Bill Text: TX HB4076 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to benefits administered by the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-03-21 - Referred to Pensions, Investments & Financial Services [HB4076 Detail]
Download: Texas-2019-HB4076-Introduced.html
By: King of Hemphill | H.B. No. 4076 |
|
||
|
||
relating to benefits administered by the Teacher Retirement System | ||
of Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
ARTICLE 1. TEACHER RETIREMENT SYSTEM COST-OF-LIVING ADJUSTMENT | ||
SECTION 1.01. Subchapter H, Chapter 824, Government Code, | ||
is amended by adding Section 824.703 to read as follows: | ||
Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT. (a) | ||
Notwithstanding Section 824.702 and subject to Section 821.006, the | ||
retirement system shall make a one-time cost-of-living adjustment | ||
payable to annuitants receiving a monthly death or retirement | ||
benefit annuity, as provided by this section. | ||
(b) Subject to Subsections (c) and (d), to be eligible for | ||
the adjustment, a person must be, on the effective date of the | ||
adjustment and disregarding any forfeiture of benefits under | ||
Section 824.601, an annuitant eligible to receive: | ||
(1) a standard service or disability retirement | ||
annuity payment; | ||
(2) an optional service or disability retirement | ||
annuity payment as either a retiree or beneficiary; | ||
(3) an annuity payment under Section 824.402(a)(3) or | ||
(4); | ||
(4) an annuity payment under Section 824.502; or | ||
(5) an alternate payee annuity payment under Section | ||
804.005. | ||
(c) If the annuitant: | ||
(1) is a retiree or is a beneficiary under an optional | ||
retirement payment plan, to be eligible for the adjustment under | ||
this section: | ||
(A) the annuitant must be living on the effective | ||
date of the adjustment; and | ||
(B) the effective date of the retirement of the | ||
member of the retirement system must have been on or before August | ||
31, 2019; | ||
(2) is a beneficiary under Section 824.402(a)(3) or | ||
(4) or 824.502, to be eligible for the adjustment: | ||
(A) the annuitant must be living on the effective | ||
date of the adjustment; and | ||
(B) the date of death of the member of the | ||
retirement system must have been on or before August 31, 2019; or | ||
(3) is an alternate payee under Section 804.005, the | ||
annuitant is eligible for the adjustment only if the effective date | ||
of the election to receive the annuity payment was on or before | ||
August 31, 2019. | ||
(d) An adjustment made under this section does not apply to | ||
payments under: | ||
(1) Section 824.203(d), relating to retirees who | ||
receive a standard service retirement annuity in an amount fixed by | ||
statute; | ||
(2) Section 824.304(a), relating to disability | ||
retirees with less than 10 years of service credit; | ||
(3) Section 824.304(b)(2), relating to disability | ||
retirees who receive a disability annuity in an amount fixed by | ||
statute; | ||
(4) Section 824.404(a), relating to active member | ||
survivor beneficiaries who receive a survivor annuity in an amount | ||
fixed by statute; | ||
(5) Section 824.501(a), relating to retiree survivor | ||
beneficiaries who receive a survivor annuity in an amount fixed by | ||
statute; or | ||
(6) Section 824.804(b), relating to participants in | ||
the deferred retirement option plan with regard to payments from | ||
their deferred retirement option plan accounts. | ||
(e) An adjustment under this section: | ||
(1) must be made beginning with an annuity payable for | ||
the month of December 2019; and | ||
(2) is limited to an amount equal to 20 percent of the | ||
monthly benefit subject to the increase. | ||
(f) The board of trustees shall determine the eligibility | ||
for and the amount of any adjustment in monthly annuities in | ||
accordance with this section. | ||
ARTICLE 2. TRANSFERRING COVERAGE PROVIDED TO ACTIVE EDUCATION | ||
EMPLOYEES FROM TEXAS SCHOOL EMPLOYEES UNIFORM GROUP HEALTH COVERAGE | ||
ACT TO TEXAS EMPLOYEES GROUP BENEFITS ACT | ||
SECTION 2.01. Section 1551.004(b), Insurance Code, is | ||
amended to read as follows: | ||
(b) In this section, "child" includes: | ||
(1) a natural child, adopted child, stepchild, foster | ||
child, or child in the possession of a participant who is designated | ||
as managing conservator of the child under an irrevocable or | ||
unrevoked affidavit of relinquishment under Chapter 161, Family | ||
Code; or | ||
(2) a child who is related by blood or marriage and was | ||
claimed as a dependent on the federal income tax return of an | ||
individual who is eligible to participate in the group benefits | ||
program under Section 1551.101 or 1551.102 or as an education | ||
employee under Subchapter D-1 for the calendar year preceding the | ||
plan year in which the child is first enrolled as a dependent under | ||
Subchapter D, and for each subsequent year in which the child is | ||
enrolled as a dependent. | ||
SECTION 2.02. Section 1551.151, Insurance Code, is amended | ||
to read as follows: | ||
Sec. 1551.151. ENTITLEMENT TO COVERAGE. An individual who | ||
is eligible to participate in the group benefits program under | ||
Section 1551.101, 1551.102, [ |
||
to secure for a dependent of the individual any group coverages | ||
provided under this chapter, as determined by the board of trustees | ||
and subject to the exceptions provided by this subchapter. | ||
SECTION 2.03. Chapter 1551, Insurance Code, is amended by | ||
adding Subchapter D-1 to read as follows: | ||
SUBCHAPTER D-1. COVERAGE AND PARTICIPATION OF EDUCATION EMPLOYEES | ||
Sec. 1551.161. DEFINITIONS. In this subchapter: | ||
(1) "Charter school" means an open-enrollment charter | ||
school established under Subchapter D, Chapter 12, Education Code. | ||
(2) "Education employee" means a participating member | ||
of the Teacher Retirement System of Texas who is employed by a | ||
participating education entity and who is not receiving coverage | ||
from a program under Chapter 1575 or 1601. The term does not | ||
include an individual performing personal services as an | ||
independent contractor. | ||
(3) "Full-time education employee" and "part-time | ||
education employee" have the meanings assigned by rules adopted by | ||
the board of trustees. | ||
(4) "Participating education entity" means an entity | ||
that elects or is required to participate under this subchapter in | ||
the group benefits program established under this chapter. The | ||
term includes: | ||
(A) a school district; | ||
(B) another educational district whose employees | ||
are members of the Teacher Retirement System of Texas; | ||
(C) a regional education service center; and | ||
(D) a charter school that meets the requirements | ||
of Section 1551.166. | ||
(5) "Regional education service center" means a | ||
regional education service center established under Chapter 8, | ||
Education Code. | ||
Sec. 1551.162. REFERENCES TO COVERAGE PLAN. A reference in | ||
this code to a "primary care coverage plan" or "health benefit plan" | ||
under former Chapter 1579 means a basic coverage plan provided to | ||
eligible education employees under this subchapter. | ||
SECTION 2.04. Sections 1579.151, 1579.152, 1579.153, and | ||
1579.154, Insurance Code, are transferred to Subchapter D-1, | ||
Insurance Code, as added by this Act, redesignated as Sections | ||
1551.163, 1551.164, 1551.165, and 1551.166, Insurance Code, and | ||
amended to read as follows: | ||
Sec. 1551.163 [ |
||
DISTRICTS WITH 500 OR FEWER EDUCATION EMPLOYEES. (a) Each school | ||
district with 500 or fewer education employees and each regional | ||
education service center is required to participate in the group | ||
benefits program. | ||
(b) Notwithstanding Subsection (a), a school district | ||
otherwise subject to Subsection (a) that, on January 1, 2001, was | ||
individually self-funded for the provision of health coverage to | ||
its education employees may elect not to participate in the group | ||
benefits program. | ||
(c) An educational district described by Section | ||
1551.161(4)(B) [ |
||
or fewer education employees may elect not to participate in the | ||
group benefits program. | ||
Sec. 1551.164 [ |
||
DISTRICTS. A [ |
||
more than 500 education employees may elect to participate in the | ||
group benefits program. A school district that elects to | ||
participate under this section shall apply for participation in the | ||
manner prescribed by the board of trustees [ |
||
Sec. 1551.165 [ |
||
POOLS. (a) In determining the number of education employees of a | ||
school district for purposes of Sections 1551.163 [ |
||
1551.164 [ |
||
were members of a risk pool established under the authority of | ||
Chapter 172, Local Government Code, as provided by Section 22.004, | ||
Education Code, are [ |
||
appropriate election was made[ |
||
|
||
|
||
[ |
||
(b) A risk pool in existence on January 1, 2001, that, as of | ||
that date, provided group health coverage to 500 or fewer school | ||
district education employees may elect to participate in the group | ||
benefits program. | ||
(c) A school district with 500 or fewer education employees | ||
that is a member of a risk pool described by Subsection (a) that | ||
provides group health coverage to more than 500 school district | ||
education employees is [ |
||
|
||
education employees or as part of a unit with more than 500 | ||
education employees in accordance with the election made by | ||
notification to[ |
||
Retirement System of Texas [ |
||
|
||
(d) For purposes of this section, participation in the group | ||
benefits program by school districts covered by a risk pool is | ||
limited to school districts covered by the risk pool as of January | ||
1, 2001. | ||
Sec. 1551.166 [ |
||
SCHOOLS; ELIGIBILITY. (a) A charter school is eligible to | ||
participate in the group benefits program if the school agrees: | ||
(1) that all records of the school relating to | ||
participation in the group benefits program are open to inspection | ||
by the board of trustees [ |
||
commissioner of education, or a designee of any of those entities; | ||
and | ||
(2) to have the school's accounts relating to | ||
participation in the group benefits program annually audited by a | ||
certified public accountant at the school's expense. | ||
(b) A charter school must notify the board of trustees | ||
[ |
||
benefits program in the manner and within the time required by rules | ||
adopted by the board of trustees [ |
||
SECTION 2.05. Sections 1579.202, 1579.203, 1579.204, and | ||
1579.205, Insurance Code, are transferred to Subchapter D-1, | ||
Insurance Code, as added by this Act, redesignated as Sections | ||
1551.167, 1551.168, 1551.169, and 1551.170, Insurance Code, and | ||
amended to read as follows: | ||
Sec. 1551.167 [ |
||
(a) Except as provided by Section 1551.169 [ |
||
participation under this subchapter in the group benefits program | ||
is limited to education employees of participating education | ||
entities who are full-time employees and to part-time employees who | ||
are participating members in the Teacher Retirement System of | ||
Texas. | ||
(b) An education employee described by Subsection (a) who | ||
applies for coverage during an open enrollment period prescribed by | ||
the board of trustees [ |
||
basic [ |
||
employee: | ||
(1) specifically waives coverage under this chapter; | ||
or | ||
(2) [ |
||
[ |
||
Sec. 1551.168 [ |
||
participating education employee may select coverage in any | ||
coverage plan offered by the board of trustees [ |
||
(b) The education employee is not required to continue | ||
participation in the coverage plan initially selected and may | ||
select a different [ |
||
plan initially selected by the employee in the manner provided by | ||
rules adopted by the board of trustees [ |
||
(c) If the combined contributions received from the state | ||
and the employing participating education entity under this | ||
subchapter [ |
||
selected by the education employee, the employee may use the excess | ||
amount of contributions to obtain optional coverages provided | ||
[ |
||
pay all or part of the cost of coverage for the employee's | ||
dependents. | ||
(d) A married couple, both of whom are eligible for coverage | ||
under this subchapter under the group benefits program, may pool | ||
the amount of contributions to which the couple are entitled under | ||
this subchapter [ |
||
dependent coverage. | ||
Sec. 1551.169 [ |
||
EMPLOYEES. A part-time education employee of a participating | ||
education entity who is not a participating member in the Teacher | ||
Retirement System of Texas is eligible to participate in the | ||
program only if the employee pays all of the premiums and other | ||
costs associated with the health coverage plan selected by the | ||
employee. | ||
Sec. 1551.170 [ |
||
EDUCATION ENTITY. Notwithstanding Section 1551.169 [ |
||
participating education entity may pay any portion of what | ||
otherwise would be the employee share of premiums and other costs | ||
associated with the coverage selected by the education employee. | ||
SECTION 2.06. Sections 1579.251, 1579.252, 1579.253, | ||
1579.254, and 1579.255, Insurance Code, are transferred to | ||
Subchapter D-1, Insurance Code, as added by this Act, redesignated | ||
as Sections 1551.171, 1551.172, 1551.173, 1551.174, and 1551.175, | ||
Insurance Code, and amended to read as follows: | ||
Sec. 1551.171 [ |
||
shall assist education employees of participating school districts | ||
and charter schools in the purchase of group health coverage under | ||
this chapter by providing for each covered education employee the | ||
amount of $900 each state fiscal year or a greater amount as | ||
provided by the General Appropriations Act. The state contribution | ||
shall be distributed through the school finance formulas under | ||
Chapters 41 and 42, Education Code, and used by school districts and | ||
charter schools as provided by Section 42.260, Education Code. | ||
(b) The state shall assist education employees of | ||
participating regional education service centers and educational | ||
districts described by Section 1551.161(4)(B) [ |
||
the purchase of group health coverage under this chapter by | ||
providing to the employing service center or educational district, | ||
for each covered education employee, the amount of $900 each state | ||
fiscal year or a greater amount as provided by the General | ||
Appropriations Act. | ||
Sec. 1551.172 [ |
||
EDUCATION ENTITIES. A participating education entity shall make | ||
contributions for the program as provided by Chapter 1581. | ||
Sec. 1551.173 [ |
||
EMPLOYEE. (a) An education employee covered by the group benefits | ||
program shall pay that portion of the cost of coverage selected by | ||
the employee that exceeds the amount of the state contribution | ||
under Section 1551.171 [ |
||
entity contribution under Section 1551.172 in the manner required | ||
by the board of trustees [ |
||
(b) The education employee may pay the employee's | ||
contribution under this subsection from the amount distributed to | ||
the employee under Subchapter D, Chapter 22, Education Code. | ||
(c) Notwithstanding Subsection (a), a participating | ||
education entity may pay any portion of what otherwise would be the | ||
employee share of premiums and other costs associated with the | ||
coverage selected by the education employee. | ||
Sec. 1551.174 [ |
||
FUND. A participating education entity: | ||
(1) shall hold contributions required by this | ||
subchapter in trust for the Texas school employees uniform group | ||
coverage trust fund and its participants; and | ||
(2) may not divert the contributions for any other | ||
purpose. | ||
Sec. 1551.175 [ |
||
PAYMENT OF CONTRIBUTIONS BY PARTICIPATING EDUCATION ENTITIES. (a) | ||
A participating education entity that does not remit to the board of | ||
trustees [ |
||
before the seventh day after the last day of the month shall pay to | ||
the Texas school employees uniform group coverage trust fund: | ||
(1) the contributions; and | ||
(2) interest on the unpaid amounts at the annual rate | ||
of six percent compounded monthly. | ||
(b) On request, the board of trustees [ |
||
waiver of the deadline imposed by this section based on a | ||
participating education entity's financial or technological | ||
resources. | ||
SECTION 2.07. Section 1579.301, Insurance Code, is | ||
transferred to Subchapter D-1, Insurance Code, as added by this | ||
Act, and redesignated as Section 1551.176, Insurance Code, to read | ||
as follows: | ||
Sec. 1551.176 [ |
||
school employees uniform group coverage trust fund is a trust fund | ||
with the comptroller. | ||
SECTION 2.08. Sections 1579.302, 1579.303, and 1579.304, | ||
Insurance Code, are transferred to Subchapter D-1, Insurance Code, | ||
as added by this Act, redesignated as Sections 1551.177, 1551.178, | ||
and 1551.179, Insurance Code, and amended to read as follows: | ||
Sec. 1551.177 [ |
||
school employees uniform group coverage trust fund is composed of: | ||
(1) all contributions made to the fund under this | ||
subchapter [ |
||
education entities, and the state; | ||
(2) contributions made by education employees or | ||
participating education entities for optional coverages; | ||
(3) investment income; | ||
(4) any additional amounts appropriated by the | ||
legislature for contingency reserves, administrative expenses, or | ||
other expenses; and | ||
(5) any other money required or authorized to be paid | ||
into the fund. | ||
Sec. 1551.178 [ |
||
of trustees [ |
||
uniform group coverage trust fund only to provide group coverages | ||
to eligible education employees under the group benefits program | ||
[ |
||
benefits program for participating education entities. | ||
Sec. 1551.179 [ |
||
trustees [ |
||
uniform group coverage trust fund in the manner provided by Section | ||
67(a)(3), Article XVI, Texas Constitution. | ||
SECTION 2.09. Section 1501.009(b), Insurance Code, is | ||
amended to read as follows: | ||
(b) An independent school district that is participating in | ||
the state employees [ |
||
established under Chapter 1551 [ |
||
small employer market under this section for health insurance | ||
coverage [ |
||
|
||
|
||
subsection does not affect a contract for the provision of optional | ||
coverages not included in a health benefit plan under this chapter. | ||
SECTION 2.10. Section 1581.001(2), Insurance Code, is | ||
amended to read as follows: | ||
(2) "Participating charter school" means an | ||
open-enrollment charter school established under Subchapter D, | ||
Chapter 12, Education Code, that participates in the [ |
||
group benefits [ |
||
[ |
||
SECTION 2.11. Sections 22.004(a), (c), (i), and (j), | ||
Education Code, are amended to read as follows: | ||
(a) A district shall participate in the state employees | ||
[ |
||
Chapter 1551 [ |
||
[ |
||
(c) The cost of the coverage provided under the program | ||
described by Subsection (a) shall be paid by the state, the | ||
district, and the employees in the manner provided by Subchapter | ||
D-1 [ |
||
provided under a plan adopted under Subsection (b) shall be shared | ||
by the employees and the district using the contributions by the | ||
state described by Subchapter D-1 [ |
||
Insurance Code, or Subchapter D. | ||
(i) Notwithstanding any other provision of this section, a | ||
district participating in the state employees [ |
||
benefits [ |
||
Insurance Code, may not make group health coverage available to its | ||
employees under this section after the date on which the program of | ||
coverages provided under Chapter 1551 [ |
||
implemented. | ||
(j) This section does not preclude a district that is | ||
participating in the state employees [ |
||
[ |
||
Insurance Code, from entering into contracts to provide optional | ||
insurance coverages for the employees of the district. | ||
SECTION 2.12. Section 22.101(3), Education Code, is amended | ||
to read as follows: | ||
(3) "Participating charter school" means an | ||
open-enrollment charter school established under Subchapter D, | ||
Chapter 12, that participates in the group benefits program | ||
established under Chapter 1551 [ |
||
SECTION 2.13. Sections 42.260(a) and (c), Education Code, | ||
are amended to read as follows: | ||
(a) In this section, "participating charter school" means | ||
an open-enrollment charter school that participates in the state | ||
employees [ |
||
under Chapter 1551 [ |
||
(c) Notwithstanding any other provision of this code, a | ||
school district or participating charter school may use the sum of | ||
the following amounts of funds only to pay contributions under a | ||
group health coverage plan for district or school employees: | ||
(1) the amount determined by multiplying the amount of | ||
$900 or the amount specified in the General Appropriations Act for | ||
that year for purposes of the state contribution under Section | ||
1551.171 [ |
||
school employees who participate in a group health coverage plan | ||
provided by or through the district or school; and | ||
(2) the difference between the amount necessary for | ||
the district or school to comply with Section 1581.052, Insurance | ||
Code, for the school year and the amount the district or school is | ||
required to use to provide health coverage under Section 1581.051, | ||
Insurance Code, for that year. | ||
SECTION 2.14. The following provisions of the Insurance | ||
Code are repealed: | ||
(1) Subchapters A, B, and C, Chapter 1579; | ||
(2) the headings to Subchapters D and E, Chapter 1579; | ||
(3) Section 1579.201; and | ||
(4) the headings to Subchapters F and G, Chapter 1579. | ||
SECTION 2.15. (a) In this section, "program" means the | ||
uniform group coverage program under Chapter 1579, Insurance Code, | ||
as it existed before amendment by this Act. | ||
(b) Effective September 1, 2020: | ||
(1) all functions and activities of the Teacher | ||
Retirement System of Texas under Chapter 1579, Insurance Code, | ||
before that date are transferred to the Employees Retirement System | ||
of Texas; | ||
(2) all rules, fees, policies, procedures, decisions, | ||
and forms of the Teacher Retirement System of Texas related to the | ||
program become applicable rules, fees, policies, procedures, | ||
decisions, and forms of the Employees Retirement System of Texas | ||
until changed by the board of trustees of that system; | ||
(3) a complaint, investigation, contested case, or | ||
other proceeding related to the program that is pending on | ||
September 1, 2020, is transferred without change in status to the | ||
Employees Retirement System of Texas; | ||
(4) the management of the Texas school employees | ||
uniform group coverage trust fund and all other money, contracts, | ||
property, and obligations related to the program are transferred to | ||
the Employees Retirement System of Texas; and | ||
(5) the unexpended and unobligated balance of any | ||
money appropriated by the legislature for the program for the | ||
purpose of administering the program is transferred to the | ||
Employees Retirement System of Texas. | ||
(c) The Teacher Retirement System of Texas shall provide to | ||
the Employees Retirement System of Texas the records and other | ||
information necessary for the Employees Retirement System of Texas | ||
to implement its duties under this Act. | ||
SECTION 2.16. The changes in law made by this article apply | ||
only to group coverage provided under Chapter 1551, Insurance Code, | ||
or Chapter 1579, Insurance Code, for a plan year beginning on or | ||
after September 1, 2020. A plan year that begins before that date is | ||
governed by the law as it existed immediately before the effective | ||
date of this Act, and that law is continued in effect for that | ||
purpose. | ||
ARTICLE 3. TERMINATION OF TEXAS PUBLIC SCHOOL EMPLOYEES GROUP | ||
INSURANCE PROGRAM FOR RETIREES | ||
SECTION 3.01. Chapter 1575, Insurance Code, is amended by | ||
adding Subchapters L and M to read as follows: | ||
SUBCHAPTER L. TERMINATION OF GROUP PROGRAM | ||
Sec. 1575.551. PROGRAM TERMINATION. Subject to Section | ||
1575.552, effective September 1, 2019, the group program is | ||
terminated. | ||
Sec. 1575.552. COVERAGE ELIGIBILITY TERMINATES; PHASE-OUT | ||
PERIOD. (a) An individual who is not a participant in the group | ||
program on August 31, 2019, is not entitled to obtain coverage under | ||
the group program after that date. | ||
(b) An individual who is a participant in the group program | ||
on August 31, 2019, and who is, on September 1, 2019, eligible to | ||
participate in Medicare, is not entitled to continue coverage under | ||
the group program after August 31, 2019. | ||
(c) An individual who is a participant in the group program | ||
on August 31, 2019, but who is not, on September 1, 2019, eligible | ||
to participate in Medicare, may continue coverage under the group | ||
program in accordance with this subchapter until the earlier of: | ||
(1) the date the individual first becomes eligible to | ||
participate in Medicare; or | ||
(2) September 1, 2029. | ||
Sec. 1575.553. AUTHORIZED COVERAGE. Notwithstanding | ||
Section 1575.151, on and after September 1, 2019, the group program | ||
may not offer coverage other than health benefit plan coverage. | ||
Sec. 1575.554. EXCESS GROUP INSURANCE FUND MONEY. (a) Not | ||
later than December 31, 2019, the trustee shall determine the | ||
amount of money required to fund coverage for individuals under | ||
Section 1575.552(c) for the 2019-2020 fiscal year and shall certify | ||
that amount to the comptroller. | ||
(b) As soon as practicable after January 1, 2020, the | ||
trustee shall, notwithstanding Section 1575.206, pay to each | ||
retiree participating in the group program on August 31, 2019, an | ||
equal share of the amount by which the money in the group insurance | ||
fund exceeds the amount of money determined under Subsection (a). | ||
Sec. 1575.555. REDUCTION IN CONTRIBUTIONS. (a) Beginning | ||
not later than June 1, 2020, the trustee shall annually determine | ||
the amount of money required to fund coverage for individuals under | ||
Section 1575.552(c) for the subsequent fiscal year. The trustee | ||
shall certify that amount to the comptroller. | ||
(b) The trustee, in consultation with the comptroller, may | ||
annually adjust the amounts of contributions to be made under | ||
Sections 1575.201, 1575.202, 1575.203, and 1575.204, to the extent | ||
that the trustee determines that money otherwise to be contributed | ||
under those sections for a fiscal year will exceed the amount | ||
determined to be required for that fiscal year under Subsection | ||
(a). | ||
Sec. 1575.556. FINAL RECONCILIATION; TERMINATION OF FUND. | ||
As soon as practicable after August 31, 2029, the trustee, in | ||
consultation with the comptroller, shall determine any | ||
unencumbered amount remaining in the group insurance fund. The | ||
trustee shall pay that amount in equal shares to individuals | ||
participating in the program on August 31, 2029. | ||
Sec. 1575.557. GROUP PROGRAM AND GROUP INSURANCE FUND | ||
ABOLISHED. Effective September 1, 2029, the group program and the | ||
group insurance fund are abolished. | ||
Sec. 1575.558. DUTIES OF THE TRUSTEE. (a) The trustee | ||
shall implement a plan for the orderly termination of the group | ||
program in accordance with this subchapter. | ||
(b) The determinations made by the trustee under Sections | ||
1575.554 and 1575.555 must be actuarially justified. | ||
SUBCHAPTER M. EXPIRATION OF CHAPTER | ||
Sec. 1575.601. EXPIRATION OF CHAPTER. This chapter expires | ||
September 1, 2030. | ||
ARTICLE 4. | ||
EFFECTIVE DATE | ||
SECTION 4.01. This Act takes effect September 1, 2019. |