Investment of health insurance fund

Any amounts held by the health insurance fund which are available for investment shall be paid over to the Office of the State Treasurer. The state treasurer shall deposit such funds in a trust account for credit only to the health insurance fund. The state treasurer shall invest these health insurance funds subject to the limitations of Code Section 50-5A-7 and Chapter 17 of Title 50. All income derived from such investments shall accrue to the health insurance fund. When moneys are paid over to the Office of the State Treasurer, as provided in this Code section, the commissioner shall submit an estimate of the date such funds shall no longer be available for investment. When the commissioner wishes to withdraw funds from the trust account provided for in this Code section, he or she shall submit a request for such withdrawal, in writing, to the state treasurer. History. Ga. L. 1980, p. 1538, § 4; Ga. L. 1993, p. 1402, § 18; Ga. L. 1999, p. 592, § 2; Ga. L. 2000, p. 1474, § 3; Ga. L. 2010, p. 863, §§ 2, 3/SB 296. 20-2-920. Withholding or deducting employees’ contributions; state contributions; enrollment of employees of school system not participating in the plan. (a) During any period in which an employee is covered under the health insurance plan authorized by this subpart prior to the date of the employee’s retirement, there shall be withheld from each salary pay760 20-2-920 ELEMENTARY & SECONDARY EDUC. 20-2-921 ment of such employee, as the employee’s share of the cost of coverage under this plan, such portion of the premium or subscription charges under the terms of any contract or contracts issued in accordance with this subpart as may be established by the board. During any month in which benefits are being paid by a public school employees’ retirement system to an individual so covered under this program, contributions shall be deducted from such payments in the amounts prescribed by the board with the consent of the recipient. (b) The Department of Education and local school systems shall contribute to the health insurance fund such portion of the costs of such benefits as may be established by the board to maintain the employee contributions consistent with other health insurance plans administered by the board. In the event that the commissioner shall determine that a local employer has failed to contribute the full amount of such portion, as calculated by the commissioner, it shall be the duty of the commissioner to notify the State Board of Education of such failure and it shall be the duty of the State Board of Education to, with reasonable promptness, withhold from the employer which has failed to comply sufficient state funds as calculated by the commissioner to fully satisfy the outstanding obligation of the local employer to the health insurance fund. Such withheld funds shall be promptly transmitted by the state board to the Department of Community Health. (c) If a local school system elects not to participate in the health insurance plan, the board may establish regulations by which the employees of such local school system may enroll as a group, provided an adequate participation percentage is maintained to assure a sound policy of shared risk. History. Ga. L. 1975, p. 1194, § 10; Ga. L. 1980, p. 1538, § 3; Ga. L. 1982, p. 896, § 2; Ga. L. 1983, p. 3, § 16; Ga. L. 1984, p. 1692, § 1; Ga. L. 1985, p. 149, § 20; Ga. L. 2005, p. 623, § 5/SB 284; Ga. L. 2015, p. 1376, § 37/HB 502. Editor’s notes. Ga. L. 1982, p. 896, § 2, effective July 1, 1982, amended Ga. L. 1975, p. 1194, § 10, as amended, the basis for this Code section, by substituting “employee” for “em- ployer” in the last sentence of that section of the 1975 Act. However, the 1982 Act did not specifically amend this Code section. Furthermore, since Ga. L. 1975, p. 1194, § 10 stood repealed on November 1, 1982 (see Code Section 1-1-10(a)(2)), the 1982 amendment was of no effect after that date. The provisions of Ga. L. 1982, p. 896, § 1 were substantially reenacted by Ga. L. 1983, p. 3, § 16, and codified as an amendment to this Code section. 20-2-921. Providing for funds required annually for employer contributions. At an appropriate time during each year, the commissioner shall certify to the State School Superintendent the amount of funds determined by the board as employer payments for the ensuing fiscal year and, in his annual budget for the Department of Education, the 761 20-2-922 Superintendent shall have provision for funds sufficient to pay the board such required employer payments. History. Ga. L. 1975, p. 1194, § 11; Ga. L. 1980, p. 1538, § 5.