Senate Bill 1045 Summary

• Establishes a new group health benefits plan for retired participants in the public safety personnel defined contribution retirement plan who make an irrevocable election to participate within 90 days of employment or the effective date of the act.

• Requires equal contributions from both participants and employers to fund the group health benefits plan on a current basis, with amounts determined through actuarial valuations and deposited in a separate trust account.

• Provides group health benefits payments to retired participants who meet normal retirement date requirements and elect to participate in employer-sponsored retiree health coverage or purchase individual health insurance coverage.

• Modifies the accidental disability pension calculation to ensure it equals not less than 50 percent of average monthly benefit compensation and adjusts the ordinary disability pension fraction calculation for members.

• Effective June 30, 2022, with contributions and benefits administered by the board in accordance with Internal Revenue Code Section 115 as an essential governmental function.