This text of Louisiana § 13:5554.6 (Franklin 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.
§5554.6. Franklin Parish; payment of group insurance premiums; retired sheriffs and deputy
sheriffs; creation of fund
A.There is hereby created the Franklin Parish Retired Employees Insurance Fund,
hereinafter referred to as the "FREIF", to fund the payment by the sheriff's office of Franklin
Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as
provided in R.S. 13:5554(S).
B.The sheriff of Franklin Parish may contribute to the FREIF at his discretion.
C.Upon recommendation of the board established in Subsection F of this Section,
the sheriff of Franklin Parish shall invest at least twenty-five percent in fixed income
investments into the FREIF, provided that a minimum of twenty-five percent of the fixed
income portion is rated as investment grade by a
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§5554.6. Franklin Parish; payment of group insurance premiums; retired sheriffs and deputy
sheriffs; creation of fund
A. There is hereby created the Franklin Parish Retired Employees Insurance Fund,
hereinafter referred to as the "FREIF", to fund the payment by the sheriff's office of Franklin
Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as
provided in R.S. 13:5554(S).
B. The sheriff of Franklin Parish may contribute to the FREIF at his discretion.
C. Upon recommendation of the board established in Subsection F of this Section,
the sheriff of Franklin Parish shall invest at least twenty-five percent in fixed income
investments into the FREIF, 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.(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(S) for retired sheriffs and retired deputy
sheriffs of Franklin Parish, legal representation costs for the FREIF Board, or both, provided
that no such earnings shall be withdrawn until the amount of principal and accumulated
earnings in the FREIF are equal to the sum of one 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 one 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(S) or legal representation
costs for the FREIF Board shall be paid in full from the sheriff's general fund.
E. Any financial audit conducted of the sheriff's office of Franklin 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
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.