Bill > H2411

This bill expands the definition of "elderly governmental retiree" to include any retired employee aged 70 or over who has been retired for five years, and it establishes a new provision for prescription drug cost reimbursements for these retirees. Specifically, any elderly governmental retiree of a municipality that offers prescription drug benefits will be eligible for reimbursement from the State Retirees Benefits Trust Fund, which is a fund established to help cover costs for state retirees. This reimbursement is intended to be used solely to lower the cost of prescription drugs for the retiree, and it must reduce the co-payment amount by at least 25 percent. The trustee of the fund will work with participating municipalities to determine how these reimbursements will be processed. Additionally, municipalities that provide prescription drug coverage to these retirees will be required to participate in this reimbursement program.