SB 1402 Summary

• Amends 74 O.S. 2011, Section 1329 to clarify language regarding the State and Education Employees Group Insurance Board's administration of health savings accounts.

• Requires the Board and Office of State Finance to contract with a vendor to make health savings accounts available to all enrollees in the HealthChoice qualified high-deductible health plan.

• Prohibits the Board, Office of State Finance, and state agencies from charging administrative fees on employer or employee health savings account contributions made through payroll deduction via Section 125 Plans.

• Directs the State of Oklahoma, the Board, Office of State Finance, and Oklahoma State Employees Benefits Council to take necessary measures to ensure health savings account contributions are permissible under the state's Section 125 Plan.

• Effective date: November 1, 2012.