§ 8522. Public School Employees' Retirement Fund.

241 words·~1 min read·/pa/title-24/chapter-85/8522

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(a)General rule.-- The fund shall consist of all moneys in the several separate funds in the State Treasury set apart to be used under the direction of the board for the benefit of members of the system; and the Treasury Department shall credit to the fund all moneys received from the Department of Revenue arising from the contributions relating to or on behalf of the members of the system required under the provisions of Chapter 83 (relating to membership, contributions and benefits) and all earnings from investments or moneys of said fund. There shall be established and maintained by the board the several ledger accounts specified in sections 8523 (relating to members' savings account), 8524 (relating to State accumulation account), 8525 (relating to annuity reserve account) and 8526 (relating to health insurance account).

(b)Individual investment accounts and trust.-- The individual investment accounts that are part of the trust are not part of the fund. Mandatory pickup participant contributions, voluntary contributions and employer defined contributions made under this part and any income earned by the investment of such contributions shall not be paid or credited to the fund but instead shall be paid to the trust and credited to the individual investment accounts.

24c8522v

(Aug. 5, 1991, P.L.183, No.23, eff. imd.; June 12, 2017, P.L.11, No.5, eff. imd.)

Cross References. Section 8522 is referred to in sections 8902, 9101 of this title.

24c8523s