[§87A-37]  Group life insurance benefitsplans for retired employees; contributions.  (a)  The State, through thedepartment of budget and finance, and the counties, through their respectivedepartments of finance, shall pay to the fund a base monthly contribution asset forth in subsection (b) for each retired employee enrolled in the fund'sgroup life insurance benefits plan under section 87A-34, 87A-35, and 87A-36.

(b)  Effective July 1, 2003, there isestablished a base monthly contribution of $4.16 for each retired employeeenrolled in a group life insurance plan; provided that the monthly contributionshall not exceed the actual cost of the group life insurance benefits plan. The base composite monthly contribution shall be adjusted annually beginningJuly 1, 2004.  The adjusted base composite monthly contribution for each newplan year shall be calculated by increasing or decreasing the base compositemonthly contribution in effect through the end of the previous plan year by thepercentage increase or decrease in the medicare part B premium rate for thoseyears.  The percentage shall be calculated by dividing the medicare part Bpremium rate in effect at the beginning of the new plan year by the rate ineffect through the end of the previous plan year.

As used in this subsection, "medicare partB premium rate" means the rate published in the Federal Register each yearon November 1 or on the business day closest to November 1 of each year afterthe medicare part B premium rate has been established by the Secretary ofHealth and Human Services and approved by the United States Congress. [L 2001,c 88, pt of §1]