PRINTER'S NO. 3283
No. 2525 Session of 1992
INTRODUCED BY VEON, LAUGHLIN, PESCI, STUBAN, COY, SALOOM,
BATTISTO, HAYES, JOSEPHS, WAMBACH, ANGSTADT, KOSINSKI,
D. R. WRIGHT, CAPPABIANCA, DEMPSEY, F. TAYLOR, ITKIN, COLE,
CARLSON, ROEBUCK, SCRIMENTI, GAMBLE, COLAFELLA, LANGTRY,
SERAFINI, THOMAS, HARPER, BUTKOVITZ, GANNON, REBER, BUSH,
FEE, HERMAN, VAN HORNE, BELARDI, STEELMAN, KRUSZEWSKI,
MARKOSEK, PISTELLA, SAURMAN, STABACK, JOHNSON, RUDY,
STEIGHNER, BELFANTI, CIVERA, PETRARCA, McGEEHAN, MIHALICH,
E. Z. TAYLOR, TRELLO, LaGROTTA, DALEY, McCALL, BILLOW, TELEK,
NOYE, CORNELL AND WILLIAMS, MARCH 18, 1992
REFERRED TO COMMITTEE ON EDUCATION, MARCH 18, 1992
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, providing for supplemental annuities in the Public
3 School Employees' Retirement System of Pennsylvania.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Title 24 of the Pennsylvania Consolidated
7 Statutes is amended by adding a section to read:
8 § 8348.3. Supplemental annuity based on years of service and
9 retirement.
10 (a) Benefits.--Commencing with the first monthly annuity
11 payment after January 1, 1993, any eligible benefit recipient
12 shall be entitled to receive a further additional monthly
13 supplemental annuity from the system. This shall be in addition
14 to the supplemental annuities provided for in sections 8348
1 (relating to supplemental annuities), 8348.1 (relating to
2 additional supplemental annuities) and 8348.2 (relating to
3 further additional supplemental annuities). A supplemental
4 annuity shall not be payable to an eligible benefit recipient
5 who is receiving a withdrawal annuity prior to the first day of
6 July coincident with or following the eligible benefit
7 recipient's attainment of superannuation age.
8 (b) Amount of additional supplemental annuity.--The amount
9 of the additional monthly supplemental annuity shall be the
10 total of the following:
11 (1) Two dollars multiplied by the number of years of
12 credited service.
13 (2) Two dollars multiplied by the number of years on
14 retirement.
15 (3) Two percent of the sum of paragraphs (1) and (2).
16 (c) Payment.--The additional monthly supplemental annuity
17 provided for in this section shall be paid automatically unless
18 the intended recipient files a written notice with the system
19 requesting that the additional monthly supplemental annuity not
20 be paid.
21 (d) Conditions.--The additional supplemental annuity
22 provided for in this section shall be payable under the same
23 terms and conditions as provided under the option plan in effect
24 as of December 31, 1992.
25 (e) Benefits paid to beneficiaries or survivors.--No
26 supplemental annuity effective after the death of the member
27 shall be payable to the beneficiary or survivor annuitant of the
28 deceased member.
29 (f) Funding.--The actuary shall annually estimate the amount
30 of Commonwealth appropriations for the next fiscal year needed
19920H2525B3283 - 2 -
1 to fund, through June 30, 2011, the additional monthly
2 supplemental annuity provided for in this section. The board
3 shall submit the actuary's estimation to the Secretary of the
4 Budget on or before November 1 of each year. If, in any year
5 after 1992, the amount estimated is disapproved under section
6 610 of the act of April 9, 1929 (P.L.177, No.175), known as The
7 Administrative Code of 1929, as insufficient to meet the funding
8 requirements of this subsection or is not appropriated by July
9 1, the additional supplemental annuity provided for in this
10 section shall be suspended until such time as an amount
11 certified and approved as sufficient is appropriated.
12 (g) Definitions.--As used in this section, the following
13 words and phrases shall have the meanings given to them in this
14 subsection:
15 "Eligible benefit recipient." A person who is receiving a
16 superannuation, withdrawal or disability annuity and who
17 commenced receipt of that annuity on or prior to July 1, 1991.
18 "Years of credited service." The number of full years of
19 service as a member to the credit of each benefit recipient.
20 Years of service need not be continuous.
21 "Years on retirement." The number of full years as of July
22 1, 1992, which have elapsed since the eligible benefit recipient
23 commenced the receipt of an annuity and during which the
24 eligible benefit recipient received an annuity.
25 Section 2. This act shall take effect immediately.
B25L24VDL/19920H2525B3283 - 3 -