PRINTER'S NO. 681
No. 613 Session of 1983
INTRODUCED BY O'DONNELL, GEORGE, KUKOVICH, CAWLEY, BELFANTI,
PRATT, FATTAH, F. E. TAYLOR, CALTAGIRONE, JAROLIN, EVANS,
COY, POTT, BLAUM, SEVENTY, DeLUCA, PRESTON, TIGUE, STEIGHNER,
PISTELLA, COLAFELLA, WARGO, D. R. WRIGHT, SALVATORE, MORRIS,
MAIALE, AFFLERBACH, DALEY, PERZEL, FISCHER, LUCYK, CARN,
HALUSKA, SWEET, GEIST, LLOYD, E. Z. TAYLOR, ALDERETTE, DEAL
AND MICHLOVIC, MARCH 23, 1983
REFERRED TO COMMITTEE ON STATE GOVERNMENT, MARCH 23, 1983
AN ACT
1 Amending Title 71 (State Government) of the Pennsylvania
2 Consolidated Statutes, further providing for investments to
3 promote employment in Pennsylvania.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 5931(a) of Title 71 of the Pennsylvania
7 Consolidated Statutes is amended to read:
8 § 5931. Management of fund and accounts.
9 (a) Control and management of fund.--The members of the
10 board shall be the trustees of the fund and shall have exclusive
11 control and management of the said fund and full power to invest
12 the same, subject, however, to the exercise of that degree of
13 judgment, skill and care under the circumstances then prevailing
14 which persons of prudence, discretion and intelligence, who are
15 familiar with such matters, exercise in the management of their
16 own affairs not in regard to speculation, but in regard to the
1 permanent disposition of the funds, considering the probable
2 income to be derived therefrom as well as the probable safety of
3 their capital, and further subject to all the terms, conditions,
4 limitations and restrictions imposed by this part or other law
5 upon the making of investments. The board shall when possible
6 and consistent with the terms, conditions, limitations,
7 responsibilities and restrictions imposed by this subsection or
8 other law, invest in any project or business which promotes
9 employment of Pennsylvania residents. Subject to like terms,
10 conditions, limitations and restrictions, said trustees shall
11 have the power to hold, purchase, sell, lend, assign, transfer
12 or dispose of any of the securities and investments in which any
13 of the moneys in the fund shall have been invested as well as of
14 the proceeds of said investments and of any moneys belonging to
15 said fund. After December 31, 1983, no less than 10% of all
16 investments of the fund shall directly result in the employment
17 of Pennsylvania residents.
18 * * *
19 Section 2. Not later than December 31, 1985, the board shall
20 prepare and transmit to the General Assembly a report on the
21 impact of the investments and deposits of the State Employees'
22 Retirement Fund on employment in Pennsylvania.
23 Section 3. This act shall take effect immediately.
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