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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 1. Administration |
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Agency 55. Department of Human Resource Management |
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Chapter 20. Commonwealth of Virginia Health Benefits Program |
Section 80. Plan assets
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A. The assets of the health benefits program, together with all appropriations, contributions and other payments, shall be deposited in the employee health insurance fund(s) (the "health insurance fund(s)") from which payments for claims, premiums or other contributions, cost containment and administrative expenses shall be withdrawn from time to time.
B. The health insurance fund for state employees shall be maintained separate and apart from the health insurance fund for retirees of the state eligible for Medicare and from the health insurance fund for local employees. All such funds shall be maintained for the exclusive benefit of the employees participating currently in the respective health insurance plans.
C. The department may designate with the approval of the Department of the Treasury one or more insurance companies, banks or any such similar institution as a direct recipient of premiums or other contributions for part or all coverage under the health benefits program from local and state employers.
D. The assets of the fund shall be held for the sole benefit of the employee health insurance fund and to that end, employees participating in the health benefits program.
Any interest on unused balances in the fund shall revert back to the credit of the fund. The State Treasurer shall charge reasonable fees to recover the actual costs of investing the assets held in the fund.
Historical Notes
Derived from VR525-01-02 § 1.8, eff. November 21, 1990; amended, Volume 20, Issue 20, eff. July 16, 2004.