Bill Text: PA HB888 | 2009-2010 | Regular Session | Introduced

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Bill Title: Providing for supplemental annuities commencing 2009.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2009-03-12 - Referred to FINANCE [HB888 Detail]

Download: Pennsylvania-2009-HB888-Introduced.html

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PRINTER'S NO. 1007
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 888 Session of2009
INTRODUCED BY BENNINGHOFF, SCAVELLO, BELFANTI, BRENNAN, BUXTON, CONKLIN, DALEY, GIBBONS, GRUCELA, HARHAI, HARRIS, HESS, HUTCHINSON, MARSICO, MICOZZIE, MOUL, M. O'BRIEN, PALLONE, PETRARCA, RAPP, READSHAW, SIPTROTH, STABACK, WATSON, WHITE, GOODMAN AND CREIGHTON, MARCH 12, 2009
REFERRED TO COMMITTEE ON FINANCE, MARCH 12, 2009
AN ACT
Amending Titles 24 (Education) and 71 (State Government) of the
Pennsylvania Consolidated Statutes, providing for
supplemental annuities commencing 2009.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 24 of the Pennsylvania Consolidated
Statutes is amended by adding a section to read:
§ 8348.8. Supplemental annuities commencing 2009.
(a) Benefits.--Commencing with the first monthly annuity
payment after July 1, 2009, and annually thereafter, any
eligible benefit recipient shall be entitled to receive further
additional monthly supplemental annuities from the system. These
shall be in addition to the supplemental annuities provided for
in sections 8348 (relating to supplemental annuities), 8348.1
(relating to additional supplemental annuities), 8348.2
(relating to further additional supplemental annuities), 8348.3
(relating to supplemental annuities commencing 1994), 8348.5
(relating to supplemental annuities commencing 1998), 8348.6
(relating to supplemental annuities commencing 2002) and 8348.7
(relating to supplemental annuities commencing 2003).
(b) Amounts of supplemental annuities.--Beginning July 1,
2009, and annually thereafter, the amounts of the supplemental
annuities payable under this section shall be calculated by
applying one-half the percentage change in the Consumer Price
Index for All Urban Consumers (CPI-U) for the Pennsylvania, New
Jersey, Delaware and Maryland area, for the most recent 12-month
period for which figures have been officially reported by the
United States Department of Labor, Bureau of Labor Statistics,
immediately prior to the date the adjustment is due to take
effect, to the then-current annuity amount.
(c) Payment.--The additional monthly supplemental annuities
provided under this section shall be paid automatically unless
the intended recipient files a written notice with the system
requesting that the additional monthly supplemental annuities
not be paid.
(d) Conditions.--The additional supplemental annuities
provided under this section shall be payable under the same
terms and conditions as provided under the option plan in effect
July 1, 2009.
(e) Benefits paid to beneficiaries or survivors.--No
supplemental annuity effective after the death of the member
shall be payable to the beneficiary or survivor annuitant of the
deceased member.
(f) Funding.--The additional liability for the increase in
benefits provided by this section shall be funded in equal
dollar annual installments over a period of 20 years beginning
July 1, 2010.
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(g) Definition.--As used in this section, the term "eligible
benefit recipient" means a person who is receiving a
superannuation, withdrawal or disability annuity and who
commenced receipt of that annuity on or prior to July 1, 2009.
Section 2. Title 71 is amended by adding a section to read:
§ 5708.9. Supplemental annuities commencing 2009.
(a) Benefits.--Commencing with the first monthly annuity
payment after July 1, 2009, and annually thereafter, any
eligible benefit recipient shall be entitled to receive further
additional monthly supplemental annuities from the system. These
shall be in addition to the supplemental annuities provided for
in sections 5708 (relating to supplemental annuities), 5708.1
(relating to additional supplemental annuities), 5708.2
(relating to further additional supplemental annuities), 5708.3
(relating to supplemental annuities commencing 1994), 5708.5
(relating to supplemental annuities commencing 1998), 5708.6
(relating to supplemental annuities commencing 2002) and 5708.7
(relating to supplemental annuities commencing 2003).
(b) Amounts of supplemental annuities.--Beginning July 1,
2009, and annually thereafter, the amounts of the supplemental
annuities payable under this section shall be calculated by
applying one-half the percentage change in the Consumer Price
Index for All Urban Consumers (CPI-U) for the Pennsylvania, New
Jersey, Delaware and Maryland area, for the most recent 12-month
period for which figures have been officially reported by the
United States Department of Labor, Bureau of Labor Statistics,
immediately prior to the date the adjustment is due to take
effect, to the then-current annuity amount.
(c) Payment.--The additional monthly supplemental annuities
provided under this section shall be paid automatically unless
20090HB0888PN1007 - 3 -
the intended recipient files a written notice with the system
requesting that the additional monthly supplemental annuities
not be paid.
(d) Conditions.--The additional supplemental annuities
provided under this section shall be payable under the same
terms and conditions as provided under the option plan in effect
July 1, 2009.
(e) Benefits paid to beneficiaries or survivors.--No
supplemental annuity effective after the death of the member
shall be payable to the beneficiary or survivor annuitant of the
deceased member.
(f) Funding.--The additional liability for the increase in
benefits provided by this section shall be funded in equal
dollar annual installments over a period of 20 years beginning
July 1, 2010.
(g) Definition.--As used in this section, the term "eligible
benefit recipient" means a person who is receiving a
superannuation, withdrawal or disability annuity and who
commenced receipt of that annuity on or prior to July 1, 2009.
Section 3. This act shall take effect immediately.
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