PRINTER'S NO. 512
No. 485 Session of 2001
INTRODUCED BY ARMSTRONG, WOZNIAK, COSTA, CORMAN, M. WHITE,
MADIGAN, THOMPSON AND LOGAN, FEBRUARY 15, 2001
REFERRED TO FINANCE, FEBRUARY 15, 2001
AN ACT
1 Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
2 act relating to the public school system, including certain
3 provisions applicable as well to private and parochial
4 schools; amending, revising, consolidating and changing the
5 laws relating thereto," further providing for teachers' and
6 employees' retirement plans.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 2013-A of the act of March 10, 1949
10 (P.L.30, No.14), known as the Public School Code of 1949, added
11 November 12, 1982 (P.L.660, No.188), is amended to read:
12 Section 2013-A. Teachers' and Employes' Retirement Plans.--
13 Pursuant to the provisions of 24 Pa.C.S. § 8301 (relating to
14 mandatory and optional membership), all professional and other
15 employes of the system and its institutions shall be accorded
16 the right to elect participation in the Pennsylvania Public
17 School Employees' Retirement System or the State Employees'
18 Retirement System. Alternatively, eligible employes shall have
19 the right to elect participation in the Teachers' Insurance and
1 Annuity Association of America--College Retirement Equities Fund
2 (TIAA-CREF) retirement plan[.], or in an alternative retirement
3 plan or plans offered by any insurance company authorized to
4 issue annuity contracts in this Commonwealth, mutual fund
5 companies with investment options meeting the requirements of a
6 qualified plan under the Internal Revenue Code of 1986 (Public
7 Law 99-514, 26 U.S.C. § 1 et seq.). The alternative retirement
8 plans shall be selected by the State System of Higher Education
9 pursuant to the request-for-proposal process.
10 Section 2. This act shall take effect immediately.
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