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Committee backs bill setting reserve targets, reporting for state employee health plan
Summary
The Senate Insurance & Commerce Committee recommended Senate Bill 86, which would require the Employee Benefits Division to maintain annual reserve targets (12%–16%, with a 14% target), report to the legislature via ALC, and trigger options including premium increases or benefit adjustments if reserves fall below minimums.
Senator Hickey successfully won a committee do-pass recommendation for Senate Bill 86, a measure that would require the Employee Benefits Division (EBD) to maintain specified reserve levels for the state and public school life and health insurance program and to report annually to the legislature through ALC.
The bill sets an acceptable reserve band—12% minimum and 16% maximum—with 14% identified as the target level the committee described as ‘‘optimal.’’ Senator Hickey said the requirement is intended to give the legislature regular oversight and prevent the steep, unplanned…
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