This bill amends the provisions related to the Bossier Parish Retired Employees Insurance Fund (BREIF) to enhance the financial stability and investment strategies for retired sheriffs and deputy sheriffs. Key changes include increasing the total amount of principal and earnings in the BREIF from ten million dollars to fifteen million dollars. Additionally, the bill modifies investment requirements, stipulating that at least seventy-five percent of the fixed income investments must be rated as investment grade by a nationally recognized rating agency, up from the previous requirement of twenty-five percent.

Furthermore, the bill establishes that earnings from investments can only be withdrawn for specific purposes, such as paying insurance premiums for retired personnel or legal representation costs for the BREIF Board, and only after the fund reaches the new threshold of fifteen million dollars. If the fund's total falls below this amount, no earnings can be withdrawn, and any necessary payments must be covered by the sheriff's general fund. The bill also ensures that the deposited funds and accumulated earnings are protected from appropriation and are solely designated for income-producing investments.

Statutes affected:
HB746 Original: 13:1(B)
HB746 Engrossed: 13:1(B)
HB746 Enrolled: 13:1(B)
HB746 Act 117: 13:1(B)