Senate Bill 999 Summary

• Establishes a new "Public Employee Health Benefits Financing Act" creating an independent trust overseen by the Attorney General to finance and disburse payments for public employee health benefits.

• Requires the Department of Technology, Management, and Budget to contract with an entity to serve as trust administrator, with the administrator bonded for up to $2,000,000 and operating under fiduciary standards.

• Mandates the state participate in the trust financing mechanism for state employee health benefits, including premiums and contributions for active employees and retirees, immediately upon trust formation.

• Allows other public employers (counties, townships, cities, school districts, and other political subdivisions) to voluntarily participate in the trust financing mechanism after the trust has existed for one year.

• Grants the trust administrator powers to accept funds, disburse payments, invest trust assets, pay administration expenses, seek cost-effective health benefits, and enter into secured financing methods, while prohibiting the administrator from binding employers to debt or reducing contracted health benefits.