18A:66-77 - Premiums paid from special funds
18A:66-77.Ā Premiums paid from special funds
In the event the state treasurer shall determine to purchase group insuranceĀ coverage for the noncontributory death benefits, premiums for the same shall beĀ paid from a special fund, hereby created, called theĀ "group insurance premiumĀ fund." The state treasurer shall estimate annually the amount of premiumsĀ which will be required for such benefits for the ensuing fiscal year and shallĀ certify such amounts to the state and other participating employers as due andĀ owing from them.Ā The state and other participating employers shall pay over toĀ the state treasurer the amount for premiums so certified and the stateĀ treasurer shall deposit these amounts in the group insurance premium fund. During the period such group insurance policy or policies are in effect theĀ state treasurer shall in no way commingle moneys in this fund with any pensionĀ fund established under this article.
In the event that the board of trustees of the teachers' pension and annuityĀ fund shall determine to purchase group coverage for the additional deathĀ benefits, premiums for same shall be paid from a special fund hereby createdĀ called theĀ "contributory group insurance premium fund." While such groupĀ coverage shall be in force, the contributions from the compensation of membersĀ to provide such additional death benefits shall be accumulated in saidĀ contributory group insurance premium fund.Ā Any dividend or retrospective rateĀ credit allowed by an insurance company shall be credited to the aforesaid fundsĀ in an equitable manner.
Ā
L.1967, c.271.
Ā
In the event the state treasurer shall determine to purchase group insuranceĀ coverage for the noncontributory death benefits, premiums for the same shall beĀ paid from a special fund, hereby created, called theĀ "group insurance premiumĀ fund." The state treasurer shall estimate annually the amount of premiumsĀ which will be required for such benefits for the ensuing fiscal year and shallĀ certify such amounts to the state and other participating employers as due andĀ owing from them.Ā The state and other participating employers shall pay over toĀ the state treasurer the amount for premiums so certified and the stateĀ treasurer shall deposit these amounts in the group insurance premium fund. During the period such group insurance policy or policies are in effect theĀ state treasurer shall in no way commingle moneys in this fund with any pensionĀ fund established under this article.
In the event that the board of trustees of the teachers' pension and annuityĀ fund shall determine to purchase group coverage for the additional deathĀ benefits, premiums for same shall be paid from a special fund hereby createdĀ called theĀ "contributory group insurance premium fund." While such groupĀ coverage shall be in force, the contributions from the compensation of membersĀ to provide such additional death benefits shall be accumulated in saidĀ contributory group insurance premium fund.Ā Any dividend or retrospective rateĀ credit allowed by an insurance company shall be credited to the aforesaid fundsĀ in an equitable manner.
Ā
L.1967, c.271.
Ā
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