Section 13:5554.5 - St. Tammany Parish; payment of group insurance premiums; retired sheriffs and deputy sheriffs; creation of fundA. There is hereby created the St. Tammany Parish Retired Employees' Insurance Fund, hereinafter referred to as the "STREIF", to fund the payment by the sheriff's office of St. Tammany Parish of the insurance premium costs for eligible retired sheriffs and retired deputy sheriffs.B. The sheriff of St. Tammany Parish may contribute to the STREIF at his discretion.C. Upon recommendation of the board established in Subsection F of this Section, the sheriff of St. Tammany Parish shall invest the monies in the STREIF as follows: (1) Not less than twenty-five percent in equities.(2) At least twenty-five percent in fixed income investments, provided that a minimum of twenty-five percent of the fixed income portion is rated as investment grade by a nationally recognized rating agency.D. The monies deposited pursuant to Subsection B of this Section and the monies invested pursuant to Subsection C of this Section and the accumulated earnings shall be available for the sheriff to withdraw for the purpose of paying the insurance costs, claims, or premiums for retired sheriffs and retired deputy sheriffs of St. Tammany Parish and all costs associated with administering the STREIF.E. Any financial audit conducted of the sheriff's office of St. Tammany 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 an investment advisory board as provided for in this Subsection.(2) The advisory board shall consist of five members as follows:(a) The controller of the sheriff's department.(b) Four active deputy sheriffs, retired sheriffs, or retired deputy sheriffs of the department elected by the other active deputy sheriffs of the department. If more than four people qualify for the election, the four candidates receiving the highest number of votes cast shall be elected to the board.(3) The sheriff shall use and provide all means necessary and proper to conduct the initial and subsequent elections. All expenses, including the printing of the ballots for the initial and subsequent elections, shall be borne by the sheriff and paid out of the sheriff's general fund.(4) The controller shall serve as the chairperson for the board. The first meeting shall be held within thirty days after the election of board members. The board shall adopt rules governing the future elections of members of the board. The election of board members shall be called and supervised by the board with the assistance of the sheriff.(5) If a vacancy occurs on the board, within sixty days of the date the vacancy occurs, the board shall appoint a member to fill the vacancy for the unexpired term who is qualified to serve on the board as provided in Subparagraph (2)(b) of this Subsection. If at any time, a person is no longer qualified to be a board member as provided in Paragraph (2) of this Subsection, the board shall appoint a qualified replacement.(6) The members of the board shall retain a financial advisor and legal counsel to provide recommendations and legal consultation concerning the investment of the funds. The board shall adopt rules governing their selection and compensation. The board may retain the sheriff's office in-house legal counsel.(7) Members of the board shall serve terms concurrent with that of the sheriff.(8) If the monies deposited pursuant to Subsection B of this Section and the monies invested pursuant to Subsection C of this Section fall below ten thousand dollars, the requirement for an investment advisory board, as provided in this Subsection, and a financial advisor and legal counsel, as provided in Paragraph (6) of this Subsection, shall be extinguished.Added by Acts 2019, No. 142,s. 1, eff. 8/1/2019.