State Rep. Keith Greiner (R-Lancaster) played a crucial role in the enactment of House Bill 239 — now Act 63 of 2015 — to provide new fiscal controls for county pension law this week in Harrisburg.
Presently, commonwealth counties are required by law to perform a review pertaining to a cost-of-living adjustment (COLA) for retired county employees on a tri-annual basis. The existing law does not specify how COLAs would be applied to benefits nor indicate what inflation index is appropriate to use.
“My legislation provides clarity and much needed reforms to the commonwealth’s county pension law,” Greiner said. “As a former Lancaster County controller and member of Lancaster County’s retirement board, I know firsthand how the ambiguity of the county pension law could lead counties into financial difficulties, making taxpayers responsible for that burden.”
Act 63 now mandates that COLA may not be applied retroactively and that the Consumer Price Index for Urban Consumers is to be the official benchmark for any COLA. The index is the level of inflation calculated for use in northeastern states.
It also establishes a minimum level of required funding. This consists of a funding ratio of at least 80 percent and obligates counties to use best management practices when creating actuarial notes.
“Ultimately, my legislation provides protections to taxpayers by ensuring that counties’ pension systems remain well-funded and county retirement boards follow best management practices,” Greiner said.
Organizations in this Story
Want to get notified whenever we write about Pennsylvania House Republican Caucus ?
Next time we write about Pennsylvania House Republican Caucus, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.Sign-up for Alerts
- GEISINGER LIFE FLIGHT: Lions Clubs International donates to GWV NICU
- GREATER LEHIGH VALLEY CHAMBER OF COMMERCE - EMMAUS: 5th Annual Nonprofit Collaboration Conference featuring Seattle Humor Blogger - Vu Le
- GREATER CHAMBERSBURG CHAMBER OF COMMERCE: “SOAR” Spring Weekly Bird Walks
- ERIE CHAMBER OF COMMERCE: 95th Annual Spring Show
- EXTON REGION CHAMBER OF COMMERCE: Community Event: Free Shredding Event at First Resource Bank
- Analysis: Homeowners in Pennsylvania metro area pay highest property tax rate in U.S.
- Analysis: College athletics grossed $31,832 per athlete in 2016
- GEISINGER LIFE FLIGHT: Students spend valuable time at Geisinger Lewistown Hospital
- GREATER CHAMBERSBURG CHAMBER OF COMMERCE: Paint and Sip- Dragonflies
- ERIE CHAMBER OF COMMERCE: Join us for our April Business After Hours networking event at Presque Isle Downs & Casino!