AR SR2

Authorizes Senator Hickey or Senator Rice to introduce a bill establishing a funding mechanism for the State and Public School Life and Health Insurance Program.

Requires the Director of the Employee Benefits Division to maintain a 14% optimal reserve balance for both state employees and public school employees, with a minimum acceptable balance of 12% for each group, beginning in plan year 2023.

Mandates the director to calculate projected reserve balances annually by April 30 and submit plans to the Legislative Council for maintaining the optimal reserve balance.

If projected revenue is insufficient to maintain the 12% minimum reserve balance, the director must notify the Legislative Council, which may recommend an extraordinary legislative session or take other appropriate action.

If the General Assembly fails to provide additional funding by July 30, the director shall collect required revenue from program participants through premium rate increases, benefit reductions, or both for the next plan year.

Allows the director, with Legislative Council approval, to use excess reserves above 16% to lower premium rates or expand benefits; requires the director to report to the Legislative Council if such excess funds are not used for these purposes.

Declares an emergency, making the act effective immediately upon the Governor's approval or signing deadline to ensure sustainable affordable health benefits for state and public school employees.