Bill Information - History

An Act amending the act of December 18, 1984 (P.L.1005, No.205), known as the Municipal Pension Plan Funding Standard and Recovery Act, amending the title of the act; in preliminary provisions, further providing for definitions; in preliminary provisions, providing for methodology; in municipal pension plan actuarial reporting, further providing for contents of actuarial valuation report and providing for actuarial asset valuation and for revised actuarial valuation report; in minimum funding standard for municipal pension plans, further providing for minimum funding standard and defined benefit plans self-insured in whole or in part; in revisions applicable to municipal pension fund financing, further providing for revision of financing from State revenue sources and General Municipal Pension System State Aid Program; in financially distressed municipal pension plan determination procedure, further providing for initiation of distress determination, for pension plans to be included in determination and for determination procedure; in financially distressed municipal pension system recovery program, further providing for application, for election determination procedures, for recovery program level I, for recovery program level II, for recovery program level III, for remedies, for supplemental State assistance program and fund and for regulations; providing for standards for municipal pension systems; in alternative funding mechanisms, making an editorial change, further providing for alternative funding mechanism and providing for cities of the first class and for special taxing authority; providing for deferred retirement option plans; and making a related repeal.