Establishes the St. Charles Parish Retired Employees Insurance Fund to cover insurance costs for retired sheriffs and deputy sheriffs.
The bill creates the St. Charles Parish Retired Employees Insurance Fund (SCREIF) to fund insurance premiums for retired sheriffs and deputy sheriffs. The sheriff may contribute to the fund and must invest at least 25% in equities and 25% in fixed income, with 75% of the fixed income portion rated as investment grade. Earnings from investments can only be withdrawn if the fund totals $4 million or more. If the fund falls below $4 million, insurance costs must be paid from the sheriff's general fund.
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