Executive Order No. 18-2 (No. 42-79) [State Employee Medical Benefit Plan Special Fund]
WHEREAS, the State of Vermont is obligated to provide a certain program of medical care benefits to its eligible employees, and
WHEREAS, the state wishes to self-fund this program to achieve greater economic benefits for itself and its employees, and
WHEREAS, the state has contracted with a medical care benefit plan administrating company to administer the plan on behalf of the state, effective January 1, 1980, and
WHEREAS, to facilitate the administration of such health benefit plan, the state desires to establish a special fund account with the State Treasury,
NOW, THEREFORE, I, Richard A. Snelling, by virtue of the authority vested in me as Governor, do hereby order and direct that:
1. A special fund entitled “State Employee Medical Benefit Plan Special Fund” be established and a depository designated by the State Treasurer; and
2. The health insurance premium equivalents paid both by the state and its employees covering the period starting January 1, 1980 be deposited to this Special Fund as soon as practical after each pay period, and
3. Any interest or other earnings of the Special Fund shall be deposited into the Special Fund, and
4. Withdrawals from the Special Fund shall be made only for the purpose of paying medical benefits in accordance with the provisions of the state employees medical benefit plan and for paying certain administrative costs associated with the medical benefit plan which are determined appropriate by the Secretary of Administration.
FURTHER, BE IT ORDERED:
That the operation of this Special Fund be subject to the same legal compliance responsibilities and accountabilities as other state accounts under the direction of the State Treasurer, and
That appropriate and timely reports of Special Fund activity, including deposits, earnings, and withdrawals, be made by the Commissioner of Finance and the State Treasurer to the Secretary of Administration who shall have overall responsibility for the operation of the medical benefit plan and this Special Fund.
Dated November 30, 1979.