy sheriffs; creation of fund
A. There is hereby created the St. Tammany Parish Retired Employees' Insurance
Fund, hereinafter referred to as the "STREIF", to fund the payment by the sheriff's office of
St. Tammany Parish of the insurance premium costs for eligible retired sheriffs and retired
deputy sheriffs.
B. The sheriff of St. Tammany Parish may contribute to the STREIF at his discretion.
C. Upon recommendation of the board established in Subsection F of this Section,
the sheriff of St. Tammany Parish shall invest the monies in the STREIF 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 twenty-
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§5554.5. St. Tammany Parish; payment of group insurance premiums; retired sheriffs and
deputy sheriffs; creation of fund
A. There is hereby created the St. Tammany Parish Retired Employees' Insurance
Fund, hereinafter referred to as the "STREIF", to fund the payment by the sheriff's office of
St. Tammany Parish of the insurance premium costs for eligible retired sheriffs and retired
deputy sheriffs.
B. The sheriff of St. Tammany Parish may contribute to the STREIF at his discretion.
C. Upon recommendation of the board established in Subsection F of this Section,
the sheriff of St. Tammany Parish shall invest the monies in the STREIF 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 twenty-five percent of the fixed income portion is rated as investment grade by
a nationally recognized rating agency.
D. The monies deposited pursuant to Subsection B of this Section and the monies
invested pursuant to Subsection C of this Section and the accumulated earnings shall be
available for the sheriff to withdraw for the purpose of paying the insurance costs, claims,
or premiums for retired sheriffs and retired deputy sheriffs of St. Tammany Parish and all
costs associated with administering the STREIF.
E. Any financial audit conducted of the sheriff's office of St. Tammany Parish shall
specifically address compliance with the provisions of this Section.
F.(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 as
provided for in this Subsection.
(2) The advisory board shall consist of five members as follows:
(a) The controller of the sheriff's department.
(b) Four active deputy sheriffs, retired sheriffs, or retired deputy sheriffs of the
department elected by the other active deputy sheriffs of the department. If more than four
people qualify for the election, the four candidates receiving the highest number of votes cast
shall be elected to the board.
(3) The sheriff shall use and provide all means necessary and proper to conduct the
initial and subsequent elections. All expenses, including the printing of the ballots for the
initial and subsequent elections, shall be borne by the sheriff and paid out of the sheriff's
general fund.
(4) The controller shall serve as the chairperson for the board. The first meeting shall
be held within thirty days after the election of board members. The board shall adopt rules
governing the future elections of members of the board. The election of board members shall
be called and supervised by the board with the assistance of the sheriff.
(5) If a vacancy occurs 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 Subparagraph (2)(b) of this Subsection. If at any time,
a person is no longer qualified to be a board member as provided in Paragraph (2) of this
Subsection, the board shall appoint a qualified replacement.
(6) The members of the board shall retain a financial advisor and legal counsel to
provide recommendations and legal consultation concerning the investment of the funds.
The board shall adopt rules governing their selection and compensation. The board may
retain the sheriff's office in-house legal counsel.
(7) Members of the board shall serve terms concurrent with that of the sheriff.
(8) If the monies deposited pursuant to Subsection B of this Section and the monies
invested pursuant to Subsection C of this Section fall below ten thousand dollars, the
requirement for an investment advisory board, as provided in this Subsection, and a financial
advisor and legal counsel, as provided in Paragraph (6) of this Subsection, shall be
extinguished.