H0060B0064A00075 DMS:BTW 02/19/19 #90 A00075
AMENDMENTS TO HOUSE BILL NO. 60
Sponsor: REPRESENTATIVE BRADFORD
Printer's No. 64
Amend Bill, page 1, line 4, by striking out the period after
"definitions" and inserting
; in contributions, further providing for contributions to the
system by the Commonwealth and other employers and for
actuarial cost method; and, in administration, funds,
accounts, general provisions, further providing for
administrative duties of the board and for State accumulation
account.
Amend Bill, page 3, by inserting between lines 20 and 21
Section 2. Sections 5507 and 5508 of Title 71 are amended by
adding subsections to read:
§ 5507. Contributions to the system by the Commonwealth and
other employers.
* * *
(c.1) Additional Payments by the Susquehanna River Basin
Commission.--In addition to all other contributions required
under this section and section 5508, the Susquehanna River Basin
Commission shall make additional contributions pursuant to
section 5508(j) as certified by the board.
* * *
§ 5508. Actuarial cost method.
* * *
(j) Additional contributions from the Susquehanna River
Basin Commission.--
(1) In addition to all other contributions otherwise
required to be paid to the board by the Susquehanna River
Basin Commission under sections 5507 and this section as
certified by the board under section 5902(k) (relating to
administrative duties of the board), the Susquehanna River
Basin Commission shall make the additional payments specified
in this subsection as certified by the board pursuant to
section 5902(k).
(2) The additional payments under this subsection shall
be the amounts determined by the actuary as necessary to fund
the liabilities for all benefits accrued or accruing to
current and former employees of the Susquehanna River Basin
Commission who are or were active members of the system that
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are not otherwise funded by the regular member contributions,
shared-risk member contributions, additional member
contributions and Social Security integration member
contributions of those members and by employer contributions
made by the Susquehanna River Basin Commission pursuant to
section 5507.
(3) The additional payments under this subsection shall
be made in the amounts, time and manner determined by the
board over a period not less than ten years from the
beginning of the first fiscal year starting after the annual
valuation immediately after the effective date of this
subsection, unless the Susquehanna River Basin Commission
agrees to a shorter period.
Section 3. Sections 5902(k) and 5934 of Title 71 are amended
to read:
§ 5902. Administrative duties of the board.
* * *
(k) Certification of employer contributions to fund.--The
board shall, each year in addition to the itemized budget
required under section 5509 (relating to appropriations and
assessments by the Commonwealth), certify, as a percentage of
the members' payroll, the shared-risk contribution rate, the
shared-gain adjustment to the regular member contribution rate,
the employers' contributions as determined pursuant to section
5508 (relating to actuarial cost method) necessary for the
funding of prospective annuities for active members and the
annuities of annuitants and certify the rates and amounts of the
employers' normal contributions as determined pursuant to
section 5508(b), accrued liability contributions as determined
pursuant to section 5508(c), supplemental annuities contribution
rate as determined pursuant to section 5508(e), the experience
adjustment factor as determined pursuant to section 5508(f), the
collared contribution rate pursuant to section 5508(h) [and],
the final contribution rate pursuant to section 5508(i) and the
additional contribution by the Susquehanna River Basin
Commission pursuant to section 5508(j), which shall be paid to
the fund and credited to the appropriate accounts. The board may
allocate the final contribution rate and certify various
employer contribution rates and amounts based upon the different
benefit eligibility, class of service multiplier, superannuation
age, final average salary calculation, compensation limits and
other benefit differences resulting from State service credited
for individual members even though such allocated employer
contribution rate on behalf of any given member may be more or
less than 5% of the member's compensation for the period from
July 1, 2010, to June 30, 2011, or may differ from the prior
year's contribution for that member by more or less than the
percentages used to calculate the collared contribution rate for
that year and may be below any minimum contribution rate
established for the collared contribution rate or final
contribution rate. These certifications shall be regarded as
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final and not subject to modification by the Secretary of the
Budget.
* * *
§ 5934. State accumulation account.
The State accumulation account shall be the ledger account to
which shall be credited all contributions of the Commonwealth or
other employers whose employees are members of the system and
made in accordance with the provisions of section 5507(a) or (d)
(relating to contributions to the system by the Commonwealth and
other employers) except that the amounts received under the
provisions of the act of May 12, 1943 (P.L.259, No.120), and the
amounts received under the provisions of the Liquor Code, act of
April 12, 1951 (P.L.90, No.21), shall be credited to the State
Police benefit account or the enforcement officers' benefit
account as the case may be. All amounts transferred to the fund
by county retirement systems or pension plans in accordance with
the provisions of section 5507(c) also shall be credited to the
State accumulation account. All amounts transferred to the fund
by the Public School Employees' Retirement System in accordance
with section 5303.2(e) (relating to election to convert school
service to State service), except amounts credited to the
members' savings account, and all amounts paid by the Department
of Corrections in accordance with section 5303.2(f) also shall
be credited to the State accumulation account. All additional
payments made by the Susquehanna River Basin Commission in
accordance with the provisions of section 5507(c.1) (relating to
contributions to the system by the Commonwealth and other
employers) shall be credited to the State accumulation account.
The State accumulation account shall be credited with valuation
interest. The reserves necessary for the payment of annuities
and death benefits resulting from membership in the system as
approved by the board and as provided in Chapter 57 (relating to
benefits) shall be transferred from the State accumulation
account to the annuity reserve account provided for in section
5935 (relating to annuity reserve account), except that the
reserves necessary on account of a member who is an officer of
the Pennsylvania State Police or an enforcement officer shall be
transferred from the State accumulation account to the State
Police benefit account provided for in section 5936 (relating to
State Police benefit account) or to the enforcement officers'
benefit account as provided for in section 5937 (relating to
enforcement officers' benefit account) as the case may be. The
reserves necessary for the payment of supplemental annuities in
excess of those reserves credited to the supplemental annuity
account on June 30, 2010, shall be transferred from the State
accumulation account to the supplemental annuity account. In the
event that supplemental annuities are increased by legislation
enacted after December 31, 2009, the necessary reserves shall be
transferred from the State accumulation account to the
supplemental annuity account.
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Amend Bill, page 3, line 21, by striking out "2" and
inserting
4
Amend Bill, page 3, line 26, by striking out "3" and
inserting
5
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