The Select Committee on PEIA, Seniors and Long Term Care met during the August Interim period to discuss benefits of retirees and costs associated with them. Mr. Ted Cheatham, Director of PEIA, stated that a trust fund being set up to help pay for health care coverage for state employees hired after July 1, 2010 could be worth an estimated 330 million with interest and earnings by the time retirees become eligible in 2040.
Eventually the fund would have to support between 40,000 and 50,000 retired employees and Cheatham explained that he didn't feel that the funding would be sufficient.
