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PA HB429
Bill
Status
1/31/2025
Primary Sponsor
Joseph Ciresi
Click for details
AI Summary
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$670,000,000 to be transferred from the Budget Stabilization Reserve Fund to the Public School Employees' Retirement Fund by January 1, 2026, to reduce unfunded actuarial accrued liability
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$330,000,000 to be transferred from the Budget Stabilization Reserve Fund to the State Employees' Retirement Fund by January 1, 2026, to reduce unfunded actuarial accrued liability
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Total of $1 billion in one-time supplemental transfers from Pennsylvania's rainy day fund to address pension system debt
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Amends The Fiscal Code to create an exception to existing restrictions on Budget Stabilization Reserve Fund usage, which normally requires emergencies or economic downturns
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Takes effect immediately upon enactment
Legislative Description
In special funds, further providing for disposition of Budget Stabilization Reserve Fund; and making interfund transfers.
Last Action
Referred to State Government
1/31/2025