PRINTER'S NO. 187
No. 167 Session of 2003
INTRODUCED BY SATHER, TIGUE, STERN, HESS, GEIST, ARGALL, BAKER,
BASTIAN, BEBKO-JONES, BELFANTI, CAPPELLI, COY, FAIRCHILD,
FICHTER, FLICK, FORCIER, GEORGE, GOODMAN, HALUSKA, HARHAI,
HARRIS, HENNESSEY, HERMAN, HERSHEY, HORSEY, HUTCHINSON,
JAMES, KELLER, LAUGHLIN, LEVDANSKY, MACKERETH, MARSICO,
McCALL, McILHATTAN, MELIO, R. MILLER, S. MILLER, NAILOR,
NICKOL, O'NEILL, PETRARCA, PETRONE, READSHAW, ROBERTS,
SAINATO, SCAVELLO, SHANER, SOLOBAY, TANGRETTI, THOMAS,
TRAVAGLIO, WANSACZ, WASHINGTON, WATSON, WOJNAROSKI,
YOUNGBLOOD AND YUDICHAK, FEBRUARY 10, 2003
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 10, 2003
AN ACT
1 Amending the act of December 18, 1984 (P.L.1005, No.205),
2 entitled "An act mandating actuarial funding standards for
3 all municipal pension systems; establishing a recovery
4 program for municipal pension systems determined to be
5 financially distressed; providing for the distribution of the
6 tax on the premiums of foreign fire insurance companies; and
7 making repeals," further providing for the distribution
8 formula of the foreign fire insurance tax.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. Section 704 of the act of December 18, 1984
12 (P.L.1005, No.205), known as the Municipal Pension Plan Funding
13 Standard and Recovery Act, is amended to read:
14 Section 704. Distribution formula.
15 (a) General rule.--Except as provided in subsection (b) and
16 section 705, the amount to be paid to each municipality shall be
17 determined as follows:
1 (1) fifty percent of the fund shall be distributed based
2 on the population of each municipality in proportion to the
3 population of the entire Commonwealth, based upon the latest
4 national population census as reported by the United States
5 Bureau of Census; and
6 (2) fifty percent of the fund shall be distributed based
7 on the market value of real estate of each municipality in
8 proportion to the market value of real estate for the entire
9 Commonwealth, based upon the most recent statistics from the
10 State Tax Equalization Board.
11 (b) Minimum distribution.-Each municipality shall receive
12 the minimum sum of $5,000.
13 Section 2. This act shall take effect in 60 days.
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