Pennsylvania HB 1304: An Act amending Titles 24 (Education) and 71 (State Government) of the Pennsylvania Consolidated Statutes, in administration and miscellaneous provisions, further providing for stress test of system; and, in administration, funds, accounts and general provisions, further providing for stress test of system.

Bill Text

PRINTER'S NO. 1498
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1304
Session of
2025
INTRODUCED BY CONKLIN, PIELLI, SANCHEZ, KHAN, GIRAL, HILL-EVANS,
HARKINS, HADDOCK, MERSKI AND GREEN, APRIL 28, 2025
REFERRED TO COMMITTEE ON STATE GOVERNMENT, APRIL 28, 2025
AN ACT
Amending Titles 24 (Education) and 71 (State Government) of the
Pennsylvania Consolidated Statutes, in administration and
miscellaneous provisions, further providing for stress test
of system; and, in administration, funds, accounts and
general provisions, further providing for stress test of
system.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 8510(a) and (b) of Title 24 of the
Pennsylvania Consolidated Statutes are amended to read:
§ 8510. Stress test of system.
(a) General rule.--The board shall conduct an annual stress
test of the system and submit the results of the stress test to
the Governor, the General Assembly and the Independent Fiscal
Office no later than [January] April 1 of each year. The stress
test shall include a scenario analysis, simulation analysis and
sensitivity analysis. The board shall disclose in the report of
the stress test results which industry standards were used and
whether any changes to industry standards have been made.
(b) Report by Independent Fiscal Office.--No later than
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[March] June 1 of each year, the Independent Fiscal Office shall
produce a report summarizing the results of the stress test,
including a calculation of the ratio of projected employer
pension contributions to projected State revenues under a
scenario analysis.
* * *
Section 2. Section 5909(a) and (b) of Title 71 are amended
to read:
§ 5909. Stress test of system.
(a) General rule.--The board shall conduct an annual stress
test of the system and submit the results of the stress test to
the Governor, the General Assembly and the Independent Fiscal
Office no later than [July 1] October 1 of each year. The stress
test shall include a scenario analysis, simulation analysis and
sensitivity analysis. The board shall disclose in the report of
the stress test results which industry standards were used and
whether any changes to industry standards have been made.
(b) Report by Independent Fiscal Office.--No later than
[September 1] December 1 of each year, the Independent Fiscal
Office shall produce a report summarizing the results of the
stress test, including a calculation of the ratio of projected
employer pension contributions to projected State revenues under
a scenario analysis.
* * *
Section 3. This act shall take effect in 60 days.
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