By Mr. Casey of Winchester, petition (accompanied by bill, House, No. 1125) of Paul C. Casey relative to establishing a health care reserve fund in the Commonwealth.  Health Care Financing.

The Commonwealth of Massachusetts

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PETITION OF:

Paul C. Casey

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In the Year Two Thousand and Seven.

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An Act establishing a Health Care Reserve Fund in the Commonwealth.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Notwithstanding any General Law or Special Act to the contrary, there shall be a fund known as the Health Care Reserve Fund to provide for the reservation of monies for future health care liabilities of a system, as defined by section 1 of chapter 32.

(a) The Health Care Reserve Fund of each system shall be credited all amounts set aside by a system for the purpose of establishing a reserve to meet future health care liabilities.  From time to time, a system may credit to the Health Care Reserve Fund other amounts appropriated to it or otherwise made available by the governmental unit. The Health Care Reserve Fund for the state employees’ and teachers’ retirement systems shall be the Health Care Reserves Trust Fund, established in section 2 of this act.

SECTION 2.  Notwithstanding any General Law or Special Act to the contrary, there shall be fund known as the Health Care Reserves Trust Fund for the purpose of depositing, investing and disbursing amounts set aside to meet further health care liabilities of various systems. The assets of the state employees’ and teachers’ retirement systems shall be held in the health care reserves investment trust fund. 

(a) Said fund will be administered in a similar fashion and serve a similar purpose as the pension reserves investment trust fund established in subsection 8 of section 22 of chapter 32.