Bill > A5039

This bill modifies the rules for transferring funds between different health benefits funds managed by the Division of Pensions and Benefits (DPB), specifically the State Health Benefits Program (SHBP). Currently, if the local government health benefits fund falls below a 10-day payment threshold, the DPB Director can transfer funds from the state health benefits fund. The bill now requires the DPB Director to notify the State Treasurer and the commission on the 15th of each month when such a transfer is made or anticipated. The transfer is limited to covering 30 days of anticipated payments, and must be reimbursed within 120 days, with a potential extension of up to 365 days if necessary. Additionally, the bill mandates that on the 30th of each month, the DPB Director must provide a detailed accounting to the State Treasurer and commission, including information about transfers, outstanding balances, repayments, and current fund balances. The bill aims to increase transparency and provide more regular reporting on the financial status of these health benefits funds, ensuring better oversight of fund transfers and financial management.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A5039