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 transfer available funds from the retirees' health benefits fund to ensure coverage. 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.

Additionally, the bill stipulates that the transferred amount must be reimbursed within 120 days, although this period can be extended for up to 365 days if necessary to ensure sufficient funding for claims. The Director is also required to provide the State Treasurer with a monthly accounting of any transfers, outstanding balances, repayments, and the current balance of the active employees' health benefits fund. This mechanism aims to maintain financial stability in the health benefits program for education employees and their dependents.

Statutes affected:
Introduced: 52:14-17.46.9