104.1078. Separate accounts established for benefits--contributions by the state--board to determine premiums.
Separate accounts established for benefits--contributions by thestate--board to determine premiums.
104.1078. 1. Separate accounts for medical, life insurance anddisability benefits provided pursuant to sections 104.1072 and 104.1075shall be established as part of the fund. The funds, property and returnon investments of the separate accounts shall not be commingled with anyother funds, property and investment return of a system. All benefits andpremiums are paid solely from the separate accounts for medical, lifeinsurance and disability benefits provided in this section.
2. The state shall contribute an amount as appropriated by law andapproved by the governor per month for medical benefits, life insurance,and long-term disability benefits as provided pursuant to sections 104.1072and 104.1075 and such amounts shall include the cost of providing suchbenefits to members not on payroll status who are receiving workers'compensation benefits.
3. Each board shall determine the premium amounts required forparticipating persons. The premium amounts shall be the amount which,together with the state's contribution, is required to fund the benefitsprovided, taking into account necessary actuarial reserves. Separatepremiums shall be established for employees' benefits and a separatepremium or schedule of premiums shall be established for children undertwenty-three years of age and for spouses of participating employees. Theemployee's premiums for spouse and children benefits shall be establishedto cover that portion of the cost of such benefits which is not paid for bycontributions by the state. All such premium amounts shall be paid to aboard of trustees at the time that each employee's wages or salary wouldnormally be paid. The premium amounts so remitted will be placed in theseparate account for medical, life insurance and disability benefits. Inlieu of the availability of premium deductions, each board may establishalternative methods for the collection of premium amounts.
(L. 1999 S.B. 308 & 314, A.L. 2001 S.B. 371)