8/ Something must be done to stop this waste and ensure taxpayer funds are spent without conflicts of interest.

In a report I issued last month, I urged the Legislature to act.

7/ OSC’s audits have also found that insurance brokers misrepresent the actual costs of insurance that they sell, which results in waste of taxpayer funds.

🔗 nj.gov/comptroller/...

6/ OSC has also found waste and undisclosed conflicts of interest among HIF vendors that serve hundreds of local governments and school boards.

🔗 www.nj.gov/comptroller/...

5/ This is money provided by local and state taxpayers that could have been spent on educating New Jersey’s schoolchildren and instead was spent on unnecessarily expensive health insurance.

4/ The State Auditor questioned the broker’s independence and urged the school district in the future to avoid conflicts of interest when purchasing health insurance.

3/ The report found that the broker underestimated costs by an average of $3.55M per year based on a misleading and erroneous comparison between HIF and SEHBP costs.

For a three-year period, the district and employees missed the chance to save $7.5M.

2/ According to the audit, the BOE and public employees missed the chance to save millions in health insurance costs because their broker gave them inaccurate and misleading information.

The insurance funds provide health benefits for hundreds of municipalities and school boards across the state.
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The firm shaped how contracts were written, priced, and awarded, even while they competed for –and won—some of these multi-million-dollar contracts.
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