The bill amends Section 6 of P.L.1961, c.49 (C.52:14-17.30) to establish a health benefits fund dedicated to covering the premiums and periodic charges for health benefits provided to active State employees and their eligible dependents. The fund will include a subaccount specifically reserved for claims and health services fees, with strict regulations on the use of its assets to ensure they are only utilized for the provision of benefits and administrative costs. Additionally, a third-party medical claims reviewer will be responsible for managing claims data and ensuring compliance with relevant laws, while the State Treasurer will oversee the financial management of the fund, including investments and contributions.

Furthermore, the bill introduces provisions for the temporary transfer of funds between health benefits funds if the available funds fall below a certain threshold. The Director of the Division of Pensions and Benefits is authorized to initiate these transfers, with a requirement to notify the commission and provide monthly accounting of the transfers and balances. The reimbursement for any transferred amounts must occur within a specified timeframe, ensuring that the health benefits funds remain adequately funded to meet the needs of employees and their dependents. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:14-17.30
Advance Law: 52:14-17.30
Pamphlet Law: 52:14-17.30