Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1715-A.1. Transfer to Public School Employees' Retirement System

(a) Payments.--Notwithstanding 24 Pa.C.S. § 8326(c) (relating to contributions by the Commonwealth), no later than December 31, 2014, the board shall make each of the following one-time payments or transfers directly to the Public School Employees' Retirement System to pay amounts required to be contributed by the Commonwealth under 24 Pa.C.S. §§ 8328 (relating to actuarial cost method) and 8535 (relating to payments to school entities by Commonwealth) for fiscal year 2014-2015:

(b) Duty of board.--The Public School Employees' Retirement Board shall:

(c) Immunity.--Notwithstanding any other provision of law, fiduciary requirement, actuarial standard of practice or other requirement, members of the Public School Employees' Retirement Board and its actuaries and employees may not be held liable or in breach or violation of any law or standards as individuals, in their official capacity or as a governmental or corporate entity, for any action taken or calculation made under this section.

(d) Report.--No later than 15 days after the transfer of funds under subsection (a), the Secretary of the Budget shall notify the chairman and minority chairman of the Appropriations Committee of the Senate and the chairman and minority chairman of the Appropriations Committee of the House of Representatives of the date on which the transfers were made and a detailed statement of the assets, nonliquid investments, contractually obligated money, return on investments and any other money, cash or assets transferred.