PRINTER'S NO. 1788
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1327
Session of
2015
INTRODUCED BY PEIFER, PICKETT, DUNBAR, DRISCOLL, R. BROWN,
W. KELLER, BARRAR, MURT, MILLARD, THOMAS, A. HARRIS, ROZZI,
D. COSTA, COHEN, MILNE, BRADFORD, MARSICO, MAJOR AND MULLERY,
JUNE 11, 2015
REFERRED TO COMMITTEE ON FINANCE, JUNE 11, 2015
AN ACT
Amending the act of April 9, 1929 (P.L.343, No.176), entitled,
as amended, "An act relating to the finances of the State
government; providing for the settlement, assessment,
collection, and lien of taxes, bonus, and all other accounts
due the Commonwealth, the collection and recovery of fees and
other money or property due or belonging to the Commonwealth,
or any agency thereof, including escheated property and the
proceeds of its sale, the custody and disbursement or other
disposition of funds and securities belonging to or in the
possession of the Commonwealth, and the settlement of claims
against the Commonwealth, the resettlement of accounts and
appeals to the courts, refunds of moneys erroneously paid to
the Commonwealth, auditing the accounts of the Commonwealth
and all agencies thereof, of all public officers collecting
moneys payable to the Commonwealth, or any agency thereof,
and all receipts of appropriations from the Commonwealth,
authorizing the Commonwealth to issue tax anticipation notes
to defray current expenses, implementing the provisions of
section 7(a) of Article VIII of the Constitution of
Pennsylvania authorizing and restricting the incurring of
certain debt and imposing penalties; affecting every
department, board, commission, and officer of the State
government, every political subdivision of the State, and
certain officers of such subdivisions, every person,
association, and corporation required to pay, assess, or
collect taxes, or to make returns or reports under the laws
imposing taxes for State purposes, or to pay license fees or
other moneys to the Commonwealth, or any agency thereof,
every State depository and every debtor or creditor of the
Commonwealth," in special funds, further providing for State
Workers' Insurance Board investments and for a related
expiration provision.
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The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The heading of Subarticle D of Article XVII-A of
the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal
Code, reenacted June 30, 2011 (P.L.159, No.26), is reenacted to
read:
SUBARTICLE D
INVESTMENTS
Section 2. Sections 1731-A and 1732-A of the act, reenacted
and amended June 30, 2011 (P.L.159, No.26), are reenacted and
amended to read:
Section 1731-A. State Workers' Insurance Board.
Notwithstanding any inconsistent provisions of section 1512
of the act of June 2, 1915 (P.L.736, No.338), known as the
Workers' Compensation Act, section 504 of the act of November
30, 1965 (P.L.847, No.356), known as the Banking Code of 1965,
[section 922 of the act of December 14, 1967 (P.L.746, No.345),
known as the Savings Association Code of 1967,] and any other
law of this Commonwealth, the power of the State Workers'
Insurance Board to invest money shall include the power to hold,
purchase, sell, assign, transfer and dispose of securities,
including common stock with the following restrictions:
(1) Investments in equities may not exceed the lesser
of:
(i) 15% of the State Workers' Insurance Fund's
assets; or
(ii) the State Workers' Insurance Fund's statutory
surplus after discount, except that, notwithstanding the
statutory surplus, the State Workers' Insurance Fund is
authorized to invest up to 7 1/2% of the book value of
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its assets in equities.
(1.1) Investments in equities shall be made subject to
the prudent investor rule as provided for under 20 Pa.C.S. ยง
7203 (relating to prudent investor rule).
(2) The State Workers' Insurance Board shall establish a
policy for investments and shall meet at least annually to
develop a schedule for rebalancing its investments in
securities to meet the restriction of paragraph (1).
Section 1732-A. Expiration.
This subarticle shall expire June 30, [2015] 2018.
Section 3. If this act is enacted after June 30, 2015, the
reenactment and amendment of Article XVII-A Subarticle D heading
and sections 1731-A and 1732-A of the act shall apply
retroactively to June 30, 2015.
Section 4. This act shall take effect immediately.
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