Loading chat...
PA HB1767
Bill
Status
8/4/2025
Primary Sponsor
Kathleen Tomlinson
Click for details
AI Summary
-
Provides supplemental annuity increases of 15% to 24.5% for Public School Employees' Retirement System (PSERS) and State Employees' Retirement System (SERS) retirees who retired before July 2, 2001, with higher percentages for those who retired earlier (24.5% for pre-July 1982 retirees)
-
Eligible recipients must be receiving a superannuation, withdrawal, or disability annuity as of July 1, 2025, and payments begin with the first monthly annuity after that date
-
Establishes the Budget Stabilization Reserve Fund Interest Account as a restricted account, with interest earned on the Reserve Fund transferred annually to the General Fund starting July 1, 2025, specifically to fund the supplemental annuities
-
PSERS supplemental annuity costs to be funded through equal annual installments over 10 years beginning July 1, 2026, unless alternative funding is provided by law
-
Excludes certain retirement service classes (Class T-D, Class D-4, Class AA) from eligibility and does not provide benefits to beneficiaries or survivors of members who died before July 1, 2025
Legislative Description
In membership, contributions and benefits, providing for supplemental annuity commencing 2025; in benefits, providing for supplemental annuity commencing 2025; providing for special funds and for disposition of Budget Stabilization Reserve Fund; establishing the Budget Stabilization Reserve Fund Interest Account; and making a repeal.
Last Action
Referred to State Government
8/4/2025