Bill > HB1304

This bill modifies the timing requirements for annual stress tests of two pension systems in Pennsylvania. Specifically, it changes the deadlines for submitting stress test reports from the board and the Independent Fiscal Office (IFO) in both the education and state government pension systems. For the education system (Title 24), the board must now submit its stress test results by April 1 instead of January 1, and the IFO must produce its summary report by June 1 instead of March 1. Similarly, for the state government system (Title 71), the board must submit its stress test results by October 1 instead of July 1, and the IFO must produce its summary report by December 1 instead of September 1. A stress test is a comprehensive financial analysis that includes scenario, simulation, and sensitivity analyses to evaluate the financial health and potential risks of a pension system. The bill requires the board to disclose which industry standards were used in the stress test and whether any changes to those standards have been made. The new reporting deadlines will provide more time for thorough analysis and reporting, and the bill will take effect 60 days after its enactment.

Budget and Finance, Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1304