PRINTER'S NO. 524

THE GENERAL ASSEMBLY OF PENNSYLVANIA


HOUSE BILL

No. 465 Session of 1991


        INTRODUCED BY CIVERA, SEMMEL, GANNON, HERMAN, PESCI, DEMPSEY,
           TRELLO, HALUSKA, HAGARTY, FOX, RAYMOND, ANGSTADT,
           D. W. SNYDER, KING, M. N. WRIGHT, ULIANA, DENT, R. C. WRIGHT,
           MERRY, LINTON, PITTS, SERAFINI, CAWLEY, MAIALE, ARMSTRONG,
           ADOLPH, BELARDI, KENNEY, GODSHALL, J. TAYLOR, E. Z. TAYLOR,
           BATTISTO, McHUGH, GEIST, MICOZZIE, BUNT AND HARLEY,
           MARCH 11, 1991

        REFERRED TO COMMITTEE ON EDUCATION, MARCH 11, 1991

                                     AN ACT

     1  Amending Title 24 (Education) of the Pennsylvania Consolidated
     2     Statutes, further providing for investments for the Public
     3     School Employees' Retirement System.

     4     The General Assembly of the Commonwealth of Pennsylvania
     5  hereby enacts as follows:
     6     Section 1.  Section 8521(l) of Title 24 of the Pennsylvania
     7  Consolidated Statutes is amended to read:
     8  § 8521.  Management of fund and accounts.
     9     * * *
    10     (l)  Additional board power on investments.--Regardless of
    11  any limitations, conditions or restrictions imposed on the
    12  making of investments by this part or other law, the board may,
    13  at its discretion, invest a maximum of 10% of the book value of
    14  the assets of the fund in any investments, which shall include
    15  affordable housing programs administered by the Pennsylvania
    16  Housing and Finance Agency, not otherwise specifically

     1  authorized, provided that such investments are made with the
     2  exercise of that degree of judgment and care under the
     3  circumstances then prevailing which persons of prudence,
     4  discretion and intelligence who are familiar with such matters
     5  exercise in the management of their own affairs not in regard to
     6  speculation, but in regard to the permanent disposition of the
     7  fund, considering the probable income to be derived therefrom as
     8  well as the probable safety of their capital.
     9     * * *
    10     Section 2.  This act shall take effect in 60 days.














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