Beginning July 1, 2003, and for the life of a retired employee, the Grand River Dam Authority shall pay Sixty Dollars ($60.00) of its retired member’s, employee only, health insurance premiums as long as the retiree elects to continue participation in one of the plans offered by the State and Education Employees Group Insurance Board. Such payment made by the Grand River Dam Authority shall be in addition to any amount contributed by the Oklahoma Public Employees Retirement System pursuant to Section 1316.2 of Title 74 of the Oklahoma Statutes. Provided, however, the annual cost for such contributions paid by the Grand River Dam Authority shall not exceed One Hundred Thousand Dollars ($100,000.00). If the Authority determines the total amount required to pay such premiums for all eligible retirees exceeds One Hundred Thousand Dollars ($100,000.00) in any given year, the payments shall be prorated among the eligible retirees.

If the sum of the amount paid by the Grand River Dam Authority plus the medical supplement paid by the Oklahoma Public Employees Retirement System pursuant to Section 1316.2 of Title 74 of the Oklahoma Statutes exceeds the amount of the retired member’s, employee only, health insurance premium, the authority may reduce the amount it contributes.

Laws 2003, SB 408, c. 459, § 5.