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, mandating that at least seventy-five percent of the fixed income investments be rated as investment grade, up from the previous requirement of twenty-five percent.

Furthermore, the bill stipulates that earnings from investments can only be withdrawn for specific purposes, such as paying insurance premiums for retired personnel or legal representation costs, and only after the fund reaches the new threshold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 If the fund's total falls below this amount, no earnings can be withdrawn, and any necessary payments must be covered by the sheriff's general fund.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 legislation 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 bill.

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