Senate Bill 697 mandates the Group Insurance Board (GIB) to conduct studies assessing the potential costs and savings associated with both mandatory and voluntary participation of all Wisconsin school districts in group health insurance plans offered by GIB. The bill requires GIB to collaborate with an actuary to evaluate the financial implications for school districts and current participants in these insurance plans. A written report detailing the findings of these studies must be submitted to the governor and the Joint Committee on Finance within six months of the bill's effective date.

To facilitate these studies, the bill creates a new section, 20.515 (1) (x), in the statutes, which allocates funds from the public employee trust fund administrative account for the actuarial studies. The bill also includes a provision for the GIB to conduct the studies biennially, ensuring ongoing assessment of the impact of school district participation in group health insurance plans.