1Amending Titles 24 (Education) and 71 (State Government) of the
2Pennsylvania Consolidated Statutes, in retirement for school
3employees, further providing for administrative duties of
4Public School Employees' Retirement Board; and, in retirement
5for State employees and officers, further providing for
6administrative duties of State Employees' Retirement Board.

7The General Assembly of the Commonwealth of Pennsylvania
8hereby enacts as follows:

9Section 1. Section 8502(n) of Title 24 of the Pennsylvania
10Consolidated Statutes is amended to read:

11§ 8502. Administrative duties of board.

12* * *

13(n) Annual financial statement.--

14(1) The board shall prepare and have published, on or
15before January 1 of each year, a financial statement as of
16the fiscal year ending June 30 of the previous year showing
17the condition of the fund and the various accounts,
18including, but not limited to, the board's accrual and

1expenditure of directed commissions[, and setting].

2(2) The financial statement shall set forth such other
3facts, recommendations and data as may be of use in the
4advancement of knowledge concerning annuities and other
5benefits provided by this part[.], including, but not limited 
6to, a mark-to-market balance sheet. The discount rate used to 
7determine the fair market value of liabilities included in 
8the balance sheet shall be the yield to maturity on 20-year 
9United States Treasury zero-coupon Separate Trading of 
10Registered Interest and Principal of Securities as of the 
11last day of the fiscal year for which the financial statement 
12was prepared.

13(3) The board shall submit said financial statement to
14the Governor and shall make copies available to the employers
15for the use of the school employees and the public.

16* * *

17Section 2. Section 5902(m) of Title 71 is amended to read:

18§ 5902. Administrative duties of the board.

19* * *

20(m) Annual financial statement.--

21(1) The board shall prepare and have published, on or
22before July 1 of each year, a financial statement as of the
23calendar year ending December 31 of the previous year showing
24the condition of the fund and the various accounts,
25including, but not limited to, the board's accrual and
26expenditure of directed commissions[, and setting forth].

27(2) The financial statement shall set forth such other
28facts, recommendations, and data as may be of use in the
29advancement of knowledge concerning annuities and other
30benefits provided by this part[.], including, but not limited
 

1to, a mark-to-market balance sheet. The discount rate used to 
2determine the fair market value of liabilities included in 
3the balance sheet shall be the yield to maturity on 20-year 
4United States Treasury zero-coupon Separate Trading of 
5Registered Interest and Principal of Securities as of the 
6last day of the calendar year for which the financial 
7statement was prepared.

8(3)  The board shall submit said financial statement to
9the Governor and shall file copies with the head of each
10department for the use of the State employees and the public.

11* * *

12Section 3. This act shall take effect July 1, 2013, or
13immediately, whichever is later.