This bill amends the existing law regarding the Bossier Parish Retired Employees Insurance Fund (BREIF) to enhance the financial management and investment strategies for the fund. 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 the 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Furthermore, the bill establishes that earnings from the investments can only be withdrawn for specific purposes, such as paying insurance premiums for retired sheriffs and deputy sheriffs or covering legal representation costs for the BREIF Board, but only after the fund reaches the new threshold of fifteen million dollars. If the total amount falls below this threshold, no earnings can be withdrawn, and any necessary payments must be made from the sheriff's general fund. The bill also ensures that the deposited funds and accumulated earnings are protected from appropriation and can only be used for income-producing investments as outlined in the legislation.

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