Cameron Parish; payment of group insurance premiums; retired sheriffs and deputy sheriffs; creation of fund

A. There is hereby created the Cameron Parish Retired Employees Insurance Fund, hereinafter referred to as the "CREIF", to fund the payment by the sheriff's office of Cameron Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as provided in R.S. 13:5554(G) and (II). B. The sheriff of Cameron Parish may contribute to the CREIF at his discretion. C. Upon recommendation of the board established in Subsection F of this Section, the sheriff of Cameron Parish shall invest at least twenty-five percent in fixed income investments into the CREIF, 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 sole purpose of paying the insurance costs, claims, and premiums provided in R.S. 13:5554(G) and (II) for retired sheriffs and retired deputy sheriffs of Cameron Parish, legal representation costs for the CREIF Board, or both. E. Any financial audit conducted of the sheriff's office of Cameron 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 consisting of five members as follows: (a) The chief financial officer of the sheriff's office. (b) Four active or retired sheriffs or deputy sheriffs as determined by the sheriff. (2) The terms of the members shall be concurrent with that of the sheriff. (3) 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.