Bill Text: CT HB06583 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Concerning Public Employees Benefits Solvency.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2011-03-29 - Favorable Change of Reference, Senate to Committee on Appropriations [HB06583 Detail]
Download: Connecticut-2011-HB06583-Comm_Sub.html
General Assembly |
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January Session, 2011 |
*_____HB06583CE_APP032211____* |
AN ACT CONCERNING PUBLIC EMPLOYEES BENEFITS SOLVENCY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (Effective from passage) (a) On or before January 1, 2012, the Connecticut State Employees Retirement Commission, established under section 5-155a of the general statutes, shall determine on an actuarial basis the amount required to insure, on a universal life basis, each state employee employed by the state as of January 1, 2012, and shall certify such amount to the Treasurer.
(b) On or before June 30, 2012, the Treasurer may contract with an insurance company licensed to do business in the state, at a cost not to exceed the amount certified under subsection (a) of this section, to provide individual universal life insurance policies on each state employee employed by the state as of January 1, 2012. Each such policy shall designate the state as the sole beneficiary. The cost of such policies shall be paid from the State Employees Retirement Fund.
(c) All proceeds paid to the state as beneficiary of any policy purchased under subsection (b) of this section shall be paid to the Treasurer for deposit in the State Employees Retirement Fund.
(d) The state shall have an insurable interest in any state employee or retired state employee and may purchase insurance on the life of any employee or retired employee. Any state employee or retired state employee for which a contract for life insurance is issued pursuant to this section shall be notified in writing, not later than ten days after the issuance of such policy, (1) that such policy has been issued and the name and address of the insurer issuing the policy, (2) that such state employee or retired state employee has the right to object to the issuance of such policy, and (3) of the procedure for objecting in writing to the insurer issuing the policy not later than ten days after receipt of such notice. If the state employee or retired state employee objects to the issuance of such policy in accordance with subdivision (3) of this subsection, the policy shall be immediately void.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
New section |
CE |
Joint Favorable Subst. C/R |
APP |