THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE RESOLUTION

INTRODUCED BY HARHART, STEVENSON, GINGRICH, VULAKOVICH, GRELL, BENNINGHOFF, D. COSTA, CREIGHTON, DeLUCA, EVANKOVICH, GEIST, GILLESPIE, GODSHALL, KILLION, MILLER, O'NEILL, REED, SCAVELLO, SWANGER AND TALLMAN, MARCH 29, 2012

REFERRED TO COMMITTEE ON STATE GOVERNMENT, MARCH 29, 2012  

A RESOLUTION

Directing the Joint State Government Commission to conduct a

fiscal impact study on the investments and pension benefits

provided by the Public School Employees' Retirement System

and the State Employees' Retirement System.

WHEREAS, Collectively, the Public School Employees'

Retirement System and the State Employees' Retirement System

invest more than $71 billion in businesses domiciled in

Pennsylvania, employing substantial numbers of Commonwealth

citizens; and

WHEREAS, The retirement systems annually disburse in excess

of $7.5 billion to their annuitant members who, in turn, provide

revenue to businesses in their area as well as to the State and

local governments with the expenditure of their annuities;

therefore be it

RESOLVED, That the Joint State Government Commission study

the value added, earnings generated and employment generated by

the investments and expenditure of pension annuity payments by

the Public School Employees' Retirement System and the State

Employees' Retirement System; and be it further

RESOLVED, That the commission include in its study any

recommendations that may enable the systems to invest more in

businesses domiciled in Pennsylvania or to employ substantial

numbers of Commonwealth citizens in accordance with the systems'

fiduciary responsibilities; and be it further

RESOLVED, That the commission include in its study estimates

of any economic value that might be added and employment that

might be generated should the General Assembly elect to enact a

cost-of-living adjustment for the annuitant members of the

system that is similar in design to the supplemental annuities

that the General Assembly enacted previously; and be it further

RESOLVED, That the commission be empowered to hold hearings,

take testimony and make investigations at such places as it

deems necessary in this Commonwealth; and be it further

RESOLVED, That the commission issue its study to the members

of the House of Representatives no later than June 30, 2012.