§ 5933. Members' savings account.

440 words·~2 min read·/pa/title-71/chapter-59/5933

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Credits to account.-- The members' savings account shall be the ledger account to which shall be credited the amounts of the pickup contributions made by the Commonwealth or other employer and contributions or lump sum payments made by active members in accordance with the provisions of sections 5501 (relating to regular member contributions for current service), 5501.1 (relating to shared-risk member contributions and shared-gain adjustments to regular member contributions), 5502 (relating to social security integration member contributions), 5503 (relating to joint coverage member contributions), 5504 (relating to member contributions for the purchase of credit for previous State service or to become a full coverage member), 5505.1 (relating to additional member contributions) and 5505 (relating to contributions for the purchase of credit for creditable nonstate service) and transferred from the members' savings account of the Public School Employees' Retirement System in accordance with the provisions of section 5303.2 (relating to election to convert school service to State service).

(b)Interest and transfers from account.-- The members' savings account in total and the individual member accounts shall be credited with statutory interest. The total accumulated deductions credited to a member whose application for an annuity has been approved shall be transferred from the members' savings account to the annuity reserve account provided for in section 5935 (relating to annuity reserve account), except in the case of a member who is an officer of the Pennsylvania State Police or an enforcement officer the total accumulated deductions to his credit shall be transferred from the members' savings account to the State Police benefit account provided for in section 5936 (relating to State Police benefit account) or to the enforcement officers benefit account provided for in section 5937 (relating to enforcement officers' benefit account), as the case may be.

(c)Charges to account.-- Upon the election of a member to withdraw his total accumulated deductions or upon the transfer of accumulated deductions pursuant to section 5701.1 (relating to transfer of accumulated deductions), the payment of such amount shall be charged to the members' savings account.

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(Dec. 14, 1982, P.L.1249, No.284, eff. imd.; July 22, 1983, P.L.104, No.31, eff. imd.; Apr. 23, 2002, P.L.272, No.38, eff. imd.; Nov. 23, 2010, P.L.1269, No.120, eff. imd.; June 12, 2017, P.L.11, No.5, eff. imd.)

2017 Amendment. Act 5 amended subsec. (a).

2002 Amendment. Act 38 amended subsecs.

(a)and (c).

1983 Amendment. See section 10 of Act 31 in the appendix to this title for special provisions relating to waiver of actuarial note requirement for retirement bills.

Cross References. Section 5933 is referred to in sections 5932, 5935 of this title.

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