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§ 8348.5. Supplemental annuities commencing 1998

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 Pa.C.S.A. EducationEffective: July 1, 2011

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 Pa.C.S.A. Education
Part IV. Retirement for School Employees (Refs & Annos)
Chapter 83. Membership, Contributions and Benefits
Subchapter C. Benefits (Refs & Annos)
Effective: July 1, 2011
24 Pa.C.S.A. § 8348.5
§ 8348.5. Supplemental annuities commencing 1998
Currentness
(a) Benefits.--Commencing with the first monthly annuity payment after July 1, 1998, 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), 8348.2 (relating to further additional supplemental annuities), 8348.3 (relating to supplemental annuities commencing 1994) and 8348.4 (relating to special supplemental postretirement adjustment).
(b) Amount of supplemental annuity.--The amount of the supplemental annuity payable pursuant to this section shall be a percentage of the amount of the monthly annuity payment on July 1, 1998, determined on the basis of the most recent effective date of retirement, as follows:
Most recent effective
Percentage
date 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%
(c) Payment.--The supplemental annuity provided under this section shall be paid automatically unless the annuitant files a written notice with the board requesting that the additional monthly supplemental annuity not be paid.
(d) Conditions.--The supplemental annuity provided under this section shall be payable under the same terms and conditions as provided under the option plan in effect as of July 1, 1998.
(e) Benefits to beneficiaries or survivors.--No supplemental annuity provided under this section shall be payable to the beneficiary or survivor annuitant of a member who dies before July 1, 1998.
(f) Funding.--
(1) For the period beginning July 1, 2002, and ending June 30, 2011, 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.
(2) For fiscal years beginning on or after July 1, 2011, the additional liability provided in this section shall be funded as part of the actuarial accrued liability as provided in section 8328 (relating to actuarial cost method).
(3) Notwithstanding the provisions of section 212 of the act of April 22, 1998 (P.L. 1341, No. 6A), known as the General Appropriation Act of 1998, regarding payment for cost-of-living increases for annuitants, payments for cost-of-living increases for annuitants shall be made under section 8535 (relating to payments to school entities by Commonwealth).
(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, § 3, imd. effective. 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. § 8348.5, PA ST 24 Pa.C.S.A. § 8348.5
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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