§5554.15. St. Charles Parish; payment of group insurance premiums; retired sheriffs and deputy sheriffs; creation of fund

            A. There is hereby created the St. Charles Parish Sheriff Retired Employees Insurance Fund, hereinafter referred to as the "SCREIF", to help offset the payment by the sheriff's office of St. Charles Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as provided in R.S. 13:5554(O).

            B. The sheriff of St. Charles Parish may contribute to the SCREIF at his discretion.

            C. Upon recommendations of the board established in Subsection F of this Section, the sheriff of St. Charles Parish shall invest at least twenty-five percent in equities and twenty-five percent in fixed income investments into the SCREIF, provided that a minimum of seventy-five percent of the fixed income portion is rated as investment grade by a nationally recognized rating agency.

            D.(1) The earnings realized on the monies invested pursuant to Subsection C of this Section shall be available for the sheriff to withdraw for the sole purpose of paying the insurance premium costs provided in R.S. 13:5554(O) for retired sheriffs and retired deputy sheriffs of St. Charles Parish, legal representation costs for the SCREIF Board, or both, provided that no such earnings shall be withdrawn until the amount of principal and accumulated earnings in the SCREIF are equal to the sum of four million dollars.

            (2) In the event that the total amount of monies derived from deposits provided in Subsection B of this Section and investment earnings fall below the sum of four million dollars, no earnings shall be withdrawn, and any balance owed for the payment of insurance premium costs as required by R.S. 13:5554(O) or legal representation costs for the SCREIF Board shall be paid in full from the sheriff's general fund.

            E. Any financial audit conducted of the sheriff's office of St. Charles Parish shall specifically address compliance with the provisions of this Section.

            F.(1) To provide recommendations concerning the investment of funds as provided in Subsection C of this Section, the sheriff shall establish the SCREIF Board as an investment advisory board consisting of three members as follows:

            (a) The sheriff or his designee.

            (b) One retired sheriff or retired deputy sheriff of the department, appointed by the sheriff, who shall serve a term determined by the sheriff.

            (c) One active deputy sheriff of the department, appointed by the sheriff, who shall serve a term determined by the sheriff.

            (2) The members of the board shall elect a chairperson at its first board meeting, which shall be held within thirty days after the appointment of board members.

            Acts 2026, No. 241, §1.