SENATE AMENDED
PRIOR PRINTER'S NO. 2846 PRINTER'S NO. 3708
No. 2103 Session of 1984
INTRODUCED BY LLOYD, STEWART, HALUSKA AND RUDY, APRIL 30, 1984
SENATOR CORMAN, LOCAL GOVERNMENT, IN SENATE, AS AMENDED,
NOVEMBER 19, 1984
AN ACT
1 Amending the act of August 31, 1971 (P.L.398, No.96), entitled
2 "An act providing for the creation, maintenance and operation
3 of a county employes' retirement system, and imposing certain
4 charges on counties and providing penalties," authorizing the
5 withdrawal of accumulated deductions and interest IF <--
6 AUTHORIZED BY THE BOARD.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. The SECTION 15 OF THE act of August 31, 1971 <--
10 (P.L.398, No.96), known as the County Pension Law, is amended by <--
11 adding a section to read:
12 Section 15.1. Option to Withdraw Accumulated Deductions and <--
13 Accumulated Interest.--Any member of the county retirement
14 system who retires or otherwise ceases to be either a county
15 employe or an elected county official may elect to withdraw the
16 accumulated deductions and accumulated interest thereon standing
17 to his credit in the members' annuity reserve account. Any
18 member who makes such an election shall forfeit the member's
1 annuity portion of his retirement allowance but shall continue
2 to be entitled to the county annuity portion upon retirement if
3 he is otherwise so entitled.
4 Section 2. This act shall take effect January 1, 1985.
5 SECTION 15. OPTIONS ON SUPERANNUATION RETIREMENT.--AT THE <--
6 TIME OF HIS SUPERANNUATION RETIREMENT, ANY RETIREE MAY ELECT TO
7 RECEIVE EITHER HIS RETIREMENT ALLOWANCE PAYABLE THROUGHOUT LIFE,
8 OR TO RECEIVE THE FULL AMOUNT OF THE ACCUMULATED DEDUCTIONS
9 STANDING TO HIS INDIVIDUAL CREDIT IN THE MEMBERS' ANNUITY
10 RESERVE ACCOUNT AT THE TIME OF HIS VOLUNTARY OR INVOLUNTARY
11 RETIREMENT, OR HE MAY IN ANY EVENT ELECT TO RECEIVE THE
12 ACTUARIAL EQUIVALENT OF HIS MEMBER'S AND COUNTY ANNUITY IN A
13 LESSER RETIREMENT ALLOWANCE PAYABLE THROUGHOUT LIFE WITH
14 PROVISIONS THAT:
15 (1) OPTION ONE. IF HE DIES BEFORE RECEIVING IN PAYMENTS THE
16 PRESENT VALUE OF HIS MEMBER'S ANNUITY AND COUNTY ANNUITY AS IT
17 WAS AT THE TIME OF HIS RETIREMENT, THE BALANCE SHALL BE PAID TO
18 HIS LEGAL REPRESENTATIVE OR TO A PERSON OR PERSONS HAVING AN
19 INSURABLE INTEREST IN HIS LIFE, AS HE SHALL NOMINATE BY WRITTEN
20 DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD AT THE
21 TIME OF HIS RETIREMENT OR AT ANY TIME THEREAFTER.
22 (2) OPTION TWO. UPON HIS DEATH HIS MEMBER'S ANNUITY AND
23 COUNTY ANNUITY SHALL BE CONTINUED THROUGH THE LIFE OF AND PAID
24 TO SUCH PERSON HAVING AN INSURABLE INTEREST IN HIS LIFE AS HE
25 SHALL NOMINATE BY WRITTEN DESIGNATION, DULY ACKNOWLEDGED AND
26 FILED WITH THE BOARD AT THE TIME OF HIS RETIREMENT.
27 (3) OPTION THREE. UPON HIS DEATH ONE-HALF OF HIS MEMBER'S
28 AND COUNTY ANNUITY SHALL BE CONTINUED THROUGH THE LIFE OF AND
29 PAID TO SUCH PERSON HAVING AN INSURABLE INTEREST IN HIS LIFE AS
30 HE SHALL NOMINATE BY WRITTEN DESIGNATION, DULY ACKNOWLEDGED AND
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1 FILED WITH THE BOARD AT THE TIME OF HIS RETIREMENT.
2 SHOULD A RETIREE, WHO HAS NOT ELECTED TO RECEIVE IN ONE
3 PAYMENT THE FULL AMOUNT OF THE ACCUMULATED DEDUCTIONS STANDING
4 TO HIS INDIVIDUAL CREDIT IN THE MEMBERS' ANNUITY RESERVE ACCOUNT
5 AT THE TIME OF HIS RETIREMENT PURSUANT TO SECTION 15.1, SELECT A
6 RETIREMENT ALLOWANCE PAYABLE THROUGHOUT HIS LIFE AND FAIL TO
7 RECEIVE PAYMENTS AT LEAST EQUAL TO HIS ACCUMULATED DEDUCTIONS AS
8 OF THE DATE OF RETIREMENT, AN AMOUNT EQUAL TO THE BALANCE OF HIS
9 ACCUMULATED DEDUCTIONS SHALL BE PAID TO HIS LEGAL REPRESENTATIVE
10 OR TO A PERSON HAVING AN INSURABLE INTEREST IN HIS LIFE, AS HE
11 SHALL NOMINATE BY WRITTEN DESIGNATION FILED WITH THE BOARD.
12 SECTION 2. THE ACT IS AMENDED BY ADDING A SECTION TO READ:
13 SECTION 15.1. OPTION TO WITHDRAW ACCUMULATED DEDUCTIONS AND
14 ACCUMULATED INTEREST.--IF AUTHORIZED BY ACTION OF THE BOARD, AS
15 AN OPTION FOR ITS MEMBERS, ANY MEMBER OF THE COUNTY RETIREMENT
16 SYSTEM WHO IS ELIGIBLE TO RETIRE AND RECEIVE A SUPERANNUATION
17 RETIREMENT ALLOWANCE, AN INVOLUNTARY RETIREMENT ALLOWANCE OR A
18 VOLUNTARY RETIREMENT ALLOWANCE AFTER TWENTY YEARS OF SERVICE MAY
19 ELECT TO RECEIVE, IN ONE PAYMENT, THE FULL AMOUNT OF THE
20 ACCUMULATED DEDUCTIONS AND ACCUMULATED INTEREST THEREON STANDING
21 TO HIS CREDIT IN THE MEMBERS' ANNUITY RESERVE ACCOUNT AT THE
22 TIME OF HIS RETIREMENT. ANY MEMBER WHO MAKES SUCH AN ELECTION
23 SHALL FORFEIT THE MEMBER'S ANNUITY PORTION OF HIS RETIREMENT
24 ALLOWANCE BUT SHALL CONTINUE TO BE ENTITLED TO THE COUNTY
25 ANNUITY PORTION UPON RETIREMENT IF HE IS OTHERWISE SO ENTITLED.
26 ANY MEMBER WHO EXERCISES THE OPTION PROVIDED FOR IN THIS SECTION
27 MAY ELECT TO RECEIVE HIS COUNTY ANNUITY PAYABLE THROUGHOUT LIFE
28 OR TO RECEIVE THE ACTUARIAL EQUIVALENT OF HIS COUNTY ANNUITY IN
29 A LESSER RETIREMENT ALLOWANCE PAYABLE THROUGHOUT LIFE WITH
30 PROVISIONS THAT:
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1 (1) OPTION ONE. IF HE DIES BEFORE RECEIVING IN PAYMENTS THE
2 PRESENT VALUE OF HIS COUNTY ANNUITY AS IT WAS AT THE TIME OF HIS
3 RETIREMENT, THE BALANCE SHALL BE PAID TO HIS LEGAL
4 REPRESENTATIVE OR TO A PERSON OR PERSONS HAVING AN INSURABLE
5 INTEREST IN HIS LIFE, AS HE SHALL NOMINATE BY WRITTEN
6 DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD AT THE
7 TIME OF HIS RETIREMENT OR AT ANY TIME THEREAFTER.
8 (2) OPTION TWO. UPON HIS DEATH HIS COUNTY ANNUITY SHALL BE
9 CONTINUED THROUGH THE LIFE OF AND PAID TO SUCH PERSON HAVING AN
10 INSURABLE INTEREST IN HIS LIFE, AS HE SHALL NOMINATE BY WRITTEN
11 DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD AT THE
12 TIME OF HIS RETIREMENT.
13 (3) OPTION THREE. UPON HIS DEATH ONE-HALF OF HIS COUNTY
14 ANNUITY SHALL BE CONTINUED THROUGH THE LIFE OF AND PAID TO SUCH
15 PERSON HAVING AN INSURABLE INTEREST IN HIS LIFE, AS HE SHALL
16 NOMINATE BY WRITTEN DESIGNATION, DULY ACKNOWLEDGED AND FILED
17 WITH THE BOARD AT THE TIME OF HIS RETIREMENT.
18 SECTION 3. THIS ACT SHALL TAKE EFFECT JANUARY 1, 1985.
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