Bill Information

An Act amending the act of December 18, 1984 (P.L.1005, No.205), known as the Municipal Pension Plan Funding Standard and Recovery Act, in municipal pension plan actuarial reporting, further providing for contents of actuarial valuation report and providing for actuarial asset valuation and for revised actuarial valuation report; in financially distressed municipal pension plan determination procedure, further providing for initiation of distress determination, for pension plans to be included in determination and for determination procedure; in financially distressed municipal pension system recovery program, further providing for application, for election determination procedure, for recovery program level I, for recovery program level II, for recovery program level III, for remedies applicable to various recovery program levels, for supplemental State assistance program and fund and for municipal employee retirement program; in financially distressed municipal pension system recovery program, establishing programs for municipal pension recovery and municipal employee retirement; in financially distressed municipal pension system recovery program, further providing for rules and regulations; adding special provisions for amortization of unfunded actuarial accrued liability and minimum municipal obligation in cities of the first class; further providing for alternative funding mechanism; and providing for special taxing authority for cities of the first class.