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§ 5809. Vesting

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 71 Pa.C.S.A. State GovernmentEffective: October 29, 2020

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 71 Pa.C.S.A. State Government (Refs & Annos)
Part XXV. Retirement for State Employees and Officers (Refs & Annos)
Chapter 58. State Employees' Defined Contribution Plan
Effective: October 29, 2020
71 Pa.C.S.A. § 5809
§ 5809. Vesting
Currentness
(a) Participant and voluntary contributions.--Subject to the forfeiture and attachment provisions of section 5953 (relating to taxation, attachment and assignment of funds) or otherwise as provided by law, a participant shall be vested immediately with respect to all mandatory pickup participant contributions and voluntary contributions paid by or on behalf of the participant to the trust in addition to interest and investment gains or losses on the participant contributions but minus investment fees and administrative charges applied against those contributions.
(b) Employer defined contributions.--
(1) Subject to the forfeiture and attachment provisions of section 5953 or otherwise as provided by law, a participant shall be vested with respect to all employer defined contributions paid to the participant's individual investment account in the trust in addition to interest and investment gains and losses on the employer defined contributions but minus investment fees and administrative charges applied against those contributions according to the following schedule:
(i) Until such time as a participant has earned three eligibility points as a member of the system or participant in the plan, 0%;
(ii) At and after the attainment of three eligibility points as a member of the system or participant in the plan, 100%.
(2) For purposes of this subsection, all eligibility points credited to a member of the system in any class of service shall be used for determining vested status in the plan even if the employee was not a participant in the plan at the time the eligibility points were earned.
<Section 4(2) of Act 2020, Oct. 29, P.L. 775, No. 94, imd. effective, provides that the amendment of subsec. (b)(3) by that Act shall only apply to forfeitures after June 30, 2020.>
(3) Nonvested employer defined contributions and the interest and investment gains and losses on the nonvested employer defined contributions that are forfeited when a participant terminates State service before accruing three eligibility points as provided under section 5307(c)(3) (relating to eligibility points) shall be retained by the board and used for the payment of the administrative fees, costs and expenses of the plan.
(c) USERRA leave and eligibility points.--A participant in the plan who is reemployed from USERRA leave or who dies while performing USERRA leave shall receive eligibility points under this section for the State service that would have been performed had the member not performed USERRA leave.

Credits

2017, June 12, P.L. 11, No. 5, § 321, imd. effective. Amended 2020, Oct. 29, P.L. 775, No. 94, § 1, imd. effective.
71 Pa.C.S.A. § 5809, PA ST 71 Pa.C.S.A. § 5809
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document