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| PRIOR PRINTER'S NO. 943 | PRINTER'S NO. 1243 |
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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY BROWNE, MARCH 30, 2011 |
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| AS AMENDED ON THIRD CONSIDERATION, MAY 23, 2011 |
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| AN ACT |
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1 | Amending the act of April 9, 1929 (P.L.343, No.176), entitled, |
2 | as amended, "An act relating to the finances of the State |
3 | government; providing for the settlement, assessment, |
4 | collection, and lien of taxes, bonus, and all other accounts |
5 | due the Commonwealth, the collection and recovery of fees and |
6 | other money or property due or belonging to the Commonwealth, |
7 | or any agency thereof, including escheated property and the |
8 | proceeds of its sale, the custody and disbursement or other |
9 | disposition of funds and securities belonging to or in the |
10 | possession of the Commonwealth, and the settlement of claims |
11 | against the Commonwealth, the resettlement of accounts and |
12 | appeals to the courts, refunds of moneys erroneously paid to |
13 | the Commonwealth, auditing the accounts of the Commonwealth |
14 | and all agencies thereof, of all public officers collecting |
15 | moneys payable to the Commonwealth, or any agency thereof, |
16 | and all receipts of appropriations from the Commonwealth, |
17 | authorizing the Commonwealth to issue tax anticipation notes |
18 | to defray current expenses, implementing the provisions of |
19 | section 7(a) of Article VIII of the Constitution of |
20 | Pennsylvania authorizing and restricting the incurring of |
21 | certain debt and imposing penalties; affecting every |
22 | department, board, commission, and officer of the State |
23 | government, every political subdivision of the State, and |
24 | certain officers of such subdivisions, every person, |
25 | association, and corporation required to pay, assess, or |
26 | collect taxes, or to make returns or reports under the laws |
27 | imposing taxes for State purposes, or to pay license fees or |
28 | other moneys to the Commonwealth, or any agency thereof, |
29 | every State depository and every debtor or creditor of the |
30 | Commonwealth," in special funds, reviving and further |
31 | providing for investments. |
32 | The General Assembly of the Commonwealth of Pennsylvania |
33 | hereby enacts as follows: |
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1 | Section 1. The heading of Subarticle D of Article XVII-A of |
2 | the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal |
3 | Code, added July 7, 2005 (P.L.174, No.41), is reenacted to read: |
4 | SUBARTICLE D |
5 | INVESTMENTS |
6 | Section 2. Section 1731-A of the act, reenacted and amended |
7 | October 9, 2009 (P.L.537, No.50), is reenacted and amended to | <-- |
8 | read: |
9 | Section 1731-A. State Workers' Insurance Board. |
10 | Notwithstanding any inconsistent provisions of section 1512 |
11 | of the act of June 2, 1915 (P.L.736, No.338), known as the |
12 | Workers' Compensation Act, section 504 of the act of November |
13 | 30, 1965 (P.L.847, No.356), known as the Banking Code of 1965, |
14 | section 922 of the act of December 14, 1967 (P.L.746, No.345), |
15 | known as the Savings Association Code of 1967, and any other law |
16 | of this Commonwealth, the power of the State Workers' Insurance |
17 | Board to invest money shall include the power to hold, purchase, |
18 | sell, assign, transfer and dispose of securities, including |
19 | common stock with the following restrictions: |
20 | (1) Investments in equities may not exceed the lesser |
21 | of: |
22 | (i) [20%] 15% of the State Workers' Insurance Fund's | <-- |
23 | assets; or |
24 | (ii) the State Workers' Insurance Fund's statutory |
25 | surplus after discount, except that, [in the event that | <-- |
26 | the statutory surplus is less than 7 1/2% of the book |
27 | value of the assets of the State Workers' Insurance Fund, |
28 | the investment in equities may not exceed the percentage |
29 | set forth in the provisions applicable to savings banks |
30 | in section 504 of the Banking Code of 1965] | <-- |
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1 | notwithstanding the statutory surplus, the State Workers' |
2 | Insurance Fund is authorized to invest up to 7 1/2% of |
3 | the book value of its assets in equities. |
4 | (1.1) Investments in equities shall be made subject to |
5 | the prudent [man rule of section 504(c) of the Banking Code | <-- |
6 | of 1965] investor rule as provided for under 20 Pa.C.S. § | <-- |
7 | 7203 (relating to prudent investor rule). |
8 | (2) The State Workers' Insurance Board shall establish a |
9 | policy for investments and shall meet at least annually to |
10 | develop a schedule for rebalancing its investments in |
11 | securities to meet the restriction of paragraph (1). |
12 | Section 3. Section 1732-A of the act, reenacted and amended |
13 | October 9, 2009, (P.L.537, No.50), is reenacted and amended to |
14 | read: |
15 | Section 1732-A. Expiration. |
16 | This subarticle shall expire June 30, [2010] 2015. |
17 | Section 4. The reenactment or amendment of Article XVII-A |
18 | Subarticle D heading and sections 1731-A and 1732-A of the act |
19 | shall apply retroactively to June 30, 2010. |
20 | Section 5. This act shall take effect immediately. |
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