LD 1225, Page 1 - 121th Legislature, FIRST REGULAR Session

	Sec. 1. Retired Teachers' Health Insurance Premium Payment Program. Resolved:
That the Department of Administrative and Financial Services,
referred to in this resolve as "the department," shall create
the Retired Teachers' Health Insurance Premium Payment
Program, referred to in this resolve as "the program." The
program must be similar to the Maine State Retirement System
and allow a teacher who contributes to the Maine State
Retirement System to make pretax contributions to the fund
under section 2 of this resolve that will be used to pay the
cost of the group accident and sickness or health insurance
provided to teachers under the Maine Revised Statutes, Title
20-A, section 13451 after that teacher retires. The amount of
the teacher's contribution must be equal to the difference
between the cost of the insurance and the amount contributed
by the State pursuant to Title 20-A, section 13451, subsection
3. Eligibility requirements for the program must be the same
as provided in Title 20-A, section 13451; and be it further

Sec. 2. Retired Teachers' Health Insurance Premium Payment Fund. Resolved: That
the department shall create the Retired Teachers' Health
Insurance Premium Payment Fund, referred to in this resolve as
"the fund," as part of the program. The department may expend
money from the fund to carry out the purposes of the program
and to pay for necessary administrative costs. The fund may
be interest bearing and any eligible investment earnings
credited to the assets of the fund become part of the assets
of that fund. Any balance remaining in the fund at the end of
any fiscal year does not lapse but must be carried forward for
the next fiscal year; and be it further

Sec. 3. Report. Resolved: That the department shall submit
proposed legislation necessary to statutorily establish the
program and fund to the Legislature by January 1, 2004.

SUMMARY

This resolve requires the Department of Administrative and
Financial Services to establish the Retired Teachers' Health
Insurance Premium Payment Program and the Retired Teachers'
Health Insurance Premium Payment Fund. The program will be
similar to the Maine State Retirement System and be available
to teachers who make contributions to the Maine State
Retirement System to allow those teachers to make pretax
contributions to the Retired Teachers' Health Insurance
Premium Payment Fund, which will be used to pay the cost of
health insurance premiums less the contribution by the State,
which is currently 35%, once the teachers retire. This
resolve requires the department to submit proposed legislation
to the Legislature by January 1, 2004.

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