PRINTER'S NO. 1253
No. 231 Session of 2007
INTRODUCED BY DALEY, SCAVELLO, BASTIAN, BELFANTI, BENNINGHOFF,
BRENNAN, BUXTON, CALTAGIRONE, CAPPELLI, CARROLL, CASORIO,
CAUSER, COSTA, DeLUCA, DePASQUALE, EACHUS, FABRIZIO, GEIST,
GERGELY, GIBBONS, GOODMAN, GRUCELA, HALUSKA, HARHAI,
HUTCHINSON, JAMES, KENNEY, KING, LEACH, MARKOSEK, MARSICO,
MELIO, MUNDY, PETRONE, PHILLIPS, PYLE, READSHAW, REED,
SAINATO, SIPTROTH, SOLOBAY, STABACK, R. STEVENSON, SURRA,
TANGRETTI, R. TAYLOR, THOMAS, J. WHITE, WOJNAROSKI, YEWCIC,
YOUNGBLOOD, YUDICHAK, CONKLIN, HESS, KULA, KOTIK, PALLONE AND
PETRARCA, APRIL 13, 2007
REFERRED TO COMMITTEE ON FINANCE, APRIL 13, 2007
AN ACT
1 Amending Title 71 (State Government) of the Pennsylvania
2 Consolidated Statutes, further providing for eligibility for
3 early retirement benefits.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Title 71 of the Pennsylvania Consolidated
7 Statutes is amended by adding a section to read:
8 § 5308.3. Eligibility for special early retirement.
9 (a) Eligibility.--Notwithstanding any provisions of this
10 title to the contrary, the following early retirement provisions
11 shall be applicable to eligible members:
12 (1) Any member who, during the period of time from March
13 1, 2008, through June 1, 2008:
14 (i) has attained either 30 eligibility points or a
1 combination of age and eligibility points that totals 80;
2 (ii) terminates school service; and
3 (iii) files an application for an annuity with an
4 effective date of retirement not later than July 1, 2008,
5 shall be entitled to receive a maximum single life annuity
6 calculated pursuant to section 5702 (relating to maximum
7 single life annuity) without any reduction by virtue of an
8 effective date of retirement which is under the
9 superannuation age and shall be entitled to any insurance
10 coverage under any contract of insurance affecting the member
11 that is in effect on the effective date of retirement of the
12 member.
13 (2) Any member who, during the period of time from March
14 1, 2009, through June 1, 2009:
15 (i) has attained either 30 eligibility points or a
16 combination of age and eligibility points that totals 80;
17 (ii) terminated school service; and
18 (iii) files an application for an annuity with an
19 effective date of retirement not later than July 1, 2009,
20 shall be entitled to receive a maximum single life annuity
21 calculated pursuant to section 5702 without any reduction by
22 virtue of an effective date of retirement which is under the
23 superannuation age and shall be entitled to any insurance
24 coverage under any contract of insurance affecting the member
25 that is in effect on the effective date of retirement of the
26 member.
27 (b) Net savings cost.--
28 (1) Each calendar quarter, the secretary shall do all of
29 the following:
30 (i) Reduce the allocation for each Commonwealth
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1 agency for the ensuing calendar quarter by an amount
2 equal to 60% of the net savings cost for that agency.
3 (ii) Transfer the amount reduced under subparagraph
4 (i) to the fund.
5 (2) This subsection shall expire June 30, 2012.
6 (c) Definitions.--As used in this section, the following
7 words and phrases shall have the meanings given to them in this
8 subsection:
9 "Net savings cost." The difference between:
10 (1) 25% of the total of the final salaries for members
11 who retire from a Commonwealth agency under this section; and
12 (2) 25% of the total of the entry level salaries to
13 replace retired members in that Commonwealth agency.
14 "Secretary." The Secretary of the Budget.
15 Section 2. This act shall take effect immediately.
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