1Amending Title 71 (State Government) of the Pennsylvania
2Consolidated Statutes, further providing for eligibility for
3special early retirement.
4The General Assembly of the Commonwealth of Pennsylvania
5hereby enacts as follows:
6Section 1. Title 71 of the Pennsylvania Consolidated
7Statutes is amended by adding a section to read:
8§ 5308.3. Eligibility for special early retirement.
10(1) Notwithstanding any provisions of this title to the
11contrary, this section shall apply to a member who, during
12the period of time after February 28, 2014, and before June
14(i) has attained either 30 eligibility points or a
15combination of age and eligibility points that totals 80;
16(ii) has terminated State service; and
17(iii) files an application for an annuity with an
18effective date of retirement not later than July 1, 2014.
1(2) A member under paragraph (1) shall be entitled to
2receive a maximum single life annuity calculated pursuant to
3section 5702 (relating to maximum single life annuity)
4without any reduction by virtue of an effective date of
5retirement which is under the superannuation age and shall be
6entitled to insurance coverage under a contract of insurance
7affecting the member that is in effect on the effective date
8of retirement of the member.
9(b) Net savings cost.--
10(1) Each calendar quarter, the secretary shall do all of
12(i) Reduce the allocation for each Commonwealth
13agency for the ensuing calendar quarter by an amount
14equal to 60% of the net savings cost for that agency.
15(ii) Transfer the amount reduced under subparagraph
16(i) to the fund.
17(2) This subsection shall expire June 30, 2015.
18(c) Definitions.--As used in this section, the following
19words and phrases shall have the meanings given to them in this
21"Net savings cost." The greater of paragraph (1) or (2):
22(1) The difference between:
23(i) 25% of the total of the final salaries for
24members who retire from a Commonwealth agency under this
26(ii) the total salaries of all new hires in the six-
27month period before, and the six-month period after, July
29(2) Twenty percent of the total of the entry level
30salaries to replace retired members in that Commonwealth
2"Secretary." The Secretary of the Budget.
3Section 2. This act shall take effect immediately.