§ 158. Group term life insurance plan and group accident and health
benefit plan. 1. The president, subject to the provisions of this
section, is hereby empowered to establish regulations relating to, and
to enter into and administer contracts providing for, a group term life
insurance plan, and a group accident and health benefit plan on behalf
of legislators, employees of the legislature hired on an annual basis,
judges and justices of the unified court system, and state employees and
retired employees who, for the purposes of article fourteen of this
chapter, have been for a period of time prescribed by the regulations
and, except for such retirees, continue to be in positions designated as
managerial or confidential positions. The president may authorize the
inclusion in the plan of such employees and retired employees of other
governments or public employers as defined in subdivision six of section
two hundred one of this chapter. The president may adopt whatever other
regulations which may be necessary to fulfill the intentions of this
section. No regulation shall be adopted, repealed or amended, and no
other action taken with respect to such employees affecting the amount
of, or eligibility for, benefits or rates of contribution under this
section without the approval of the director of employee relations.

The full costs of any insurance program or programs established
pursuant to this subdivision, excluding administrative costs, shall be
borne by insureds and retirees. Any interest earned by the moneys in the
life insurance fund shall be added to such fund, become a part of such
fund, be used for the purpose of such fund, and be available without
fiscal year limitation.

2. The regulations of the president authorized by this section shall
provide that the entire cost of premiums or subscription charges for
coverage under the insurance plans established pursuant to such
regulations shall be borne by the employees electing such coverage. Such
regulations may provide for the allocation of any administrative
expenses, other than those of the insurer, among employers or employees
or retired employees participating in such coverage.