§ 5708.5 — Supplemental annuities commencing 1998

Pennsylvania § 5708.5

• Jurisdiction: Pennsylvania
• Title 71: STATE GOVERNMENT
• Part: PART XXV
• Ch. 57: BENEFITS

Text

(a) Benefits.--Commencing with the first monthly annuity payment after June 30, 1998, any eligible benefit recipient shall be entitled to receive a supplemental monthly annuity from the system. This 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) and the special supplemental postretirement adjustment provided for in section 5708.4 (relating to special supplemental postretirement adjustment).

(b) Amount of supplemental annuity.--The amount of the supplemental annuity payable pursuant to this section shall be a percentage of the amount of the monthly annuity payment on July 1, 1998, determined on the basis of the most recent effective date of retirement, as follows:

Most recent effective date Percentage factor

of retirement

July 1, 1996, through June 30, 1997 1.86%

July 1, 1995, through June 30, 1996 3.59%

July 1, 1994, through June 30, 1995 4.95%

July 1, 1993, through June 30, 1994 6.42%

July 1, 1992, through June 30, 1993 7.97%

July 1, 1979, through June 30, 1992 10%

July 1, 1969, through June 30, 1979 20%

On or prior to June 30, 1969 25%

(c) Payment.--The supplemental annuity provided under this section shall be paid automatically unless the annuitant files a written notice with the board requesting that the additional monthly supplemental annuity not be paid.

(d) Conditions.--The supplemental annuity provided under this section shall be payable under the same terms and conditions as provided under the option plan in effect as of July 1, 1998.

(e) Benefits paid to beneficiaries or survivors.--No supplemental annuity provided under this section shall be payable to the beneficiary or survivor annuitant of a member who dies before July 1, 1998.

(f) Funding.--For the period beginning July 1, 2002, and ending June 30, 2010, the additional liability for the increase in benefits provided in this section shall be funded in equal dollar annual installments over a period of ten years beginning July 1, 2002. For fiscal years beginning on or after July 1, 2010, the additional liability for the increase in benefits provided in this section shall be funded as part of the actuarial accrued liability as provided in section 5508 (relating to actuarial cost method).

(g) Eligible benefit recipient.--As used in this section, the term "eligible benefit recipient" means a person who is receiving a superannuation, withdrawal or disability annuity on July 1, 1998, and whose most recent effective date of retirement is prior to July 1, 1997, but the supplemental annuities provided under this section shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following the annuitant's attainment of superannuation age.

Legislative History

(June 18, 1998, P.L.685, No.88, eff. imd.; May 17, 2001, P.L.26, No.9, eff. July 1, 2002; Nov. 23, 2010, P.L.1269, No.120, eff. imd.) 2010 Amendment.Act 120 amended subsec. (f). 1998 Amendment.Act 88 added section 5708.5. Cross References.Section 5708.5 is referred to in sections 5507, 5508, 5708.6, 5708.7, 5708.8, 5938 of this title.