(a) Members of the General Assembly and the state-elected constitutional officers who have served a sufficient number of years of credited service to be eligible for retirement benefits upon attainment of retirement age, but who have not yet reached retirement age, shall be eligible to continue to participate in the State and Public School Life and Health Insurance Program upon leaving elective service.

(b)

(1) A person who is leaving the General Assembly or any state-elected constitutional office who wishes to participate in the program shall be offered continuation of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, Pub. L. No. 99-272.

(2)

(A) An elected official with ten (10) or more years of creditable service under the terms of a retirement plan listed under § 21-5-411(a)(1)(A) shall qualify for continuation of participation in the program if the elected official is separated from employment because of the expiration of a fixed period of employment.

(B)

(i) An elected official qualifying for continuation of participation in the program under this subsection shall be considered an eligible inactive retiree and shall have thirty-one (31) days from the effective date of termination to elect to continue program participation by notifying the Employee Benefits Division of the Department of Finance and Administration in writing on forms required by the division.

(ii) The eligible inactive retiree shall pay the full amount of the insurance premium.

(C)

(i) Except as provided in subdivision (b)(2)(C)(ii) of this section, an eligible inactive retiree's failure to elect to participate in the program during the thirty-one-day election period or an eligible inactive retiree's election to decline participation in the program is final.

(ii) An eligible inactive retiree who declined to participate in the program and any dependents of the eligible inactive retiree shall qualify for participation in the program upon payment of the appropriate premium as established by the State and Public School Life and Health Insurance Board, provided the eligible inactive retiree applies for program participation within thirty-one (31) days of the loss of eligibility if:

(a) The eligible inactive retiree who declined to participate in the program specifies in writing that the reason for the declination is that the eligible inactive retiree had coverage through another group health plan;

(b) The eligible inactive retiree's coverage was subsequently terminated because of a loss of eligibility; and

(c) The eligible inactive retiree provides information from the former insurance company confirming the loss of coverage.

(D)

(i) An eligible inactive retiree shall be charged the premium under the Consolidated Omnibus Budget Reconciliation Act of 1985, Pub. L. No. 99-272, as determined by the board to be actuarially sound with administrative fees deemed appropriate.

(ii) An eligible inactive retiree shall be reclassified as an active retiree upon electing to receive a retirement benefit by a retirement system listed under § 21-5-411(a)(1)(A) and shall be charged the premium rate appropriate for his or her rating category as an active retiree.