Sec. DD-1. 5 MRSA §1519 is enacted to read:
§1519. Retiree Health Insurance Internal Service Fund
1. Established. The Retiree Health Insurance Internal Service Fund is established within the Department of Administrative and Financial Services to accumulate funds to pay the health insurance premiums for retired state employees and teachers.
2. Funding. At the close of each fiscal year, the State Controller shall transfer from the unappropriated surplus of the General Fund to the Retiree Health Insurance Internal Service Fund an amount equal to the balance remaining of the excess of total General Fund revenues received over accepted estimates in that fiscal year that would have been transferred to the Maine Rainy Day Fund had the Maine Rainy Day Fund not been at its statutory limit of 6% of total General Fund revenues received in the immediately preceding fiscal year. Funds may also include appropriations and allocations of the Legislature and direct billing rates charged to state departments and agencies and other participating jurisdictions.
Sec. DD-2. Effective date. This Part takes effect June 30, 2001.
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