Louisiana Revised Statutes 47:1923.1 – Orleans Parish; retired assessors and assessor’s employees; creation of fund
Terms Used In Louisiana Revised Statutes 47:1923.1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
A.(1) There is hereby created within the office of assessor of the parish of Orleans a special fund which shall be known as the Orleans Parish Assessor’s Office Retired Employees Insurance Fund, hereinafter referred to as the “OPAREIF”, to finance the payments of insurance premiums by the assessor of Orleans Parish for eligible retired assessors and retired employees of the office of the assessor of Orleans Parish as provided in La. Rev. Stat. 47:1923(D)(1).
(2) Annually, the assessor of the parish of Orleans shall deposit money from the office of the assessor of the parish of Orleans general fund into the OPAREIF until the total amount of the money deposited in the OPAREIF equals the accrued liability of the benefits payable pursuant to La. Rev. Stat. 47:1923(D)(1). The accrued liability and funded status shall be recalculated annually as of the close of the fiscal year. No deposit shall be required if the office of the assessor of the parish of Orleans has less than fifty thousand dollars available in its general fund after annual operations.
(3) The assessor of the parish of Orleans shall invest the money in the OPAREIF in the Louisiana Asset Management Pool.
(4) The earnings on the money invested pursuant to this Section shall be available for the assessor of the parish of Orleans to withdraw for the purpose of paying the insurance premiums provided in La. Rev. Stat. 47:1923(D)(1). No earnings shall be withdrawn if the balance in the OPAREIF is less than seventy percent of the accrued liability calculated pursuant to Paragraph (2) of this Subsection. In any year following an actuarial determination that the fund balance is less than seventy percent threshold, no earnings shall be withdrawn from the OPAREIF, and any balance owed for the payment of insurance premiums as required by La. Rev. Stat. 47:1923(D)(1) shall be paid in full directly from the office of the assessor of the parish of Orleans.
(5) The money deposited into the OPAREIF pursuant to this Section and the accumulated earnings up to the required total shall not be appropriated except for the investment and payment of premiums as provided for in this Section.
B. The legislative auditor shall audit the fund annually and the expense of such audit shall be paid by the assessor of the parish of Orleans.
Acts 2013, No. 293, §1.