Bill Text: CT SB00341 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Concerning Professional Fees For Administration Of The Retired Teachers' Health Insurance Premium Account.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2014-04-16 - File Number 568 [SB00341 Detail]
Download: Connecticut-2014-SB00341-Comm_Sub.html
General Assembly |
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February Session, 2014 |
*_____SB00341APP___040214____* |
AN ACT CONCERNING PROFESSIONAL FEES FOR ADMINISTRATION OF THE RETIRED TEACHERS' HEALTH INSURANCE PREMIUM ACCOUNT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (d) of section 10-183t of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(d) The Treasurer shall establish a separate retired teachers' health insurance premium account within the Teachers' Retirement Fund. Commencing July 1, 1989, and annually thereafter all health benefit plan contributions withheld under this chapter in excess of five hundred thousand dollars shall, upon deposit in the Teachers' Retirement Fund, be credited to such account. Interest derived from the investment of funds in the account shall be credited to the account. Funds in the account shall be used for (1) payments to boards of education pursuant to subsection (c) of this section and for payment of premiums on behalf of members, spouses of members, surviving spouses of members or disabled dependents of members participating in one or more health insurance plans pursuant to subsection (a) of this section in an amount equal to the difference between the amount paid pursuant to subsection (a) of this section and the amount paid pursuant to subsection (c) of this section, and (2) payments for professional fees associated with the administration of the health benefit plans offered pursuant to this section of not more than [one] three hundred fifty thousand dollars annually. If, during any fiscal year, there are insufficient funds in the account for the purposes of all such payments, the General Assembly shall appropriate sufficient funds to the account for such purpose.
Sec. 2. Section 10-183r of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(1) Except as provided in subdivision (3) of this [subsection] section, all expenses of the administration of the system, exclusive of payment of benefits, shall be paid for out of amounts appropriated by the General Assembly on certifications and recommendations submitted by the board.
(2) The cost of all benefits payable from the system shall be paid out of the retirement fund which shall consist of contributions paid by members, appropriations by the General Assembly based upon certifications and recommendations submitted by the board, the proceeds of bonds held by the system under section 10-183m, the proceeds of bonds issued pursuant to section 10-183qq and earnings of the system.
(3) Professional fees associated with the administration of the health benefit plans offered pursuant to section 10-183t, as amended by this act, of not more than [one] three hundred fifty thousand dollars annually may be paid for out of the retired teachers' health insurance premium account established pursuant to said section 10-183t.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2014 |
10-183t(d) |
Sec. 2 |
July 1, 2014 |
10-183r |
APP |
Joint Favorable Subst. |