PRINTER'S NO. 356
No. 321 Session of 1989
INTRODUCED BY VROON, NOYE, SCHULER, MICOZZIE, GAMBLE, BIRMELIN,
WOGAN, LANGTRY, CLYMER, FARGO, HERSHEY, MERRY, JOHNSON, LEH,
BUNT, FLICK AND E. Z. TAYLOR, FEBRUARY 8, 1989
REFERRED TO COMMITTEE ON STATE GOVERNMENT, FEBRUARY 8, 1989
AN ACT
1 Regulating investments of public pension or retirement systems.
2 The General Assembly of the Commonwealth of Pennsylvania
3 hereby enacts as follows:
4 Section 1. Findings.
5 The General Assembly hereby finds that the responsibility for
6 the administration of public pension systems is a position of
7 the highest trust. The funds deposited within a public pension
8 system represent not only many years of faithful public service
9 but also, in many cases, the sole source of livelihood for
10 retired public servants. The investment of those funds must be
11 carried out in a prudent and fiscally responsible manner to
12 preserve the corpus and to insure steady and continued growth.
13 It is necessary, therefore, to protect those funds from the
14 vagaries and vicissitudes of the moment, unless the collective
15 wisdom of the General Assembly provides otherwise.
16 Section 2. Investments.
17 No State or local official authorized or required by law to
1 invest moneys belonging to a public pension or retirement system
2 shall make investments or divestments involving such moneys
3 based upon sociological, ideological or political grounds unless
4 required to do so by the General Assembly.
5 Section 3. Effective date.
6 This act shall take effect immediately.
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