§ 8348.3. Supplemental annuities commencing 1994
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 Pa.C.S.A. EducationEffective: July 1, 2011
Effective: July 1, 2011
24 Pa.C.S.A. § 8348.3
§ 8348.3. Supplemental annuities commencing 1994
(a) Benefits.--Commencing with the first monthly annuity payment after July 1, 1994, any eligible benefit recipient shall be entitled to receive a further additional monthly supplemental annuity from the system. This shall be in addition to the supplemental annuities provided for in sections 8348 (relating to supplemental annuities), 8348.1 (relating to additional supplemental annuities) and 8348.2 (relating to further additional supplemental annuities).
Most recent effective date of retirement | Percentage factor |
July 1, 1991, through June 30, 1992 | 1.5% |
July 1, 1990, through June 30, 1991 | 2.8% |
July 1, 1989, through June 30, 1990 | 5.3% |
On or prior to June 30, 1989 | 7.9% |
In addition to the supplemental annuity payable as a result of the percentage factors as set forth in this subsection, there shall be a monthly longevity supplemental annuity payable as follows:
(1) For those individuals whose most recent effective date of retirement is on or after July 1, 1969, and on or before July 1, 1984, and who have 20 or more eligibility points, the monthly longevity supplemental annuity shall be equal to 0.25% of the first $3,000 of annuity received per month multiplied by the number of years on retirement.
(2) For those individuals whose most recent effective date of retirement is on or before June 30, 1969, and who have 20 or more eligibility points, the monthly longevity supplemental annuity shall be equal to 0.25% of the first $3,000 of annuity received per month multiplied by the number of years on retirement between July 1, 1969, and July 1, 1989, plus 0.50% of the first $3,000 of annuity received per month multiplied by the years on retirement on or before June 30, 1969.
“Eligible benefit recipient.” A person who is receiving a superannuation, withdrawal or disability annuity and who commenced receipt of that annuity on or prior to June 30, 1992, but the supplemental annuities 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. Notwithstanding the preceding, the term “eligible benefit recipient” shall not include those annuitants who were and currently are credited with an additional 10% of their credited service under section 8302(b.2) (relating to credited school service).
“Years on retirement.” The number of full years as of July 1, 1989, which have elapsed since the eligible benefit recipient most recently commenced the receipt of an annuity and during which the eligible benefit recipient received an annuity.
Credits
1994, April 29, P.L. 159, No. 29, § 5, effective in 60 days. Amended 2001, May 17, P.L. 26, No. 9, § 4, effective July 1, 2001; 2010, Nov. 23, P.L. 1269, No. 120, § 5, effective July 1, 2011.
24 Pa.C.S.A. § 8348.3, PA ST 24 Pa.C.S.A. § 8348.3
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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