This bill amends existing provisions related to the State Health Benefits Program (SHBP) by requiring the Division of Pensions and Benefits to provide a report on the available funds in the local government part of SHBP before any funds are transferred from the State part. Specifically, the Director of the Division must notify the commission within five days of the transfer and include a detailed report of claims payable, available fund balance, and anticipated premiums for the local health benefits funds. The bill also stipulates that the amount transferred should not exceed what is necessary to cover 30 days of anticipated payments and must be reimbursed within 120 days, with a possible extension of up to 365 days if needed.

Additionally, starting 30 days after the bill's effective date, the Division of Pensions and Benefits is mandated to provide monthly reports to the State Health Benefits Commission on the available funds for both the State and local parts of SHBP. These reports will include information on cash balances, claims costs incurred, and premiums collected, ensuring greater transparency and oversight of the health benefits funds.