This bill amends the State Health Benefits Program to allow the Director of the Division of Pensions and Benefits to initiate a temporary transfer of funds from the health benefits fund to the dependents premium fund and employer health benefits fund when the available funds fall below a level sufficient to cover 10 days of anticipated payments. The transfer amount cannot exceed what is necessary to cover 30 days of anticipated payments, and the Director must notify the State Health Benefits Commission within 30 days of any transfer. Additionally, the transferred amount, along with interest, must be reimbursed within 120 days, although this period can be extended for up to 365 days if necessary.

The bill also includes provisions for the management and use of a dedicated subaccount within the health benefits fund, specifying that its assets can only be used for benefits related to the State Health Benefits Program and for administrative costs. It establishes a requirement for the Director to provide monthly accounting to the State Treasurer regarding any transfers, outstanding balances, repayments, and the current balance of the employer health benefits fund. This legislative change aims to ensure the financial stability of health benefits for state employees and their dependents.

Statutes affected:
Introduced: 52:14-17.30