§ 5708.5. Supplemental annuities commencing 1998
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 71 Pa.C.S.A. State GovernmentEffective: November 23, 2010
Effective: November 23, 2010
71 Pa.C.S.A. § 5708.5
§ 5708.5. Supplemental annuities commencing 1998
(a) Benefits.--Commencing with the first monthly annuity payment after June 30, 1998, any eligible benefit recipient shall be entitled to receive a supplemental monthly annuity from the system. This shall be in addition to the supplemental annuities provided for in sections 5708 (relating to supplemental annuities), 5708.1 (relating to additional supplemental annuities), 5708.2 (relating to further additional supplemental annuities), 5708.3 (relating to supplemental annuities commencing 1994) and the special supplemental postretirement adjustment provided for in section 5708.4 (relating to special supplemental postretirement adjustment).
Most recent effective date | Percentage |
of retirement | factor |
July 1, 1996, through June 30, 1997 | 1.86% |
July 1, 1995, through June 30, 1996 | 3.59% |
July 1, 1994, through June 30, 1995 | 4.95% |
July 1, 1993, through June 30, 1994 | 6.42% |
July 1, 1992, through June 30, 1993 | 7.97% |
July 1, 1979, through June 30, 1992 | 10% |
July 1, 1969, through June 30, 1979 | 20% |
On or prior to June 30, 1969 | 25% |
(f) Funding.--For the period beginning July 1, 2002, and ending June 30, 2010, the additional liability for the increase in benefits provided in this section shall be funded in equal dollar annual installments over a period of ten years beginning July 1, 2002. For fiscal years beginning on or after July 1, 2010, the additional liability for the increase in benefits provided in this section shall be funded as part of the actuarial accrued liability as provided in section 5508 (relating to actuarial cost method).
(g) Eligible benefit recipient.--As used in this section, the term “eligible benefit recipient” means a person who is receiving a superannuation, withdrawal or disability annuity on July 1, 1998, and whose most recent effective date of retirement is prior to July 1, 1997, but the supplemental annuities provided under this section shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following the annuitant's attainment of superannuation age.
Credits
1998, June 18, P.L. 685, No. 88, § 8, imd. effective. Amended 2001, May 17, P.L. 26, No. 9, § 19, effective July 1, 2002; 2010, Nov. 23, P.L. 1269, No. 120, § 11, imd. effective.
71 Pa.C.S.A. § 5708.5, PA ST 71 Pa.C.S.A. § 5708.5
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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