HB 1960

An Act amending Titles 24 (Education), 64 (Public Authorities and Quasi-public Corporations) and 71 (State Government) of the Pennsylvania Consolidated Statutes, in general provisions, further providing for definitions; in membership, contributions and benefits, further providing for appropriations by the Commonwealth and establishing the Public School Employees' Contribution Fund; in School Employees' Defined Contribution Plan, further providing for powers and duties of board; in administration and miscellaneous provisions, further providing for Public School Employees' Retirement Board, for administrative duties of the board, for health insurance and for duties of board to report to State Employees' Retirement Board, providing for duties of the board to report to the investment office, further providing for management of fund and accounts, for Public School Employees' Retirement Fund, for State accumulation account, for health insurance account, for Northern Ireland-related investments, for fraud and adjustment of errors, for payments to school entities by Commonwealth commencing with the 2019-2020 school year and for establishment; in group health insurance program, further providing for administration, for Public School Retirees' Health Insurance Fund and for management of fund; in public authorities, establishing the Commonwealth Pension Investment Office; in preliminary provisions, further providing for definitions and providing for certification by Secretary of the Budget; in membership, credited service, classes of service and eligibility for benefits, further providing for mandatory and optional membership in the system and participation in the plan; establishing the State Employees' Contribution Fund; in benefits, further providing for termination of annuities; in State Employees' Defined Contribution Plan, further providing for termination of distributions and for powers and duties of board; in administration, funds, accounts and general provisions, further providing for administrative duties of the board and for duties of the board to report to the Public School Employees' Retirement Board, providing for duties of the board to report to the Pension Investment Office, further providing for management of fund and accounts, for State Employees' Retirement Fund, for Northern Ireland-related investments, for benefits completion plan and for fraud and adjustment of errors.