PRINTER'S NO. 905
No. 820 Session of 1989
INTRODUCED BY ROCKS, PORTERFIELD, SALVATORE, LOEPER, ANDREZESKI
AND PECORA, APRIL 11, 1989
REFERRED TO FINANCE, APRIL 11, 1989
AN ACT
1 Amending the act of December 13, 1988 (P.L.1192, No.147),
2 entitled "An act requiring municipal retirement systems to
3 pay special ad hoc postretirement adjustments to certain
4 retired police officers and firefighters; providing for the
5 financing of these adjustments; providing for the
6 administration of the Commonwealth's reimbursements for these
7 adjustments; and making repeals," further providing for
8 interest on postretirement adjusted payments to retirees.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. The act of December 13, 1988 (P.L.1192, No.147),
12 known as the Special Ad Hoc Municipal Police and Firefighter
13 Postretirement Adjustment Act, is amended by adding a section to
14 read:
15 Section 1101.1. Interest on payments.
16 Every municipality shall pay 1 1/2% interest per month on any
17 postretirement adjusted payments as provided for under this act
18 due after January 1, 1989.
19 Section 2. This act shall take effect immediately.
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