TRIP-OPT OUT

Amends the State Employees Group Insurance Act of 1971. In the provisions concerning the program of health insurance benefits for retired teachers, provides that the health insurance benefits shall be paid for by a deduction from the benefit recipient's annuity. Provides that a teacher who retires before reaching age 60 must make monthly contributions to the Teacher Health Insurance Security Fund until he or she attains age 60. Requires benefit recipients who are eligible for Medicare Part A to enroll in Medicare Part A. Provides that benefit recipients shall be reimbursed for the cost of the Medicare Part A premium from the Teacher Health Insurance Security Fund. Makes changes concerning required contributions by employers and employees. Requires the Department of Central Management Services to submit an annual report to the Economic and Fiscal Commission concerning the assets and liabilities of the program of retired teachers' health insurance benefits and a recommendation of whether the program should be continued. Removes the July 1, 2004 repeal of the provisions governing the transfer of retired teachers' health insurance benefits from the pension system to the Department of Central Management Services and the provisions concerning contributions to the Teacher Health Insurance Security Fund. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.