16 Pa. Code § 207.1. Procedure for determination of actual financial requirements for municipal pension plans.

§ 207.1. Procedure for determination of actual financial requirements for municipal pension plans.

The Commission will determine annually the actual financial requirement for each municipal pension plan based on the data contained in the most recent complete report required to be filed by the municipality under the act or the act of December 5, 1972 (P. L. 1383, No. 293) (53 P. S. § §  730.1—730.5).
   (1)  If the financial requirements of the pension plan are determined under section 302 of the act (53 P. S. §  895.302), the actual financial requirement shall be equal to the sum of the normal cost plus the administrative expenses less the amount of member contributions anticipated receivable for the following year plus, if applicable, amortization contribution requirements or funding adjustments. The administrative expenses included in the actual financial requirement shall be equal to one-half of the sum of the prior year’s administrative expenses plus the estimated current year’s administrative expenses.
   (2)  If the financial requirements of the pension plan are determined under section 303 or 402(f)(3) of the act (53 P. S. §  895.303 or 895.402(f)(3)), the actual financial requirement shall be equal to the financial requirements less the amount of member contributions anticipated receivable for the following year and, if applicable, funding adjustments.
   (3)  The actual financial requirement determined for a pension plan may not be less than zero dollars.

Source

   The provisions of this §  207.1 adopted December 18, 1987, effective December 19, 1987, 17 Pa. B. 5234; amended July 24, 1992, effective July 25, 1992, 22 Pa. B. 3839. Immediately preceding text appears at serial page (123183).

No part of the information on this site may be reproduced for profit or sold for profit.

This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.