PRINTER'S NO. 240
No. 182 Session of 2005
INTRODUCED BY BELFANTI, GODSHALL, CRAHALLA, BIANCUCCI, McGEEHAN,
DeWEESE, SURRA, CALTAGIRONE, GERGELY, READSHAW, TIGUE,
W. KELLER, FREEMAN, PRESTON, SOLOBAY, SAINATO AND GEORGE,
FEBRUARY 8, 2005
REFERRED TO COMMITTEE ON LABOR RELATIONS, FEBRUARY 8, 2005
AN ACT
1 Amending the act of April 9, 1929 (P.L.177, No.175), entitled
2 "An act providing for and reorganizing the conduct of the
3 executive and administrative work of the Commonwealth by the
4 Executive Department thereof and the administrative
5 departments, boards, commissions, and officers thereof,
6 including the boards of trustees of State Normal Schools, or
7 Teachers Colleges; abolishing, creating, reorganizing or
8 authorizing the reorganization of certain administrative
9 departments, boards, and commissions; defining the powers and
10 duties of the Governor and other executive and administrative
11 officers, and of the several administrative departments,
12 boards, commissions, and officers; fixing the salaries of the
13 Governor, Lieutenant Governor, and certain other executive
14 and administrative officers; providing for the appointment of
15 certain administrative officers, and of all deputies and
16 other assistants and employes in certain departments, boards,
17 and commissions; and prescribing the manner in which the
18 number and compensation of the deputies and all other
19 assistants and employes of certain departments, boards and
20 commissions shall be determined," providing for investment
21 powers for the State Workers' Insurance Board; and making
22 editorial changes.
23 The General Assembly of the Commonwealth of Pennsylvania
24 hereby enacts as follows:
25 Section 1. Section 2211 of the act of April 9, 1929
26 (P.L.177, No.175), known as The Administrative Code of 1929, is
27 amended to read:
1 Section 2211. State [Workmen's] Workers' Insurance Board
2 Powers and Duties.--(a) Notwithstanding any inconsistent
3 provisions of section 1512 of the act of June 2, 1915 (P.L.736,
4 No.338) known as the "Workers' Compensation Act," section 504 of
5 the act of November 30, 1965 (P.L.847, No.356), known as the
6 "Banking Code of 1965," section 922 of the act of December 14,
7 1967 (P.L.746, No.345), known as the "Savings Association Code
8 of 1967," and any other law of this Commonwealth, the power of
9 the State Workers' Insurance Board to invest moneys shall
10 include the power to hold, purchase, sell, assign, transfer and
11 dispose of securities including common stock with the following
12 restrictions:
13 (1) Investments in equities may not exceed the lesser of:
14 (i) twenty per centum (20%) of the State Workers' Insurance
15 Fund's assets; or
16 (ii) the State Workers' Insurance Fund's statutory surplus
17 after discount.
18 (2) The State Workers' Insurance Board shall establish a
19 policy for investments and shall meet at least annually to
20 develop a schedule for rebalancing its investments in securities
21 to meet the restriction of clause (1).
22 (b) Subject to any inconsistent provisions in this act
23 contained, the State [Workmen's] Workers' Insurance Board shall
24 continue to exercise the powers and perform the duties by law
25 vested in and imposed upon the said board.
26 Section 2. This act shall take effect immediately.
B3L71SFL/20050H0182B0240 - 2 -