Bill > H2350

This bill modifies the health benefits for retired public employees by adjusting the Commonwealth's share of group insurance premiums based on retirement dates and years of creditable service, which refers to the total years an employee has worked and contributed to the state retirement system. Specifically, it requires retired employees to have at least 35 years of creditable service to be considered "retired employees" for certain benefits, and it sets varying Commonwealth contribution rates for health insurance premiums for retirees based on their retirement date and service length, with lower rates for those retiring more recently or with fewer years of service, and introduces a new tiered contribution system for employees who haven't vested in the state retirement system before July 1, 2016, and retire on or after that date, with specific adjustments for disability retirements. Any savings generated by these changes will be directed to the State Retiree Benefits Trust Fund.