You want to know (1) the amount of money distributed to retired state employees as a result of the Anthem Blue Cross Blue Shield conversion from a mutual to a capital stock company, (2) the length of time before the distribution is complete, and (3) how the distribution is determined.

A small number of state employee retirees are eligible for a cash or stock distribution from Anthem Blue Cross Blue Shield. Eligible retirees are those who purchased a health insurance policy to supplement their health insurance retirement benefit and satisfied certain minimum length of time and premium contribution requirements.

Eligible retirees received a minimum of 21 shares of stock, which were delivered to the state treasurer to convert to cash. Anthem Blue Cross Blue Shield determined the amount of any distribution above the minimum according to the formula it has not disclosed. Retirees who receive the minimum distribution have the option of receiving stock or cash. Retirees eligible for a larger distribution may receive a stock distribution only.

OLR report 2002-R-0161 provides a more detailed explanation about the distribution and claims by state employee unions and individual workers.

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