MI HB5695

Amends the State Employees' Retirement Act to require health insurance coverage for retirants and their beneficiaries be provided in accordance with the Michigan Health Benefits Program Act and subject to section 21 of that act.

Maintains existing provisions requiring the retirement board to pay hospitalization and medical coverage premiums from the health insurance reserve fund at the same proportion as the state pays for classified civil service employees, effective July 1, 1974.

Continues requirement that 90% of dental and vision coverage premiums for retirants and their dependents be paid by the retirement board from the health insurance reserve fund, effective January 1, 1988.

Directs the Department of Management and Budget to calculate annual cost savings from implementing 1996 PA 487 and allocate any savings to the health advance funding subaccount.

Bill takes effect only if House Bill No. 5345 of the 95th Legislature is enacted into law.