16 Pa. Code § 81.7 - Retirement funds and accounts
(a) The
Board will consolidate for investment purposes the assets of the various plans.
The Board will account separately for each plan's assets in a municipal account
and each individual active member, inactive member and vested member's assets
in a member's account. The Board maintains pooled accounts for retired members
(the Retired Members' Reserve Account) and for the funding of disability
benefits (the disability reserve).
(b) When a municipality withdraws the
administration of its plan from the System, the municipality shall only be
entitled to the assets credited to the plan's municipal account and the plan's
members' accounts in accordance with the provisions of the law. Assets that are
actuarially determined by the Board's actuary to be matched to a withdrawing
plan's retired members as of the effective date of withdrawal will also be
returned to the plan in accordance with the law provided there are sufficient
funds in the retired member's reserve account to meet the actuarially
determined liability of all retired members of the System, as of the date of
withdrawal; otherwise payment shall be on a prorated basis.
Notes
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