Pensions

ALLMUN

Miscellaneous

Would require the proceeds from the sale of any local government asset to be deposited into the pension fund if the municipality manages a plan that is determined to be in moder or severe distress. Furthermore, changes the distribution formula of funds from the Fire Insurance Tax Fund. Previously the funds were distributed based on (1) population of each municipality in the proportion to the population of the Commonwealth (50%) and (2) based on the market value of real estate for the entire Commonwealth (50%). Under this legislation the funds shall be divided equally between all local governments that maintain a pension plan or system that is in moderate or severe distress status.