Pennsylvania Senate Bill SB485

Pennsylvania 2023-2024 Regular Session

• Introduced: 3/28/23
• Refer: 3/28/23
• Engrossed: 6/21/23
• Refer: 6/22/23

Caption

Making appropriations from the Public School Employees' Retirement Fund and from the PSERS Defined Contribution Fund to provide for expenses of the Public School Employees' Retirement Board for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023.

Impact

The bill is expected to have a significant impact on the funding and administration of public school employee retirements in Pennsylvania. By ensuring that sufficient funds are available, SB485 supports the stability and sustainability of the retirement system for public school employees. Additionally, it acknowledges the prior unpaid bills from the previous fiscal year, indicating a commitment to financial responsibility and accountability in managing public funds. This appropriative measure is vital for the ongoing operations and commitment toward retirees' benefits in the educational sector.

Summary

Senate Bill 485 is designed to make appropriations from the Public School Employees' Retirement Fund (PSERF) and the PSERS Defined Contribution Fund. The primary goal of this bill is to allocate funds necessary for the operation and expenses of the Public School Employees' Retirement Board for the fiscal year, which spans from July 1, 2023, to June 30, 2024. A total of $57,489,000 will be appropriated from the PSERF, which covers expenditures related to salaries, wages, and other essential operational costs for the board members and employees, ensuring they can effectively fulfill their duties and responsibilities.

Sentiment

The sentiment around SB485 appears to be generally positive, particularly among legislators who prioritize education and the welfare of public school employees. The unanimous vote in the Senate (50 yeas, 0 nays) demonstrates broad bipartisan support, indicating that there is a collective understanding of the importance of equipping the retirement board with the necessary resources to manage retirement funds effectively. This support reflects a consensus on the necessity of ensuring educational workers are provided for in their retirement years.

Contention

Notably, there were no significant points of contention surrounding SB485, as it moved swiftly through the legislative process with a final passage achieved without opposition. The absence of dissent suggests that the bill's provisions were seen as uncontroversial and essential for maintaining the integrity of the public school employee retirement system. The quick and unanimous passage can also be interpreted as a signal of collective priorities among lawmakers regarding the importance of securing retirement funding for education professionals.