PRINTER'S NO. 396
No. 383 Session of 2001
INTRODUCED BY CONTI, TOMLINSON, WAGNER, KITCHEN, RHOADES, HOLL,
STOUT, LEMMOND, WOZNIAK, THOMPSON, MOWERY AND MUSTO,
FEBRUARY 8, 2001
REFERRED TO FINANCE, FEBRUARY 8, 2001
AN ACT
1 Amending Titles 24 (Education) and 71 (State Government) of the
2 Pennsylvania Consolidated Statutes, further providing for
3 contributions required to provide for the payment of future
4 supplemental annuities.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Section 8328(d) of Title 24 of the Pennsylvania
8 Consolidated Statutes is amended to read:
9 § 8328. Actuarial cost method.
10 * * *
11 (d) Supplemental annuity contribution rate.--Contributions
12 from the Commonwealth and other employers required to provide
13 for the payment of the supplemental annuities provided for in
14 sections 8348, 8348.1 and 8348.2 shall be paid over a period of
15 20 years from July 1, 1991. The amount of each annual
16 supplemental annuities contribution shall be 5% greater than the
17 amount of such contribution for the previous fiscal year. In the
18 event that supplemental annuities are increased by legislation
1 enacted subsequent to July 1, 1991, and before July 1, 2001, the
2 additional liability for the increased benefits shall be funded
3 in annual installments increasing by 5% each year over a period
4 of 20 years from the July 1, coincident with or next following
5 the effective date of such legislation. Notwithstanding the
6 preceding, the funding for the supplemental annuities commencing
7 1994 provided for in section 8348.3 shall be as provided in
8 section 8348.3(f)[.] and the funding for the supplemental
9 annuities commencing 1998 provided for in section 8348.5
10 (relating to supplemental annuities commencing 1998) shall be as
11 provided in section 8348.5(f). In the event that supplemental
12 annuities are increased by legislation enacted after June 30,
13 1998, the additional liability for the increased benefits shall
14 be funded in annual level dollar installments over a period of
15 ten years from the July 1 next following the effective date of
16 the legislation.
17 * * *
18 Section 2. Section 5508(e) of Title 71 is amended to read:
19 § 5508. Actuarial cost method.
20 * * *
21 (e) Supplemental annuity contribution rate.--Contributions
22 from the Commonwealth required to provide for the payment of
23 supplemental annuities as provided in sections 5708, 5708.1 and
24 5708.2 shall be paid over a period of 20 years from July 1,
25 1991. The amount of each annual supplemental annuities
26 contribution shall be 5% greater than the amount of such
27 contribution for the previous fiscal year. In the event that
28 supplemental annuities are increased by legislation enacted
29 subsequent to July 1, 1991, and before July 1, 2001, the
30 additional liability for the increase in benefits shall be
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1 funded in annual installments increasing by 5% each year over a
2 period of 20 years from the July first, coincident with or next
3 following the effective date of such legislation.
4 Notwithstanding the preceding, the funding for the supplemental
5 annuities commencing 1994 provided for in section 5708.3 shall
6 be as provided in section 5708.3(f)[.] and the funding for the
7 supplemental annuities commencing 1998 provided for in section
8 5708.5 (relating to supplemental annuities commencing 1998)
9 shall be as provided in section 5708.5(f). In the event that
10 supplemental annuities are increased by legislation enacted
11 after June 30, 1998, the additional liability for the increased
12 benefits shall be funded in annual level dollar installments
13 over a period of ten years from the July 1 next following the
14 effective date of the legislation.
15 * * *
16 Section 3. This act shall take effect in 60 days.
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