PRINTER'S NO. 362
No. 347 Session of 2001
INTRODUCED BY MOWERY AND KITCHEN, FEBRUARY 7, 2001
REFERRED TO FINANCE, FEBRUARY 7, 2001
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, further defining "basic contribution rate" by
3 providing for additional employee contributions.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. The definition of "basic contribution rate" in
7 section 8102 of Title 24 of the Pennsylvania Consolidated
8 Statutes is amended to read:
9 § 8102. Definitions.
10 The following words and phrases when used in this part shall
11 have, unless the context clearly indicates otherwise, the
12 meanings given to them in this section:
13 * * *
14 "Basic contribution rate." The rate of 6 1/4%. The basic
15 contribution rate shall be adjusted annually to require an
16 additional employee contribution equal to one-half of the
17 additional cost of any newly created retirement benefit or any
18 existing retirement benefit modified to increase the benefit or
1 expand eligibility by the General Assembly after the effective
2 date of this amendatory act. The additional cost of the benefit
3 will be determined by the actuarial note on the cost of the new
4 or modified benefit as prepared by the board.
5 * * *
6 Section 2. This act shall apply beginning with the first
7 fiscal year following the effective date of this act.
8 Section 3. This act shall take effect immediately.
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