Bill > S1380

This bill aims to ensure continued public retiree healthcare benefits by redefining "qualified retiree" and adjusting contribution percentages for health insurance premiums. A "qualified retiree" is generally defined as someone receiving a retirement allowance who is eligible for group health care coverage, with specific rules for those who retired from certain job classifications (Groups 1-4) requiring a minimum of 20 years of creditable service, unless they were hired before January 1, 2016, or are receiving an accidental disability retirement. The bill also establishes a tiered system for the Commonwealth's contribution to retiree healthcare premiums, with higher contributions for retirees with more years of creditable service, up to a "maximum available benefit" for those with 35 years. Additionally, it creates a "Retiree Health Care Trust Fund" for public employees hired after January 1, 2016, requiring them to contribute 2% of their salary to this fund, which will be used to reimburse the costs of providing healthcare benefits to these future retirees. The bill also includes provisions for retired teachers and allows retirees who do not meet the "qualified retiree" definition to continue their insurance coverage by paying the full premium.