State Treasurer Dale Folwell announced this week that the State Health Plan Board of Trustees has approved a contract with CVS Caremark to continue pharmacy benefit management for the plan.

The estimated savings for the State Health Plan under this new contract, as compared to the projected current contract, are $701.1 million.

“We are pleased to be able to offer continuity in our Pharmacy Benefit Management services, avoiding member disruption as well as saving Plan members and taxpayers like them over $700 million,” said Folwell.