PRINTER'S NO. 1252
No. 230 Session of 2007
INTRODUCED BY DALEY, SCAVELLO, BASTIAN, BELFANTI, BENNINGHOFF,
BRENNAN, BUXTON, CALTAGIRONE, CAPPELLI, CARROLL, CASORIO,
CAUSER, COSTA, DeLUCA, DePASQUALE, EACHUS, FABRIZIO, GEIST,
GERGELY, GIBBONS, GOODMAN, GRUCELA, HALUSKA, HARHAI,
HUTCHINSON, JAMES, KENNEY, KING, LEACH, MARKOSEK, MARSICO,
MELIO, MUNDY, PETRONE, PHILLIPS, PYLE, READSHAW, REED,
SAINATO, SIPTROTH, SOLOBAY, STABACK, R. STEVENSON, SURRA,
TANGRETTI, R. TAYLOR, THOMAS, J. WHITE, WOJNAROSKI, YEWCIC,
YOUNGBLOOD, YUDICHAK, CONKLIN, HESS, KULA, KOTIK, PALLONE AND
PETRARCA, APRIL 13, 2007
REFERRED TO COMMITTEE ON FINANCE, APRIL 13, 2007
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, further providing for eligibility for early
3 retirement benefits.
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 § 8314. Eligibility for special early retirement.
9 (a) Eligibility.--Notwithstanding any provisions of this
10 title to the contrary, the following early retirement provisions
11 shall be applicable to eligible members:
12 (1) Any member who, during the period of time from March
13 1, 2008, through June 1, 2008:
14 (i) has attained either 30 eligibility points or a
1 combination of age and eligibility points that totals 80;
2 (ii) terminates school service; and
3 (iii) files an application for an annuity with an
4 effective date of retirement not later than July 1, 2008,
5 shall be entitled to receive a maximum single life annuity
6 calculated pursuant to section 8342 (relating to maximum
7 single life annuity) without any reduction by virtue of an
8 effective date of retirement which is under the
9 superannuation age and shall be entitled to any insurance
10 coverage under any contract of insurance affecting the member
11 that is in effect on the effective date of retirement of the
12 member.
13 (2) Any member who, during the period of time from March
14 1, 2009, through June 1, 2009:
15 (i) has attained either 30 eligibility points or a
16 combination of age and eligibility points that totals 80;
17 (ii) terminated school service; and
18 (iii) files an application for an annuity with an
19 effective date of retirement not later than July 1, 2009,
20 shall be entitled to receive a maximum single life annuity
21 calculated pursuant to section 8342 without any reduction by
22 virtue of an effective date of retirement which is under the
23 superannuation age and shall be entitled to any insurance
24 coverage under any contract of insurance affecting the member
25 that is in effect on the effective date of retirement of the
26 member.
27 (b) Net savings cost.--
28 (1) Each fiscal year, the department shall do all of the
29 following:
30 (i) Deduct from the required reimbursement for each
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1 school district under Article XXV of the act of March 10,
2 1949 (P.L.30, No.14), known as the Public School Code of
3 1949, an amount equal to 60% of the net savings cost for
4 that school district.
5 (ii) Transmit to the fund the amount deducted under
6 subparagraph (i) to the fund.
7 (2) This subsection shall expire June 30, 2012.
8 (c) Definition.--As used in this section, the term "net
9 savings cost" means the difference between:
10 (1) the total of the final salaries for members who
11 retire from a school district under this section; and
12 (2) the total of the entry level salaries to replace
13 retired members in that school district.
14 Section 2. This act shall take effect immediately.
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