|Date Requested:February 24, 2005
Time Requested:01:58 PM
| FUND(S) |
Sources of Revenue
Legislation creates:A New Program
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to authorize the development by the Public Employees Finance Board of a health benefit plan to provide health insurance benefits to certain former employees of businesses in this State who have lost their jobs and health coverage because of the effects of international trade.
The Public Employees Insurance Agency cannot determine the fiscal impact or cost for this provision at this time. A feasibility/actuarial study will need to be performed to determine this information. The cost for the study will be approximately $100,000. Start up costs are estimated to be another $162,000.
The Public Employees Insurance Agency Finance Board can then proceed to develop and approve a three year pilot program. The Public
Employees Insurance Agency Finance Board will furnish written details of the plan to the Legislatures Joint Committee on Finance. The Legislature will then pass a joint resolution to implement and appropriate $2 million dollars to fund the plan.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||162,000||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
Increase in Personal Services and Employee Benefits results from additional positions needed to handle program. Includes a Manager and two Insurance Assistants.
Increase in current expense is for equipment, such as desks, PC's, filing cabinets, etc, and rent expense. The PEIA currently has no space available and would have to rent space for the employees handling this program.