Pennsylvania HB429 amends the disposition of the Budget Stabilization Reserve Fund and makes interfund transfers to address pension liabilities.
Pennsylvania HB429 amends the disposition of the Budget Stabilization Reserve Fund, specifying that funds should only be used for emergencies affecting health, safety, or welfare, or economic downturns. It mandates a transfer of $100,000,000 to the General Fund by November 30, 2020, and $670,000,000 to the Public School Employees' Retirement Fund by January 1, 2026, to reduce unfunded actuarial accrued liabilities. Additionally, $330,000,000 will be transferred to the State Employees' Retirement Fund by January 1, 2026, for the same purpose.
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