§8526. Health insurance account.

The health insurance account shall be the ledger account to which shall be credited the contributions from the Commonwealth and other employers as determined in accordance with section 8328(f) (relating to actuarial cost method) for the payment of health insurance premium assistance for participating eligible annuitants as provided in section 8509 (relating to health insurance premium assistance program). All earnings derived from investment of the assets of the health insurance account shall be credited to this account. The board is authorized to separately invest the amounts in the health insurance account in a prudent manner intended to maximize the safety of the capital contained in the health insurance account. The direct administrative expenses of the board related to the administration of the health insurance program, as provided in section 8509, shall be charged to this account.

(Aug. 5, 1991, P.L.183, No.23, eff. imd.)

Notation

1991 Amendment.  Act 23 added section 8526. Section 32 of Act 23 provided that if the health insurance program established under Act 23 is canceled by statute, any remaining funds shall revert to the Public School Employees' Retirement Fund.

Cross References.  Section 8526 is referred to in sections 8522, 8902 of this title.