Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1701-N. Public School Employees' Retirement System recertification to Secretary of the Budget

Notwithstanding any other provisions of law to the contrary, the Public School Employees' Retirement Board shall, effective for the fiscal year beginning July 1, 2010, recertify to the Secretary of the Budget and the employers, as defined in 24 Pa.C.S. § 8102 (relating to definitions), within 20 days of the effective date of this section, the employer contribution rate expressed as a percentage of members' payroll necessary for the funding of prospective annuities for active members and the annuities of annuitants to be 5.00%, plus the premium assistance contribution rate of .64% in accordance with 24 Pa.C.S. § 8328(f) (relating to actuarial cost method), and also recertify the rates, factors and amounts set forth in 24 Pa.C.S. § 8502(k) (relating to administrative duties of board) to reflect the impact of the recertified rates provided in this section.  This recertification shall supersede the prior certification for the fiscal year beginning July 1, 2010, for all purposes.