PRINTER'S NO. 1644
No. 1402 Session of 1999
INTRODUCED BY EVANS, NICKOL, ALLEN, BAKER, BATTISTO, BELARDI,
BELFANTI, BENNINGHOFF, CAPPABIANCA, CLARK, CLYMER,
L. I. COHEN, M. COHEN, COSTA, CURRY, DALLY, DeWEESE,
FAIRCHILD, FRANKEL, FREEMAN, GEIST, GEORGE, GORDNER, GRUCELA,
HANNA, HERMAN, JOSEPHS, KAISER, KIRKLAND, MAITLAND,
MANDERINO, MANN, MARSICO, MASLAND, McCALL, MICHLOVIC,
R. MILLER, S. MILLER, MUNDY, ORIE, PETRONE, PLATTS, PRESTON,
RAYMOND, ROSS, RUBLEY, SAINATO, SANTONI, SAYLOR, SCHULER,
SEMMEL, SERAFINI, SEYFERT, B. SMITH, S. H. SMITH, SOLOBAY,
STERN, SURRA, TANGRETTI, E. Z. TAYLOR, TIGUE, TRELLO,
VAN HORNE, VANCE, WILLIAMS, WOGAN, WRIGHT, YEWCIC AND
YOUNGBLOOD, APRIL 28, 1999
REFERRED TO COMMITTEE ON EDUCATION, APRIL 28, 1999
AN ACT
1 Amending Title 24 (Education) of the Pennsylvania Consolidated
2 Statutes, further defining "basic contribution rate."
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. The definition of "basic contribution rate" in
6 section 8102 of Title 24 of the Pennsylvania Consolidated
7 Statutes is amended to read:
8 § 8102. Definitions.
9 The following words and phrases when used in this part shall
10 have, unless the context clearly indicates otherwise, the
11 meanings given to them in this section:
12 * * *
13 "Basic contribution rate." The rate of [6 1/4%] 5 1/4%,
1 provided that if the actuary certifies that the funded ratio of
2 the fund is 90% or below by comparing the actuarial value of
3 assets with the accrued liability in accordance with generally
4 accepted actuarial principles, then beginning with the fiscal
5 year immediately following such certification the rate shall be
6 6 1/4%.
7 * * *
8 Section 2. This act shall take effect immediately.
C31L24DMS/19990H1402B1644 - 2 -