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NJ A5039
Bill
Status
2/10/2025
Primary Sponsor
Craig Coughlin
Click for details
AI Summary
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Requires the Division of Pensions and Benefits to notify the commission and State Treasurer on the 15th of each month when transfers between State Health Benefits Program (SHBP) funds are made or anticipated
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Mandates monthly accounting reports on the 30th of each month detailing transfers initiated, outstanding balances, repayments received, and current fund balances for both state and local government health benefits funds
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Allows temporary transfers from the state portion of SHBP to local government funds when available funds fall below levels needed to cover 10 days of anticipated payments
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Limits transfer amounts to no more than 30 days of anticipated payments, with reimbursement required within 120 days, extendable up to an additional 365 days if necessary
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Reports must be provided to both the State Treasurer and the State Health Benefits Commission for oversight purposes
Legislative Description
Requires Division of Pensions and Benefits to provide report on available funds in local government part of SHBP prior to transferring funds from State part of SHBP; requires monthly reporting on certain assets in SHBP.
2nd Reading in the Senate to Concur with Gov/Recommendations
Last Action
Received in the Senate, 2nd Reading - Concur. w/Gov's Recom.
3/3/2025