Bill > SB952

This bill amends Titles 24 (Education) and 71 (State Government) of the Pennsylvania Consolidated Statutes to provide a supplemental annuity commencing in 2023 and 2024 respectively. The supplemental annuity, which is in addition to existing supplemental annuities, will be a percentage of the monthly annuity payment based on the most recent effective date of retirement. To be eligible, individuals must be receiving a superannuation, withdrawal, or disability annuity, have a retirement date prior to July 2, 2001, and not have any service credited as Class T-D, Class D-4, or Class AA. The additional liability for the increased benefits will be funded by the Commonwealth in equal annual installments over 10 years starting in 2024.