PRINTER'S NO. 1891
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1610
Session of
2023
INTRODUCED BY D'ORSIE, KEEFER, FINK, BERNSTINE, ZIMMERMAN,
STEHR, M. JONES AND GROVE, AUGUST 8, 2023
REFERRED TO COMMITTEE ON FINANCE, AUGUST 8, 2023
AN ACT
Amending the act of December 18, 1984 (P.L.1005, No.205),
entitled "An act mandating actuarial funding standards for
all municipal pension systems; establishing a recovery
program for municipal pension systems determined to be
financially distressed; providing for the distribution of the
tax on the premiums of foreign fire insurance companies; and
making repeals," in financially distressed municipal pension
system recovery program, providing for disposition of money
from sale or lease of municipal assets; and, in foreign fire
insurance tax distribution, further providing for
distribution formula.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of December 18, 1984 (P.L.1005, No.205),
known as the Municipal Pension Plan Funding Standard and
Recovery Act, is amended by adding a section to read:
Section 610. Disposition of money from sale or lease of
municipal assets.
(a) Deposit of proceeds.--If a local government maintains a
pension plan or system that has been determined under section
503 to be in moderate distress or severe distress, after the
sale or lease of a municipal asset, the local government shall
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