PRIOR PRINTER'S NO. 2877 PRINTER'S NO. 3754
No. 2106 Session of 1986
INTRODUCED BY KOSINSKI, STABACK, GALLAGHER, FEE, YANDRISEVITS,
HALUSKA, BELFANTI, LINTON, DeWEESE, PISTELLA, TRELLO, TRUMAN,
WOGAN, FISCHER, LASHINGER, ARTY, MILLER, J. L. WRIGHT,
HERMAN, CIVERA AND O'DONNELL, FEBRUARY 5, 1986
AS RE-REPORTED FROM COMMITTEE ON APPROPRIATIONS, HOUSE OF
REPRESENTATIVES, AS AMENDED, JUNE 23, 1986
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, further providing for special early retirement and <--
3 supplemental annuity contribution rate.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Sections 8312 and 8328(d) SECTION 8312 of Title <--
7 24 of the Pennsylvania Consolidated Statutes are IS amended to <--
8 read:
9 § 8312. Eligibility for special early retirement.
10 Notwithstanding any provisions of this title to the contrary,
11 [for the period only of July 1, [1985] 1986, to June 30, [1986] <--
12 1987,] the following special early retirement provisions shall <--
13 be applicable to specified eligible members as follows:
14 (1) [During the period of July 1, [1985] 1986, to June <--
15 30, [1986] 1987, any] Any member who has attained the age of <--
16 at least 53 years and has credit for at least 30 eligibility
17 points shall be entitled, upon termination of service and
1 filing of a proper application, to receive a maximum single
2 life annuity calculated pursuant to section 8342 (relating to
3 maximum single life annuity) without any reduction by virtue
4 of an effective date of retirement which is under the
5 superannuation age.
6 (2) [During the period of July 1, [1985] 1986, to June <--
7 30, [1986] 1987, any] Any member who has attained the age of <--
8 at least 50 years but not greater than 53 years and has
9 credit for at least 30 eligibility points shall be entitled,
10 upon termination of service and filing of a proper
11 application, to receive a maximum single life annuity
12 calculated pursuant to section 8342 with a reduction by
13 virtue of an effective date of retirement which is under the
14 superannuation age of a percentage determined by multiplying
15 the number of months, including a fraction of a month as a
16 full month, by which the effective date of retirement
17 precedes the attainment of age 53 by 0.25%.
18 § 8328. Actuarial cost method. <--
19 * * *
20 (d) Supplemental annuity contribution rate.--Contributions
21 from the Commonwealth and other employers required to provide
22 for the payment of supplemental annuities to annuitants as
23 provided in section 8348 (relating to supplemental annuities)
24 shall be determined as a percentage of the total compensation of
25 all active members during the period for which the amount is
26 certified as sufficient to fund the liabilities of the
27 supplemental retirement allowance account as a level percentage
28 over a period of 30 years from July 1, 1967. In the event that
29 annuities are increased by legislation enacted subsequent to
30 July 1, 1974, the additional liability for the increase in
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1 benefits to annuitants shall be funded similarly as a level
2 percentage over a period of 20 years from the first day of July
3 coincident with or next following the effective date of such
4 legislation. Notwithstanding the foregoing, the additional
5 liability on account of any increase in annuities which is
6 effective July 1, 1979, shall be funded by level annual payments
7 over a period of 20 years beginning July 1, 1980. The additional
8 liability on account of any increase in annuities which is
9 effective July 1, 1984, shall be funded by level annual payments
10 over a period of 20 years beginning July 1, 1984. The additional
11 liability on account of any increase in annuities which is
12 effective July 1, 1986, shall be funded by level annual payments
13 over a period of 20 years beginning July 1, 1986.
14 Section 2. This act shall take effect July 1, 1986, or
15 immediately, whichever is later.
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