CT HB06583

Connecticut State Employees Retirement Commission must determine by January 1, 2012, the actuarial cost to insure each state employee employed as of that date on a universal life insurance basis.

Treasurer may contract with a licensed insurance company by June 30, 2012, to purchase individual universal life insurance policies for all eligible state employees, with the state as sole beneficiary and costs paid from the State Employees Retirement Fund.

All insurance proceeds received by the state must be deposited into the State Employees Retirement Fund.

State employees and retired state employees must be notified within 10 days of policy issuance with details about the policy and their right to object in writing within 10 days, which immediately voids the policy if exercised.

The state establishes insurable interest in state employees and retired employees for purposes of purchasing life insurance under this act.