RS 783.1 - Orleans Parish; retired clerks of civil district court and clerk's employees; creation of fund
A.(1) Notwithstanding any other provisions of law to the contrary, there is hereby created within the office of the Clerk of Civil District Court of the parish of Orleans a special fund which shall be known as the Orleans Parish Clerk of Civil District Court's Office Retired Employees Insurance Fund, hereinafter referred to as the "OPCOCVDCREIF", to finance the payments of insurance premiums by the clerk of Civil District Court of Orleans Parish for eligible retired clerks of civil district court and retired employees of the office of the Clerk of Civil District Court of Orleans Parish.
(2) Annually, the clerk of Civil District Court of the parish of Orleans shall deposit money from the office of the clerk of Civil District Court of the parish of Orleans general fund into the OPCOCVDCREIF until the total amount of the money deposited in the OPCOCVDCREIF equals the accrued liability of the benefits payable. 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 clerk of Civil District Court of the parish of Orleans has less than fifty thousand dollars available in its general fund after annual operations.
(3) The clerk of Civil District Court of the parish of Orleans shall invest the money in the OPCOCVDCREIF in the Louisiana Asset Management Pool.
(4) The funds and earnings invested pursuant to this Section shall be available for the clerk of Civil District Court of the parish of Orleans to withdraw for the purpose of paying the insurance premiums. No earnings shall be withdrawn if the balance in the OPCOCVDCREIF is less than seventy percent of the accrued liability calculated pursuant to Paragraph (2) of this Subsection.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an actuarial determination that the fund balance is less than the seventy percent threshold, no earnings shall be withdrawn from the OPCOCVDCREIF, and any balance owed for the payment of insurance premiums shall be paid in full directly from the office of the clerk of Civil District Court of the parish of Orleans.
(5) The money deposited into the OPCOCVDCREIF 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 clerk of Civil District Court of the parish of Orleans.
Acts 2021, No. 282, §1.