The proposed bill, known as the "PEIA Stability and Sustainability Act of 2026," aims to amend the Code of West Virginia by establishing a new article that focuses on stabilizing and sustaining the Public Employees Insurance Agency (PEIA). Key provisions include the creation of a permanent PEIA Stabilization Reserve Fund, which will be funded through annual legislative appropriations, transfers from budget surpluses, and investment earnings. The bill mandates that the employer-employee premium cost-sharing ratio be set at 82% for employers and 18% for employees, with specific protections for retirees, including a cap on premiums for those with lower pension incomes.

Additionally, the bill emphasizes transparency and accountability in the management of PEIA by requiring public notice and comment on changes to premium rates and plan designs, as well as the establishment of an Independent PEIA Oversight Board to review financial projections and plan changes. The agency will also be authorized to implement cost-containment initiatives, such as reference-based pricing and wellness incentive programs. The full implementation of the act is set to take effect on January 1, 2027, with a severability provision ensuring that if any part of the act is deemed invalid, the remaining provisions will still be enforceable.

Statutes affected:
Introduced Version: 5-16E-1, 5-16E-2, 5-16E-3, 5-16E-4, 5-16E-5, 5-16E-6, 5-16E-7, 5-16E-8, 5-16E-9, 5-16E-10, 5-16E-11, 5-16E-12