Bill
Bill > S3851
NJ S3851
NJ S3851Requires Division of Pensions and Benefits to provide report on available funds in local government part of SHBP prior to transferring funds from State part of SHBP; requires monthly reporting on certain assets in SHBP.
summary
Introduced
10/28/2024
10/28/2024
In Committee
12/16/2024
12/16/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would make amendments to provisions of law adopted by Assembly Bill No. A4999 or Senate Bill No. 3838 of 2024/2025. This bill would require the Division of Pensions and Benefits to report to the State Health Benefits Commission (SHBC) on the claims payable, available fund balance, and anticipated premiums for the local part of the State Health Benefits Program (SHBP) prior to transferring funds from the State part of SHBP to such local parts. Beginning 30 days after the effective date of the bill, the division would also be required to report to the SHBC, on a monthly basis, the funds available in both the State and local parts of SHBP, including cash balances, claims costs incurred, and premiums collected.
AI Summary
This bill modifies the existing regulations for fund transfers within the State Health Benefits Program (SHBP) by requiring more detailed reporting and transparency. Specifically, the bill reduces the notification period for fund transfers from 30 to five days and mandates that the Director of the Division of Pensions and Benefits provide a comprehensive report before transferring funds between the State and local parts of the SHBP. This report must include details about claims payable, available fund balance, and anticipated premiums, with categorized data for active and retired employees. Additionally, starting 30 days after the bill's effective date, the Division of Pensions and Benefits must submit monthly reports to the State Health Benefits Commission (SHBC) that outline the available funds in both the State and local parts of SHBP, including cash balances, claims costs incurred, and premiums collected. The bill aims to enhance financial oversight and provide more timely and detailed information about the health benefits funds, ensuring greater transparency in the management of these resources.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Substituted by A5039 (on 12/19/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3851 |
| Analysis - Statement SSG 12/16/24 | https://pub.njleg.gov/Bills/2024/S4000/3851_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3851_I1.HTM |
Loading...