158 - Group term life insurance plan and group accident and health benefit plan.

§ 158. Group  term  life  insurance plan and group accident and health  benefit plan. 1. The  president,  subject  to  the  provisions  of  this  section,  is  hereby empowered to establish regulations relating to, and  to enter into and administer contracts providing for, a group term  life  insurance  plan,  and a group accident and health benefit plan on behalf  of legislators, employees of the legislature hired on an  annual  basis,  judges and justices of the unified court system, and state employees and  retired  employees  who,  for  the  purposes of article fourteen of this  chapter, have been for a period of time prescribed  by  the  regulations  and, except for such retirees, continue to be in positions designated as  managerial  or  confidential  positions. The president may authorize the  inclusion in the plan of such employees and retired employees  of  other  governments or public employers as defined in subdivision six of section  two  hundred one of this chapter. The president may adopt whatever other  regulations which may be necessary to fulfill  the  intentions  of  this  section.  No  regulation  shall  be adopted, repealed or amended, and no  other action taken with respect to such employees affecting  the  amount  of,  or  eligibility  for,  benefits or rates of contribution under this  section without the approval of the director of employee relations.    The full costs  of  any  insurance  program  or  programs  established  pursuant  to  this subdivision, excluding administrative costs, shall be  borne by insureds and retirees. Any interest earned by the moneys in the  life insurance fund shall be added to such fund, become a part  of  such  fund,  be  used  for  the purpose of such fund, and be available without  fiscal year limitation.    2. The regulations of the president authorized by this  section  shall  provide  that  the  entire  cost of premiums or subscription charges for  coverage  under  the  insurance  plans  established  pursuant  to   such  regulations shall be borne by the employees electing such coverage. Such  regulations  may  provide  for  the  allocation  of  any  administrative  expenses, other than those of the insurer, among employers or  employees  or retired employees participating in such coverage.