Pennsylvania Act 1996-152 — SPECIAL AD HOC MUNICIPAL POLICE AND FIREFIGHTER POSTRETIREMENT ADJUSTMENT ACT - AMEND

Act text

SPECIAL AD HOC MUNICIPAL POLICE AND FIREFIGHTER POSTRETIREMENT ADJUSTMENT
                               ACT - AMEND
                 Act of Dec. 18, 1996, P.L. 993, No. 152              Cl. 53
                             Session of 1996
                               No. 1996-152

     SB 388

                                  AN ACT

     Amending the act of December 14, 1988 (P.L.1192, No.147),
        entitled "An act requiring municipal retirement systems to
        pay special ad hoc postretirement adjustments to certain
        retired police officers and firefighters; providing for the
        financing of these adjustments; providing for the
        administration of the Commonwealth's reimbursements for these
        adjustments; and making repeals," further providing for
        modifications in amount of postretirement adjustment.

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

        Section 1.  Section 302(c) of the act of December 14, 1988
     (P.L.1192, No.147), known as the Special Ad Hoc Municipal Police
     and Firefighter Postretirement Adjustment Act, is amended to
     read:
      Section 302.  Amount of special ad hoc adjustment.
        * * *
        (c)  Modification in amount of postretirement adjustment.--
     [If] In a municipality where, as of the most recent actuarial
     valuation prepared under the act of December 18, 1984 (P.L.1005,
     No.205), known as the Municipal Pension Plan Funding Standard
     and Recovery Act, the actuarial value of aggregated assets as a
     percentage of the aggregated actuarial accrued liabilities of
     the municipality's retirement systems is less than 50%, if a
     retiree entitled to receive a special ad hoc municipal police
     and firefighters postretirement adjustment will receive a
     postretirement adjustment from the applicable municipal police
     or paid firefighters [pension plan] retirement system after the
     effective date of this act, the amount of the special ad hoc
     postretirement adjustment under subsection (a) shall be reduced
     by the total amount of any municipal postretirement adjustment.
        * * *
        Section 2.  The amendment of section 302(c) of the act shall
     apply to postretirement adjustments granted after the effective
     date of this section.
        Section 3.  This act shall take effect immediately.

     APPROVED--The 18th day of December, A. D. 1996.

     THOMAS J. RIDGE