§ 5812. Powers and duties of board
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 71 Pa.C.S.A. State GovernmentEffective: October 29, 2020
Effective: October 29, 2020
71 Pa.C.S.A. § 5812
§ 5812. Powers and duties of board
The board, in addition to its powers and duties set forth in Chapter 59 (relating to administration, funds, accounts, general provisions), shall have the following powers and duties to establish the plan and trust and administer the provisions of this chapter and part:
(2) The board shall pay all administrative fees, costs and expenses of managing, investing and administering the plan, the trust and the individual investment accounts from the balance of such individual investment accounts except as otherwise provided under this part or as the General Assembly otherwise provides by appropriations from the General Fund. The board may assess, and each employer shall pay, an annual per-participant charge for the payment of administrative fees, costs and expenses under this paragraph.
(iv) Standards and criteria for providing not less than ten options which are offered by three or more providers of investment options to eligible individuals regarding investments of amounts deferred under the plan. The standards and criteria must provide for a variety of investment options and shall be reviewed in accordance with criteria established by the board.
(v) Standards and criteria for disclosing to the participants the anticipated and actual income attributable to amounts invested, property rights and all fees, costs and expenses to be made against amounts deferred to cover the fees, costs and expenses of administering and managing the plan or trust.
(18) The provisions and restrictions of the act of July 2, 2010 (P.L. 266, No. 44),1 known as the Protecting Pennsylvania’s Investments Act, shall not apply to the participants’ individual investment accounts or the moneys and investments therein, but the board is authorized to offer to the plan participants investment vehicles that would be permitted under the Protecting Pennsylvania's Investments Act.
Credits
2017, June 12, P.L. 11, No. 5, § 321, imd. effective. Amended 2020, Oct. 29, P.L. 775, No. 94, § 1, imd. effective.
Footnotes
72 P.S. § 3837.1 et seq.
71 Pa.C.S.A. § 5812, PA ST 71 Pa.C.S.A. § 5812
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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