Establishes the Ascension Parish Clerk of Court Retired Employees Insurance Fund to pay premiums for retired clerks and deputy clerks.
Louisiana HB29 creates the Ascension Parish Clerk of Court Retired Employees Insurance Fund (APCOCREIF) to cover premium costs for retired clerks and deputy clerks. The fund can only be withdrawn when its principal and accumulated earnings reach $5 million. If the fund falls below $4 million, the clerk's general fund must cover any remaining costs. The fund's investments must be at least 25% in equities and 25% in fixed income, with 75% of the fixed income rated as investment grade. An investment advisory board, appointed by the clerk, recommends investment strategies.
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