PRINTER'S NO. 187
No. 167 Session of 2003
INTRODUCED BY SATHER, TIGUE, STERN, HESS, GEIST, ARGALL, BAKER, BASTIAN, BEBKO-JONES, BELFANTI, CAPPELLI, COY, FAIRCHILD, FICHTER, FLICK, FORCIER, GEORGE, GOODMAN, HALUSKA, HARHAI, HARRIS, HENNESSEY, HERMAN, HERSHEY, HORSEY, HUTCHINSON, JAMES, KELLER, LAUGHLIN, LEVDANSKY, MACKERETH, MARSICO, McCALL, McILHATTAN, MELIO, R. MILLER, S. MILLER, NAILOR, NICKOL, O'NEILL, PETRARCA, PETRONE, READSHAW, ROBERTS, SAINATO, SCAVELLO, SHANER, SOLOBAY, TANGRETTI, THOMAS, TRAVAGLIO, WANSACZ, WASHINGTON, WATSON, WOJNAROSKI, YOUNGBLOOD AND YUDICHAK, FEBRUARY 10, 2003
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 10, 2003
AN ACT 1 Amending the act of December 18, 1984 (P.L.1005, No.205), 2 entitled "An act mandating actuarial funding standards for 3 all municipal pension systems; establishing a recovery 4 program for municipal pension systems determined to be 5 financially distressed; providing for the distribution of the 6 tax on the premiums of foreign fire insurance companies; and 7 making repeals," further providing for the distribution 8 formula of the foreign fire insurance tax. 9 The General Assembly of the Commonwealth of Pennsylvania 10 hereby enacts as follows: 11 Section 1. Section 704 of the act of December 18, 1984 12 (P.L.1005, No.205), known as the Municipal Pension Plan Funding 13 Standard and Recovery Act, is amended to read: 14 Section 704. Distribution formula. 15 (a) General rule.--Except as provided in subsection (b) and 16 section 705, the amount to be paid to each municipality shall be 17 determined as follows:
1 (1) fifty percent of the fund shall be distributed based 2 on the population of each municipality in proportion to the 3 population of the entire Commonwealth, based upon the latest 4 national population census as reported by the United States 5 Bureau of Census; and 6 (2) fifty percent of the fund shall be distributed based 7 on the market value of real estate of each municipality in 8 proportion to the market value of real estate for the entire 9 Commonwealth, based upon the most recent statistics from the 10 State Tax Equalization Board. 11 (b) Minimum distribution.-Each municipality shall receive 12 the minimum sum of $5,000. 13 Section 2. This act shall take effect in 60 days. A13L72JLW/20030H0167B0187 - 2 -