PRINTER'S NO. 3165
No. 2288 Session of 1986
INTRODUCED BY TRELLO, IRVIS, MOWERY, VAN HORNE, FEE, BATTISTO,
HALUSKA, COLAFELLA AND A. C. FOSTER, JR., MARCH 19, 1986
REFERRED TO COMMITTEE ON FINANCE, MARCH 19, 1986
AN ACT
1 Amending the act of May 12, 1943 (P.L.259, No.120), entitled, as
2 reenacted and amended, "An act providing for the payment by
3 the State Treasurer, of the amount of the tax on premiums
4 paid by foreign casualty insurance companies, to the
5 treasurers of the several cities, boroughs, towns, townships,
6 and certain counties, and for the payment thereof into police
7 pension funds, and in certain cases into the Municipal
8 Employes' Retirement System, and for Pension Annuity
9 Contracts, and in certain other cases into the State
10 Employes' Retirement Fund, for certain purposes," further
11 providing for the return of unused moneys; and repealing
12 provisions relating to payments to municipalities.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Sections 1 and 1.1 of the act of May 12, 1943
16 (P.L.259, No.120), referred to as the Foreign Casualty Insurance
17 Premium Tax Allocation Law, reenacted and amended May 10, 1951
18 (P.L.250, No.39), are repealed.
19 Section 2. Section 1.2 of the act, amended May 25, 1956
20 (1955 P.L.1742, No.582), is amended to read:
21 Section 1.2. (a) All general municipal pension system
22 State-aid moneys distributed under the terms [hereof,] of
23 Chapter 4 of the act of December 18, 1984 (P.L.1005, No.205),
1 known as the "Municipal Pension Plan Funding Standard and
2 Recovery Act," that are not used for the purposes set forth
3 [herein] in that act within two years after receipt thereof by
4 the treasurers of the several counties, cities, boroughs, towns
5 and townships, shall be returned to the [General Fund] general
6 municipal pension system State-aid program for subsequent
7 distribution in [accordance with the terms of Formula 3 of the
8 act herein amended] the succeeding year.
9 (b) General municipal pension system State-aid moneys shall
10 be deemed to have not been used for the purposes set forth in
11 Chapter 4 of the "Municipal Pension Plan Funding Standard and
12 Recovery Act," if:
13 (1) the pension plan to which the aid amount has been
14 allocated has been dissolved, disbanded or terminated; or
15 (2) the assets of the pension plan exceed the actuarial
16 present value of all projected benefits provided by the pension
17 plan without any reduction for the actuarial present value of
18 future normal costs as indicated in the most recent actuarial
19 valuation report filed with respect to the pension plan pursuant
20 to section 202(b)(2) of the "Municipal Pension Plan Funding
21 Standard and Recovery Act."
22 Section 3. Sections 2, 3 and 3.1 of the act are repealed.
23 Section 4. This act shall take effect immediately.
B6L72VDL/19860H2288B3165 - 2 -