This bill allows the Director of the Division of Pensions and Benefits to temporarily transfer funds between health benefits funds for active education employees and local education retirees under specific circumstances. If the health benefits fund for active employees falls below a level sufficient to cover 10 days of anticipated payments, the Director can initiate a transfer from the retirees' fund to the active employees' fund. The amount transferred cannot exceed what is necessary to cover 30 days of anticipated payments, and the Director must notify the School Employees Health Benefits Commission within 30 days of the transfer. The transferred amount must be reimbursed within 120 days, with a possible extension of up to 365 days if needed.

Additionally, the bill mandates that the Director provide the State Treasurer with a monthly accounting of any transfers made, including outstanding balances and repayments. The bill aims to ensure that active education employees and their dependents have sufficient funding for health benefits while maintaining oversight and accountability in the transfer process.

Statutes affected:
Introduced: 52:14-17.46.9