Official Text and Analysis.

Establishes the Long-Term Services and Supports Trust Program (Trust Program) to provide benefits for long-term services and supports to qualified individuals who need assistance with at least three activities of daily living.

Establishes the Long-Term Services and Supports Trust Program (Trust Program) to provide benefits for long-term services and supports to qualified individuals who need assistance with at least three activities of daily living. ?Establishes eligibility requirements for the Trust Program for persons who pay a premium of 0.58 percent of a person's wages for a specific amount of time.

Adds a referendum clause to require that the act be submitted for adoption and ratification, or rejection, at the next general election.

Establishes the Long-Term Services and Supports Trust Program (Trust Program) to provide benefits for long-term services and supports to qualified individuals who need assistance with at least three activities of daily living. Establishes eligibility requirements for the Trust Program for persons who pay a premium of 0.58 percent of a person's wages for a specific amount of time.

Requires premium rate to be set by the pension funding council.to maintain actuarial solvency of the LTSS account using insurance principles and designed to reduce rate fluctuations. Sets maximum premium rate at fifty-eight hundreds of one percent.

Requires the Commission to propose recommendations to the Legislature by January 1, 2021, about providing a refund for a developmentally disabled individual who is dependent on a deceased qualified individual who has not accessed benefits. Refunds must be paid into an individual trust account within the developmental disabilities endowment trust fund for the benefit of the individual with a developmental disability.

Modifies the intent section to include the program's goals to assist middle class families. (2) Transfers the authority to increase the annual benefit unit from the Commission to the Council. Any changes adopted by the council shall be subject to revision by the legislature. (3) Creates the Long-Term Care Services and Supports Council consisting of the legislators and agency heads of the Commission and the Director of Office of Financial Management or designee. Council must meet annually to adjust benefit unit. (4) Adds the Office of the State Actuary to the agencies with duties under the program. The State Actuary will provide a biennial actuarial audit and valuation of the long-term services and supports trust fund and provide recommendations to maintain solvency. (5) Adds language that requires the Commission's recommendations and decisions to be guided by the goals of maintaining benefit adequacy and fund solvency and sustainability. (6) Replaces the 2032 JLARC audit with a program evaluation by the state auditor that includes recommendations for improvements to program operations, financial solvency, value of the benefit, and overall efficacy of the program.

Changes the minimum hours worked to meet the premium payment requirements from 208 hours to 500 hours.

Requires the Office of the State Actuary to provide actuarial assistance to the Trust Commission and to provide recommendations to the Trust Commission and the Legislature on actions necessary to maintain trust solvency. (2) Requires the Trust Commission to work with the Office of the State Actuary to develop an actuarial report of the projected solvency and financial status of the program by January 1, 2021, and to provide recommendations to the Legislature on actions necessary to achieve trust solvency.

Removes the provision that allows each eligible beneficiary to receive up to 365 benefit units over the course of the beneficiary's lifetime. (2) Allows eligible beneficiaries who have vested in the program for less than ten years to receive up to 180 benefit units. (3) Allows eligible beneficiaries who have vested in the program for ten years or more to receive up to 365 benefit units.

Before the Legislature increases the premium to fund any program deficits, the Legislature is required to utilize any of the funds that are received by the state through a demonstration waiver with the federal government or any Medicaid savings that are identified by the Commission.

If the Legislature increases premiums, the Legislature is required to notify each person that has met the premium payment requirements of the premium increase, describe the reason for increasing the premiums and its plan for restoring the funds so that premiums are returned to the original premium amount.

Adds a referendum clause to require that the act be submitted for adoption and ratification, or rejection, at the next general election.

Exempts employees who demonstrate they have long-term care insurance from paying the premium and accessing the benefit.