§ 205.3. Aggregation of municipal pension plan assets.
(a) Implementation of the aggregation of municipal pension plans assets into a single pension trust fund under section 607(b) of the act (53 P. S. § 895.607(b)) shall be subject to the provisions of a prior contract for the administration of a pension fund that clearly preclude the transfer of the legal title of the assets and the disbursement of the assets as one or more of the following: interfund loan, interfund advance, intrafund loan or intrafund advance. A new contract or amendment to a prior contract shall provide for the aggregation of municipal pension plan assets under section 607(b) of the act.
(b) A municipality participating in level II of the recovery program that intends to establish eligibility for Supplemental State Assistance and a municipality participating in level III of the recovery program shall submit to the Commission, by September 30, 1987, or September 30 of the year following the year in which the municipality first elects to participate in the recovery program, whichever is later, documentation evidencing the implementation of an aggregated pension trust fund in accordance with section 607(b) of the act. The documentation shall be prepared in accordance with instructions issued by the Commission and transmitted to each municipality participating in level II or level III of the recovery program.
Cross References This section cited in 16 Pa. Code § 205.8 (relating to Supplemental State Assistance).
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