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04/18/2024 08:46 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20150&cosponId=18483
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: June 5, 2015 09:43 AM
From: Representative Robert W. Godshall and Rep. Dan Frankel, Rep. Stephen Bloom, Rep. Joseph F. Markosek
To: All House members
Subject: IRS Compliance for SERS/PSERS
 
In order to maintain our compliance with the Internal Revenue Service (IRS) rules, we are introducing legislation to make necessary updates to the Public Pension Program administered by the State Employees Retirement System (SERS) and the Public School Employees Retirement System (PSERS).

This has to be done in order for our current state and school district employees to retain tax deferred status while working on their future retirement benefits. It is SERS/PSERS duty to ensure that our pension plans are in compliance with federal and state laws, including the IRS. After the IRS reviewed our plans they provided SERS/PSERS with strictly technical changes that need to be in put in place prior to January 2016. If a pension plan is found to not be in compliance, employees would have to pay income tax every year on the additional investment income their retirement accounts accumulated.

Please join us in co-sponsoring this important legislation.



Introduced as HB1332