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SALT LAKE CITY (AP) -- A state plan intended to combat soaring insurance costs won't come cheap.
The 2005 law passed by the Legislature earmarked funds for state employees' unused sick leave for retiree health care. State officials estimate that figure at between 536 (M)million and 828 (M)million dollars.
The Government Accounting Standards Board has issued new rules that require public agencies to disclose the future cost of health care and other benefits promised to retirees.
Utah's tally sounds high, but not in comparrison to other states. California leads the nation with 70 (B)billion dollars in liability.
State lawmakers say the Utah Legislature is planning ahead before the costs go from being a challenge to a crisis.
The state used to allow workers to convert unused sick leave into as much as ten years' worth of health insurance coverage before this year. The option was given to employees in lieu of pay raises during lean budget years.
(Copyright 2006 by The Associated Press. All Rights Reserved.)
