Vermont § 2 - Executive Order No. 18-2 (No. 42-79) [State Employee Medical Benefit Plan Special Fund]

§ 2. 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.