Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 881.112. Annual estimates to municipalities;  administrative expenses

The board shall prepare and submit to each municipality, on or before the first day of the third month preceding the commencing of each municipality's fiscal year, an itemized estimate of the amounts necessary to be appropriated by the municipality to complete the payments of the obligations of the municipality to the fund during its next fiscal year.

The board shall annually prepare and approve a budget covering the administrative expenses of this act.  Such expenses as approved by the board shall be paid from receipts from assessments made against each municipality for administrative expenses.  This assessment shall be based on the number of members in each municipality and shall not exceed the sum of twenty dollars ($20) per member per year.  If, in any calendar year, the amount received from such assessments, when imposed at the maximum rate, is not sufficient to cover the administrative expenses, then the balance of such expenses shall be paid from interest earnings on the fund in excess of the regular interest credited to the municipal, members' and retired members' reserve accounts and DROP interest credited to the subsidiary DROP participant reserve account and shall not, in any year, exceed six-tenths of one per cent of the total asset value of the fund as of the beginning of the calendar year.  The administration of the Pennsylvania Municipal Retirement System shall be audited annually and a report of this audit shall be made annually to the General Assembly.

The secretary of the board shall submit a proposed budget for the following fiscal year to the Senate and House Local Government Committees no later than November 1 of the year preceding that for which the budget is being prepared.  The respective committees shall meet and review such budget document.  If the committees take no action within sixty days of said November 1, the budget for the following calendar year shall be deemed approved.