The Public School Employees Health Benefits Trust Act establishes a new trust fund designed to provide affordable health insurance coverage for public school employees and their dependents in New Jersey. The act outlines the governance structure of the trust, which will be managed by a board of trustees appointed by the Governor, and grants the board authority over the trust's assets, contribution rates, and compliance with laws. The trust is mandated to begin operations by January 1, 2028, and will conduct annual audits and actuarial analyses to ensure financial stability. The act emphasizes transparency and accountability, ensuring that any excess funds collected are used solely for the benefit of the beneficiaries.

Additionally, the bill requires that health insurance coverage for public school employees be provided exclusively through the newly established trust, prohibiting other types of health insurance. It specifies contribution requirements for employees and retirees, capping their contributions based on salary or retirement allowance, and allows for modifications to these contributions starting in 2028. The bill also includes provisions for transitioning employees from existing health plans to those offered through the trust, outlines an appeals process for denied claims, and maintains the obligation for the State to fully fund health insurance for eligible retired public school employees and their dependents. Overall, the legislation aims to streamline health benefits while ensuring compliance with existing laws.

Statutes affected:
Introduced: 52:14-17.46.13, 18A:1613.2, 52:1417.46.14, 52:14-17.46.16