Bill
Bill > HB2584
summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
03/09/2019
03/09/2019
Introduced Session
2019 Regular Session
Bill Summary
The purpose of this bill is to provide more flexibility to the Public Employees Insurance Agency to manage the reserves and financing of the plan on a year-to-year basis. The bill requires the PEIA reserve fund to be maintained at an actuarially recommended amount and removes the requirement that any amount in excess of 15 percent of the recommended reserve be transferred out of the fund and into the Retiree Health Benefit Trust Funds. The bill establishes the Rainy Day Fee as a dedicated source of funding for PEIA; provides for those funds to be deposited in a new special revenue account created in the State Treasury to be known as the PEIA Rainy Day Fund; and authorizes the Legislature to permit the Secretary of Revenue to assess and collect Rainy Day Fees in subsequent fiscal years of the state.
AI Summary
This bill provides more flexibility to the Public Employees Insurance Agency (PEIA) in managing the reserves and financing of the health insurance plan. It requires the PEIA reserve fund to be maintained at an actuarially recommended amount, removing the requirement to transfer excess funds to the Retiree Health Benefit Trust Funds. The bill also establishes the Rainy Day Fee, a new dedicated source of funding for PEIA, to be deposited in a special revenue account known as the PEIA Rainy Day Fund. The Legislature may authorize the Secretary of Revenue to assess and collect the Rainy Day Fee in subsequent fiscal years to support the PEIA Rainy Day Fund, which can be used to reduce or prevent benefit cuts and premium increases.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
To House Banking and Insurance (on 01/22/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2584&year=2019&sessiontype=RS&btype=bill |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb2584%20intr.htm&yr=2019&sesstype=RS&i=2584 |
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