Section 158. Group term life insurance plan and group accident and health insurance 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 insurance 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  seven  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 No regulation shall be adopted, repealed or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.