103.110. Certification of costs of providing recommended options--premium amounts, payment--deposit in fund.
Certification of costs of providing recommended options--premiumamounts, payment--deposit in fund.
103.110. Before each October first, the board shall certify to thestate division of budget and planning an actuarially determined amountwhich will be necessary during the next plan year to pay all theliabilities, including the cost of administration, and any necessaryactuarial reserves which shall exist or accrue pursuant to providing themedical benefits options as recommended by the entity. All such premiumamounts shall be paid to the executive director at the time that eachemployee's wages or salary would normally be paid, but not later than thefifteenth day of the month following. The premium amounts so remitted willbe promptly placed by the executive director in the benefit trust fundaccount. In lieu of the availability of premium deductions the board mayestablish alternative methods for the collection of premium amounts.
(L. 1992 H.B. 1574 § 3 subsec. 4, A.L. 1995 S.B. 410)