Bill Text: PA HB1432 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing, in retirement systems, for maximum single life annuities.

Spectrum: Strong Partisan Bill (Republican 12-1)

Status: (Introduced - Dead) 2009-05-05 - Referred to FINANCE [HB1432 Detail]

Download: Pennsylvania-2009-HB1432-Introduced.html

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PRINTER'S NO. 1762
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1432 Session of2009
INTRODUCED BY CUTLER, BOYD, CREIGHTON, DENLINGER, GINGRICH, HICKERNELL, MELIO, MILNE, MOUL, ROAE, SWANGER, TRUE AND VULAKOVICH, MAY 5, 2009
REFERRED TO COMMITTEE ON FINANCE, MAY 5, 2009
AN ACT
Amending Titles 24 (Education) and 71 (State Government) of the
Pennsylvania Consolidated Statutes, further providing, in
retirement systems, for maximum single life annuities.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 8342 of Title 24 of the Pennsylvania
Consolidated Statutes is amended by adding a subsection to read:
§ 8342. Maximum single life annuity.
* * *
(b.1) Limitation on amount of annuity.--The annuity paid to
a member under subsection (a) shall not exceed the highest
compensation received during any period of 12 consecutive months
of credited service.
* * *
Section 2. Section 5702(a)(6) and (c) of Title 71 are
amended to read:
§ 5702. Maximum single life annuity.
(a) General rule.--Any full coverage member who is eligible
to receive an annuity pursuant to the provisions of section
5308(a) or (b) (relating to eligibility for annuities) who
terminates State service, or if a multiple service member who is
a school employee who is an active member of the Public School
Employees' Retirement System who terminates school service,
before attaining age 70 shall be entitled to receive a maximum
single life annuity attributable to his credited service and
equal to the sum of the following single life annuities
beginning at the effective date of retirement:
* * *
(6) If eligible, a single life annuity sufficient
together with the annuity provided for in paragraph (1) as a
Class A and Class AA member and the highest annuity provided
for in paragraph (2) to which he is entitled, or at his
option could have been entitled, to produce that percentage
of a standard single life annuity on the effective date of
retirement as determined by his total years of credited
service as a member of Class A and Class AA. [and by the
following table:
Total Years ofCredited Serviceas a Member ofClass A andClass AA Percentage ofStandardSingle LifeAnnuity
35-40 100%
41 102%
42 104%
43 106%
44 108%
45 or more 110%]
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* * *
(c) Limitation on amount of annuity.--The annuity paid to a
member under subsection (a) [and reduced in accordance with the
option elected under section 5705 (relating to member's
options)] shall not exceed the highest compensation received
during any period of twelve consecutive months of credited
service. [No limit on the total annuity paid to a member with
Class D-3 service shall be applied in the case of a member who
served as a constitutional officer of the General Assembly.]
* * *
Section 3. This act shall apply as follows:
(1) The addition of 24 Pa.C.S. § 8342(b.1) shall apply
to an individual who, on or after the effective date of this
paragraph, becomes an "active member" as defined in 24
Pa.C.S. § 8102.
(2) The amendment of 71 Pa.C.S. § 5702(a)(6) and (c)
shall apply to an individual who, on or after the effective
date of this paragraph, becomes an "active member" as defined
in 71 Pa.C.S. § 5102.
Section 4. This act shall take effect in 60 days.
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