HB 1566 Summary

• Allows retirees from Teachers' Retirement System of Oklahoma and Oklahoma Public Employees Retirement System to elect cessation of State and Education Employees Group Insurance Plan coverage if they have other health insurance.

• Permits retirees to reacquire insurance coverage after electing to end coverage, by filing with the Board either 30 days in advance or within 60 days after other coverage terminates.

• Modifies health insurance benefit plan options for both retirement systems to include indemnity plans, managed care plans, Medicare supplements, Medicare risk-sharing contracts, and employer-provided plans where applicable.

• Maintains prescription drug benefits as required for all health plans except those under Medicare Prescription Drug Improvement and Modernization Act of 2003, where such coverage is optional.

• Becomes effective July 1, 2011, with an emergency clause allowing immediate implementation upon passage and approval.