By ANDREA LANNOM
CHARLESTON, W.Va. — A bill originating in the House Finance Ccommittee seeks to dedicate General Fund surplus monies into the Public Employees’ Insurance Agency Stability Fund.
Passed by a voice vote, the bill would dedicate 20 percent of surplus money at the end of each budget year to the PEIA fund, which was created by the Legislature in 2016 to offset increases in PEIA deductibles and out-of-pocket expenses.
The remaining 80 percent of surplus funds would be split between the Rainy Day Fund and the General Revenue Fund for appropriation.
“This bill demonstrates our continued commitment to finding a long-term solution to funding PEIA,” House Finance Chair Eric Nelson, R-Kanawha, said in a news release. “Many people don’t realize that, despite our budget struggles over the past few years, West Virginia always ends the budget year with a General Revenue surplus, thanks to our balanced budget amendment. This bill will require that the first 20 percent of that surplus be dedicated to the PEIA Stability Fund in order to better control and reduce health insurance costs for our teachers, state employees and retirees.”
The bill would dedicate money until the PEIA Stability Fund reaches an annual level of $75 million balance. Anything over that amount would be put into the Rainy Day Fund.
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