PRINTER'S NO. 362
No. 347 Session of 2001
INTRODUCED BY MOWERY AND KITCHEN, FEBRUARY 7, 2001
REFERRED TO FINANCE, FEBRUARY 7, 2001
AN ACT 1 Amending Title 24 (Education) of the Pennsylvania Consolidated 2 Statutes, further defining "basic contribution rate" by 3 providing for additional employee contributions. 4 The General Assembly of the Commonwealth of Pennsylvania 5 hereby enacts as follows: 6 Section 1. The definition of "basic contribution rate" in 7 section 8102 of Title 24 of the Pennsylvania Consolidated 8 Statutes is amended to read: 9 § 8102. Definitions. 10 The following words and phrases when used in this part shall 11 have, unless the context clearly indicates otherwise, the 12 meanings given to them in this section: 13 * * * 14 "Basic contribution rate." The rate of 6 1/4%. The basic 15 contribution rate shall be adjusted annually to require an 16 additional employee contribution equal to one-half of the 17 additional cost of any newly created retirement benefit or any 18 existing retirement benefit modified to increase the benefit or
1 expand eligibility by the General Assembly after the effective 2 date of this amendatory act. The additional cost of the benefit 3 will be determined by the actuarial note on the cost of the new 4 or modified benefit as prepared by the board. 5 * * * 6 Section 2. This act shall apply beginning with the first 7 fiscal year following the effective date of this act. 8 Section 3. This act shall take effect immediately. L26L24BIL/20010S0347B0362 - 2 -