52:14-17.42a Temporary transfer of available funds, health benefit funds, conditions.
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/nj/title-52/chapter-14/52-14-17-42a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. If the available funds in the health benefits funds established pursuant to sections 10 and 11 of P.L.1964, c.125 (C.52:14-17.41 and 52:14-17.42) fall to a level that is insufficient to cover 10 days of anticipated payments from the fund, including, but not limited to, any portion of premiums, claims, and other periodic charges, provided that claims for medical, prescription, and dental expenses are based on an average over the past six months, then the Director of the Division of Pensions and Benefits may initiate a temporary transfer of available funds from the health benefits fund established pursuant to section 6 of P.L.1961, c.49 (C.52:14-17.30) to the health benefits funds established pursuant to sections 10 and 11 of P.L.1964, c.125 (C.52:14-17.41 and 52:14-17.42).
The Director of the Division of Pensions and Benefits shall notify the commission within 30 days of the transfer. The amount transferred pursuant to this subsection shall not exceed the amount necessary to cover 30 days of anticipated payments from the fund, including, but not limited to, any portion of premiums, claims, and other periodic charges, provided that claims for medical, prescription, and dental expenses are based on an average over the past six months and any other anticipated payment or charge in the next 30 days.
The amount transferred pursuant to this subsection shall be reimbursed from the health benefits fund established pursuant to section 11 of P.L.1964, c.125 (C.52:14-17.42) on or before the 120th day next following the date of the transfer unless the Director of the Division of Pensions and Benefits determines that an extension of the reimbursement date is necessary to ensure that sufficient funding is available to pay claims incurred by employees of employers other than the State and their dependents, provided, however, in no case shall the reimbursement date be extended for more than an additional 365 days.
b. The Director of the Division of Pensions and Benefits shall provide to the State Treasurer a monthly accounting of any transfers initiated in the prior 30 days pursuant to subsection a. of this section, the outstanding balances of all transfers initiated pursuant to subsection a. of this section, any repayments for past transfers received, and the current balance of the health benefits fund established pursuant to section 11 of P.L.1964, c.125 (C.52:14-17.42).
L.2024, c.86, s.2.