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Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1799.8-E. Public School Employees' Retirement System Restricted Account

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Authority.--From the amounts appropriated but unexpended for school employees' retirement for fiscal years prior to fiscal year 2017-2018, the sum of $6,801,000 shall be transferred to the Public School Employees' Retirement System and placed in a restricted account for use by the board.

(b) Use of funds.--The funds transferred under subsection (a) shall only be used for the purpose of paying the administrative expenses of the board to establish and implement the Public School Employees' Defined Contribution Plan established under 24 Pa.C.S. Ch. 84 (relating to school employees' defined contribution plan).

(c) Nature of funds.--No funds may be transferred under subsection (a) that are otherwise required to be transferred to the board for any other purpose required by law.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1799.8-E. Public School Employees' Retirement System Restricted Account - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-72-ps-taxation-and-fiscal-affairs/pa-st-sect-72-1799-8-e/

Read this complete Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1799.8-E. Public School Employees' Retirement System Restricted Account on Westlaw

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