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 Senate
- Passed General Assembly
- 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 doesn't have enough money to cover anticipated payments. The transfer is limited to covering 30 days of payments and must be reported to the School Employees’ Health Benefits Commission. The funds will be reimbursed within 120 days, with a possible extension of up to 365 days if needed to ensure claims are paid, and the Director will provide monthly accounting of all transfers.
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Sponsors
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2 on record
Primary sponsors
M. Ruiz
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