A00520
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
298
Session of
2023
INTRODUCED BY HARKINS, MERSKI, HILL-EVANS, SANCHEZ, DELLOSO,
MADDEN, NEILSON, N. NELSON, BRENNAN, INNAMORATO AND CONKLIN,
MARCH 10, 2023
REFERRED TO COMMITTEE ON LOCAL GOVERNMENT, MARCH 10, 2023
AN ACT
Amending the act of August 31, 1971 (P.L.398, No.96), entitled
"An act providing for the creation, maintenance and operation
of a county employes' retirement system, and imposing certain
charges on counties and providing penalties," further
providing for supplemental benefits.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 30(b)(1) 30(b) of the act of August 31,
1971 (P.L.398, No.96), known as the County Pension Law, is
amended to read:
Section 30. Supplemental Benefits.--* * *
(b) (1) The cost-of-living increase shall be reviewed at
least once in every three years by the board which may adjust
the current monthly benefit by up to, but no more than, the
percentages in accordance with cost-of-living index at the time
of review, provided that the adjustment need not be calculated
retroactively to the date of the previous cost-of-living
increase approved by the board under this section and need not
apply the cost-of-living index change for each year since the
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previous cost-of-living increase. Any adjustment approved under
this paragraph shall become effective January 1 of the calendar
year following the year in which the adjustment is approved.
* * *
(2) Before approving any cost-of-living adjustment, the
board shall have an actuarial note prepared regarding the
proposed adjustment. A cost-of-living adjustment shall only be
provided if the county retirement system calculates a funded
ratio based upon an entry age normal methodology of [eighty] one
hundred per cent or higher after the actuarial cost of the
adjustment is determined. Any county retirement system that
utilizes an accounting method that does not determine a funded
ratio based upon an entry age normal methodology shall, each
year, use an entry age normal actuarial cost methodology to
calculate a funded ratio in order to determine if the fund meets
the [eighty] one hundred per cent or higher funding level. The
funding level calculation shall be reported to the Public
Employee Retirement Commission in conjunction with established
reporting requirements.
Section 2. This act shall take effect in 60 days.
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