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SEIB official tells committee a $30.5 million trust‑fund draw was used to shore up benefits
Summary
Miss Azar told legislators the State Employee Insurance Board approved a $30.5 million withdrawal from the retiree trust to cover 2026 shortfalls and warned that holding this year’s 11.75 state rate could require another trust draw in 2026.
Miss Azar, a SEIB representative, told the Joint Interim Committees that the State Employee Insurance Board had approved a $30,500,000 transfer from the retiree trust to the SEIB account to cover shortfalls projected for 2026.
The move, Azar said, followed years of federal subsidy shifts and rising health‑care inflation. "The board in September, this is very important because of the financial situation of SEIB is agreed and voted to approve a pool from the trust fund, retiree trust fund for $30,500,000," she said,…
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