Permits Director of Division of Pensions and Benefits to initiate temporary transfer of funds in certain circumstances.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows the Director of the Division of Pensions and Benefits to temporarily transfer funds from a health benefits fund for retired education employees to a fund for active education employees if the active fund faces a shortfall. Specifically, it establishes a process to cover anticipated payments when the active fund’s funds are insufficient, up to a maximum of 30 days’ worth of payments. The Director must notify the School Employees’ Health Benefits Commission of any transfer and provide monthly accounting to the State Treasurer. This aims to prevent immediate, drastic measures to address financial imbalances in the active employee fund.
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