(a) Members of the Arkansas Teacher Retirement System and the Arkansas Public Employees' Retirement System who have rendered, or shall render, service as employees of the public schools who hereafter retire and receive retirement benefits under such systems shall be eligible to participate in the group insurance program administered by the Employee Benefits Division of the Department of Finance and Administration under the provisions of this subchapter and other laws enacted to implement such programs, provided that such persons are participating in the group insurance program at the time of retirement.
(b)
(1) In addition, upon the death of an active member of the Arkansas Teacher Retirement System, the survivors of such member who are eligible for or are receiving an annuity under the Arkansas Teacher Retirement System and who were covered on the active member's health insurance policy at the time of death shall have the option of continuing to be a member of such insurance group at the prevailing rates established for members of the Arkansas Teacher Retirement System, upon application for such coverage.
(2) Upon the death of a retired member of the Arkansas Teacher Retirement System, a survivor of a member who was receiving an annuity under the Arkansas Teacher Retirement System and who was covered on the member's health insurance policy at the time of the member's death shall have the option of continuing to be a member of the insurance group at the prevailing rates established for the members of the Arkansas Teacher Retirement System upon application for the coverage.
(c)
(1) A person drawing retirement benefits under the Arkansas Teacher Retirement System and the Arkansas Public Employees' Retirement System who elects to participate or continue to participate in the group insurance program provided by the division shall pay the retiree portion of the premium or cost of the policy.
(2) The retiree portion of the premium or cost shall be deducted from the retirement benefit check of the participant.
(d) To the extent that funding is appropriated and available for this purpose, the retiree portion of the premium or cost of a health insurance policy under this section for a member of the Arkansas Teacher Retirement System who is not Medicare primary shall not exceed the retiree portion of the premium or cost of a health insurance policy under this section for a member of the Arkansas Public Employees' Retirement System who is not Medicare primary.
(e)
(1) The state may make a monthly contribution on behalf of the members who participate in the Arkansas Teacher Retirement System and the Arkansas Public Employees' Retirement System group insurance program provided by the division multiplied by the amount necessary to meet the requirement of subsection (d) of this section.
(2) The state contribution amount shall not exceed the state contribution amount permitted by law for state contributions for members and retirees of the Arkansas Teacher Retirement System and the Arkansas Public Employees' Retirement System to the division for the benefit of state employees as provided in § 21-5-414.
(3) The Department of Finance and Administration may make a monthly contribution to partially defray the cost of the group insurance provided in this section utilizing funds made available for that purpose, not to exceed the amount authorized by law.