Pennsylvania Act 1972-293 — MUNICIPAL PENSION SYSTEMS, REGULATING

Act text

MUNICIPAL PENSION SYSTEMS, REGULATING
                 Act of Dec. 6, 1972, P.L. 1383, No. 293              Cl. 53
                                  AN ACT

     Requiring municipal pension systems to have an actuarial
        investigation of the fund made by an actuary who shall report
        his findings to the Department of Community Affairs.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  All pension systems for municipal employes,
     police and firemen shall employ or retain an actuary who shall
     be paid by the municipality to make an actuarial investigation
     of the sufficiency of pension funds to pay retirement benefits.
        Section 2.  Upon the completion of the actuarial
     investigation, the actuary shall send a copy of his findings to
     the Department of Community Affairs. For pension systems having
     less than fifty members, the report shall be made every four
     years; for pension systems having fifty or more members, the
     report shall be made every two years.

        Compiler's Note:  The Department of Community Affairs,
            referred to in this section, was abolished by Act 58 of
            1996 and its functions were transferred to the Department
            of Community and Economic Development.
        Section 3.  The Department of Community Affairs shall have
     the power to specify the form and content of reports of
     actuaries and to supply copies of the forms for reports of
     actuaries.

        Compiler's Note:  The Department of Community Affairs,
            referred to in this section, was abolished by Act 58 of
            1996 and its functions were transferred to the Department
            of Community and Economic Development.
        Section 4.  If an actuary study is not performed and
     submitted to the Department of Community Affairs within ninety
     days after December 31 of the year in which the actuary study is
     required in sections 2 and 5 of the act, any and all pension
     reimbursements from any sources which are payable by the
     Commonwealth shall be withheld until such study is completed.
     The actuary study shall be performed by the Department of
     Community Affairs and the municipality shall reimburse the
     Department of Community Affairs the actual cost of performing
     the study.
        (4 amended Jan. 12, 1974, 1973 P.L.444, No.158)

        Compiler's Note:  The Department of Community Affairs,
            referred to in this section, was abolished by Act 58 of
            1996 and its functions were transferred to the Department
            of Community and Economic Development.
        Section 5.  The initial actuary study may be made during the
     calendar year 1973 but shall be made on or before December 31,
     1974.
        (5 amended Jan. 12, 1974, 1973 P.L.444, No.158)