Pensions

MISC PSERS SERS

Actuarial Reporting Administrative Expenses Employer Contributions Fiduciary Responsibility Miscellaneous

Creates the Taxpayer Protection Act which limits the growth in total spending by the Commonwealth to the lesser of the average percentage change in (1) personal income or (2) inflation. For a fiscal year in which a surplus exists, 50% of that surplus must be deposited into the PSERS/SERS Unfunded Accrued Liability Fund, which is established in the State Treasury by the bill. Two-thirds and one-third of the money in the fund would be distributed to PSERS and SERS, respectively.

Senate Bill 7 is a re-introduction of Senate Bill 7 of the 2015-2016 Legislative Session, which was reported out of the Senate Finance Committee and re-referred to the Senate Appropriations Committee.