| SENATE AMENDED |
| PRIOR PRINTER'S NOS. 2012, 2666 | PRINTER'S NO. 2703 |
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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY BELFANTI, GERGELY, GOODMAN, MENSCH, BRENNAN, SIPTROTH, HORNAMAN, CALTAGIRONE, PASHINSKI, DeLUCA, GEORGE, HALUSKA, GRUCELA, FRANKEL, MURPHY, KORTZ, FABRIZIO, CARROLL, K. SMITH, MAHONEY, MURT, MELIO AND YOUNGBLOOD, JUNE 5, 2009 |
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| SENATOR GORDNER, LABOR AND INDUSTRY, IN SENATE, AS AMENDED, SEPTEMBER 24, 2009 |
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| AN ACT |
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1 | Amending the act of April 9, 1929 (P.L.343, No.176), entitled, |
2 | as amended, "An act relating to the finances of the State |
3 | government; providing for the settlement, assessment, |
4 | collection, and lien of taxes, bonus, and all other accounts |
5 | due the Commonwealth, the collection and recovery of fees and |
6 | other money or property due or belonging to the Commonwealth, |
7 | or any agency thereof, including escheated property and the |
8 | proceeds of its sale, the custody and disbursement or other |
9 | disposition of funds and securities belonging to or in the |
10 | possession of the Commonwealth, and the settlement of claims |
11 | against the Commonwealth, the resettlement of accounts and |
12 | appeals to the courts, refunds of moneys erroneously paid to |
13 | the Commonwealth, auditing the accounts of the Commonwealth |
14 | and all agencies thereof, of all public officers collecting |
15 | moneys payable to the Commonwealth, or any agency thereof, |
16 | and all receipts of appropriations from the Commonwealth, |
17 | authorizing the Commonwealth to issue tax anticipation notes |
18 | to defray current expenses, implementing the provisions of |
19 | section 7(a) of Article VIII of the Constitution of |
20 | Pennsylvania authorizing and restricting the incurring of |
21 | certain debt and imposing penalties; affecting every |
22 | department, board, commission, and officer of the State |
23 | government, every political subdivision of the State, and |
24 | certain officers of such subdivisions, every person, |
25 | association, and corporation required to pay, assess, or |
26 | collect taxes, or to make returns or reports under the laws |
27 | imposing taxes for State purposes, or to pay license fees or |
28 | other moneys to the Commonwealth, or any agency thereof, |
29 | every State depository and every debtor or creditor of the |
30 | Commonwealth," further providing for the State Workers' |
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1 | Insurance Board and for sunset provisions relating to State |
2 | Workers' Insurance Fund investment authority. |
3 | The General Assembly of the Commonwealth of Pennsylvania |
4 | hereby enacts as follows: |
5 | Section 1. Sections 1731-A and 1732-A of the act of April 9, |
6 | 1929 (P.L.343, No.176), known as The Fiscal Code, added July 7, |
7 | 2005 (P.L.174, No.41), are reenacted and amended to read: |
8 | Section 1731-A. State Workers' Insurance Board. |
9 | Notwithstanding any inconsistent provisions of section 1512 |
10 | of the act of June 2, 1915 (P.L.736, No.338), known as the |
11 | Workers' Compensation Act, section 504 of the act of November |
12 | 30, 1965 (P.L.847, No.356), known as the Banking Code of 1965, |
13 | section 922 of the act of December 14, 1967 (P.L.746, No.345), |
14 | known as the Savings Association Code of 1967, and any other law |
15 | of this Commonwealth, the power of the State Workers' Insurance |
16 | Board to invest money shall include the power to hold, purchase, |
17 | sell, assign, transfer and dispose of securities, including |
18 | common stock with the following restrictions: |
19 | (1) Investments in equities may not exceed the lesser |
20 | of: |
21 | (i) 20% of the State Workers' Insurance Fund's |
22 | assets; or |
23 | (ii) the State Workers' Insurance Fund's statutory |
24 | surplus after discount, except that in the event that the |
25 | statutory surplus is less than 7 1/2% of the book value |
26 | of the assets of the State Workers' Insurance Fund, the |
27 | investment in equities may not exceed the percentage set |
28 | forth in the provisions applicable to savings banks in |
29 | section 504 of the Banking Code of 1965. |
30 | (1.1) Investments in equities shall be made subject to |
31 | the prudent man rule of section 504(c) of the Banking Code of |
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1 | 1965. |
2 | (2) The State Workers' Insurance Board shall establish a |
3 | policy for investments and shall meet at least annually to |
4 | develop a schedule for rebalancing its investments in |
5 | securities to meet the restriction of paragraph (1). |
6 | Section 1732-A. Expiration. |
7 | This subarticle shall expire June 30, [2009] 2014 2010. | <-- |
8 | Section 2. The reenactment and amendment of sections 1731-A |
9 | and 1732-A shall apply retroactively to June 30, 2009. |
10 | Section 3. This act shall take effect immediately. |
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