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The
costs reflected above assume the State's contribution for health insurance
for retired teachers increases from 35% to 40% effective July 1, 2003. The Governor's proposed Current Services
budget for the 2004-2005 biennium postpones the July 1, 2003 increase until
July 1, 2005. If that proposal is
approved by the Legislature, the cost of this measure will increase by an
additional $1,713,059 in fiscal year 2003-04 and $2,179,083 in fiscal year
2004-05. Projections for fiscal year
2005-06 and fiscal year 2006-07 assume an average increase in costs of 17.5%
per year and enrollment growth of 8% per year based on estimates provided by
the Division of Employee Health and Benefits. |
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