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Pennsylvania House of Representatives
05/20/2024 11:45 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=11926
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: February 28, 2013 11:58 AM
From: Representative Bryan Cutler
To: All House members
Subject: Capping Annuities (Former HB 1034)
 
In the near future, I intend to introduce legislation amending Titles 24 (Education) and 71 (State Government) of the Pennsylvania Consolidated Statutes, further providing, in retirement systems, for maximum single life annuities.

My legislation will place a limitation on the base amount of annuity such that the annuity paid to a member shall not exceed the highest compensation received during any period of 12 consecutive months of credited services.

I believe that this legislation will fairly limit the amount of money earned in retirement comparable to that earned during the period of actual employment. This would prevent a person from potentially earning 110% of their salary. I have attached a copy of this legislation.

PREVIOUS CO-SPONSORS:
BARRAR, BOYD, DAY, DENLINGER, GINGRICH, HARRIS, HORNAMAN, KAUFFMAN, KRIEGER, MILLER, MILNE, MOUL, MURT, PERRY, SCHRODER, SONNEY, SWANGER, TOEPEL AND VULAKOVICH