PRINTER'S NO. 178
No. 172 Session of 2001
INTRODUCED BY BELL AND BOSCOLA, JANUARY 30, 2001
REFERRED TO LOCAL GOVERNMENT, JANUARY 30, 2001
AN ACT
1 Amending the act of February 1, 1974 (P.L.34, No.15), entitled
2 "An act creating a Pennsylvania Municipal Retirement System
3 for the payment of retirement allowances to officers,
4 employes, firemen and police of political subdivisions and
5 municipal authorities and of institutions supported and
6 maintained by political subdivisions and municipal government
7 associations and providing for the administration of the same
8 by a board composed of the State Treasurer and others
9 appointed by the Governor; imposing certain duties on the
10 Pennsylvania Municipal Retirement Board and the actuary
11 thereof; providing the procedure whereby political
12 subdivisions and municipal authorities may join such system,
13 and imposing certain liabilities and obligations on such
14 political subdivisions and municipal authorities in
15 connection therewith, and as to certain existing retirement
16 and pension systems, and upon officers, employes, firemen and
17 police of such political subdivisions, institutions supported
18 and maintained by political subdivisions, and upon municipal
19 authorities; providing for the continuation of certain
20 municipal retirement systems now administered by the
21 Commonwealth; providing certain exemptions from taxation,
22 execution, attachment, levy and sale and providing for the
23 repeal of certain related acts," imposing a restriction on
24 investments.
25 The General Assembly of the Commonwealth of Pennsylvania
26 hereby enacts as follows:
27 Section 1. The act of February 1, 1974 (P.L.34, No.15),
28 known as the Pennsylvania Municipal Retirement Law, is amended
1 by adding a section to read:
2 Section 110.1. Restriction on Investments.--Funds of the
3 system may not be invested in stocks, securities or other
4 obligations of a corporation that is incorporated in a state
5 which prohibits investment of its state funds or public employe
6 retirement system funds in corporations incorporated in this
7 Commonwealth.
8 Section 2. This act shall take effect immediately.
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