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

A. There is hereby created the West Feliciana Parish Sheriff Retired Employees Insurance Fund, hereinafter referred to as the "WFREIF", to help offset the payment by the sheriff's office of West Feliciana Parish of the premium costs for eligible retired sheriffs and retired deputy sheriffs as provided in R.S. 13:5554(G). B. The sheriff of West Feliciana Parish may contribute to the WFREIF at his discretion. C. Upon recommendations of the board established in Subsection F of this Section, the sheriff of West Feliciana Parish shall invest at least twenty-five percent in fixed income investments into the WFREIF, provided that at least seventy-five percent is rated as investment grade by a nationally recognized rating agency, and may invest in equities. D. (1) 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, or premiums for retired sheriffs and retired deputy sheriffs of West Feliciana Parish, or for legal representation costs for the WFREIF Board. (2) In the event that the total amount of monies deposited pursuant to Subsection B of this Section and the monies invested pursuant to Subsection C of this Section fall below the sum of one million five hundred thousand dollars, no earnings shall be withdrawn, and any balance owed for the payment of insurance premium costs or legal representation costs for the board established in Subsection F of this Section shall be paid in full from the sheriff's general fund. E. Any financial audit conducted of the sheriff's office of West Feliciana 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 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.