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H.B. 1125
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VETOES
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(6) SPECIAL CONSIDERATION SHOULD BE GIVEN TO STATE RETIREES
WHO ARE RECEIVING BENEFITS OR STATE EMPLOYEES WHO HAVE ACCRUED AT
LEAST 16 YEARS OF SERVICE WITH THE STATE AND HAVE VESTED FOR STATE
RETIREE HEALTH BENEFITS UNDER CURRENT LAW, RECOGNIZING THAT WHILE
THERE MAY BE NO LEGAL OBLIGATION ON THE PART OF THE STATE TO PROVIDE
RETIREE HEALTH CARE BENEFITS TO THESE INDIVIDUALS, THE COMMISSION
SHOULD VIEW THE COMMITMENT TO PROVIDE RETIREE HEALTH CARE BENEFITS TO
THESE INDIVIDUALS AS AN ETHICAL ONE.
(E) THE COMMISSION SHALL:
(1) CONTRACT WITH AN ACTUARIAL CONSULTING FIRM TO:
(I) COMMISSION AN ACTUARIAL VALUATION THAT ILLUSTRATES
THE STATE'S ANNUAL REQUIRED CONTRIBUTION AS BOTH A FIXED DOLLAR AMOUNT
AND ALSO AS A PERCENTAGE OF PAYROLL; AND
(II) PROVIDE ONGOING SERVICES TO THE COMMISSION
THROUGHOUT ITS EXISTENCE;
(2) REVIEW THE SPECIFIC LEGAL OBLIGATIONS OF THE STATE TO
PROVIDE RETIREE HEALTH BENEFITS TO EXISTING RETIREES, FULLY VESTED
EMPLOYEES, ACTIVE EMPLOYEES, AND NEW EMPLOYEES;
(3) STUDY THE COST DRIVERS ASSOCIATED WITH THE STATE'S
UNFUNDED RETIREE HEALTH CARE LIABILITIES WHICH PROVIDE THE BASIS FOR
THE UNFUNDED ACCRUED LIABILITY OF THAT IS ESTIMATED TO BE AS HIGH AS
$20,400,000,000 AS WELL AS THE ONGOING NORMAL COSTS ASSOCIATED WITH THE
RETIREE HEALTH CARE LIABILITIES;
(4) REVIEW THE CURRENT HEALTH CARE BENEFIT LEVELS FOR BOTH
STATE EMPLOYEES AND RETIREES AND HOW THE BENEFITS COMPARE TO BENEFITS
PROVIDED UNDER MEDICARE, BY PRIVATE EMPLOYERS, AND BY OTHER PUBLIC
EMPLOYERS, WITH A PARTICULAR EMPHASIS ON WHETHER THE VARIOUS LEVELS
ARE APPROPRIATE, EQUITABLE, AND SUSTAINABLE;
(5) REVIEW THE ELIGIBILITY REQUIREMENTS FOR STATE RETIREE
HEALTH CARE BENEFITS WITH A PARTICULAR EMPHASIS ON WHETHER THE
REQUIREMENTS ARE APPROPRIATE AND EQUITABLE;
(6) REVIEW ALTERNATIVE VEHICLES FOR PROVIDING HEALTH CARE
BENEFITS TO STATE RETIREES INCLUDING VOLUNTARY EMPLOYEE BENEFICIARY
ACCOUNTS (VEBAS), SECTION 401(H) ACCOUNTS, SECTION 115 TRUSTS, HEALTH
REIMBURSEMENT ARRANGEMENTS, AND HEALTH SAVINGS ACCOUNTS; AND
(7) RECOMMEND A MULTIYEAR IMPLEMENTATION PLAN TO ADDRESS
FULLY FUNDING THE OBLIGATIONS OF THE STATE AS SET FORTH IN GASB
STATEMENT 45 AS SOON AS PRACTICABLE.
(F) (1) THE COMMISSION SHALL BE STAFFED BY THE DEPARTMENT OF
LEGISLATIVE SERVICES.
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- 3776 -
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