PRINTER'S NO. 3553
No. 2484 Session of 1984
INTRODUCED BY WOGAN, NOYE, CIVERA AND KOSINSKI, SEPTEMBER 24,
1984
REFERRED TO COMMITTEE ON EDUCATION, SEPTEMBER 24, 1984
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, further defining "statutory interest"; and further
3 providing for accumulated deductions and member's
4 contributions.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. The definition of "statutory interest" in section
8 8102 of Title 24 of the Pennsylvania Consolidated Statutes,
9 amended July 22, 1983 (P.L.104, No.31), is amended to read:
10 § 8102. Definitions.
11 The following words and phrases when used in this part shall
12 have, unless the context clearly indicates otherwise, the
13 meanings given to them in this section:
14 * * *
15 "Statutory interest." Interest at 4% per annum, compounded
16 annually to the date application is made for monthly benefits or
17 the return of accumulated deductions.
18 * * *
1 Section 2. Section 8341 of Title 24 is amended to read:
2 § 8341. Return of accumulated deductions.
3 Any member upon termination of service may, in lieu of all
4 benefits payable under this chapter to which he may be entitled,
5 elect to receive his accumulated deductions with statutory
6 interest credited to the date formal application is made.
7 Section 3. Section 8502(m) of Title 24, amended July 22,
8 1983 (P.L.104, No.31), is amended to read:
9 § 8502. Administrative duties of board.
10 * * *
11 (m) Member contributions and interest.--The board shall
12 cause each member's contributions, including payroll deductions,
13 pickup contributions and all other payments, to be credited to
14 the account of such member and shall pay all such amounts into
15 the fund. Such contributions shall be credited with statutory
16 interest until [date of termination of service, except in the
17 case of a vestee, who shall have such interest credited until]
18 the effective date of retirement or until the return of his
19 accumulated deductions, if he so elects; and in the case of a
20 multiple service member who shall have such interest credited
21 until termination of service in both the school and the State
22 systems.
23 * * *
24 Section 4. This act shall take effect in 60 days.
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