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§ 1715-A.1. Transfer to Public School Employees' Retirement System

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 10, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 1. The Fiscal Code (Refs & Annos)
Article XVII-a.1. Additional Special Funds and Restricted Accounts (Refs & Annos)
Subarticle B. Tobacco Settlement Fund
Effective: July 10, 2014
72 P.S. § 1715-A.1
§ 1715-A.1. Transfer to Public School Employees' Retirement System
Currentness
(a) Payments.--Notwithstanding 24 Pa.C.S. § 8326(c) (relating to contributions by the Commonwealth), no later than December 31, 2014, the board shall make each of the following one-time payments or transfers directly to the Public School Employees' Retirement System to pay amounts required to be contributed by the Commonwealth under 24 Pa.C.S. §§ 8328 (relating to actuarial cost method) and 8535 (relating to payments to school entities by Commonwealth) for fiscal year 2014-2015:
(1) any and all assets, nonliquid investments, contractually obligated money, return on investments and all other money, cash or assets in the accounts.
(2) any and all nonliquid investments over which the board has management control or authority that are in the fund; and
(3) the dollar amount of cash from the fund which is the difference calculated by taking $225,000,000 and subtracting the following from that amount:
(i) the value of only the nonliquid investments under paragraphs (1) and (2) valued as of the latest valuation report received by the board prior to the date of the transfers under paragraphs (1) and (2);
(ii) the dollar amount of cash transferred from the Health Venture Investment Account under paragraph (1); and
(iii) the dollar amount of cash transferred from the Health Account under paragraph (1).
(b) Duty of board.--The Public School Employees' Retirement Board shall:
(1) accept the transfer made under subsection (a);
(2) credit the value of the transfer under subsection (a) to the system's State accumulation account; and
(3) apply the value of the transfer as a credit to the system's employers on a pro rata basis, as the board deems appropriate.
(c) Immunity.--Notwithstanding any other provision of law, fiduciary requirement, actuarial standard of practice or other requirement, members of the Public School Employees' Retirement Board and its actuaries and employees may not be held liable or in breach or violation of any law or standards as individuals, in their official capacity or as a governmental or corporate entity, for any action taken or calculation made under this section.
(d) Report.--No later than 15 days after the transfer of funds under subsection (a), the Secretary of the Budget shall notify the chairman and minority chairman of the Appropriations Committee of the Senate and the chairman and minority chairman of the Appropriations Committee of the House of Representatives of the date on which the transfers were made and a detailed statement of the assets, nonliquid investments, contractually obligated money, return on investments and any other money, cash or assets transferred.

Credits

1929, April 9, P.L. 343, No. 176, art. XVII-A.1, § 1715-A.1, added 2014, July 10, P.L. 1053, No. 126, § 12, imd. effective.
72 P.S. § 1715-A.1, PA ST 72 P.S. § 1715-A.1
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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