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Members' savings account - 71 Pa. Cons. Stat. § 5933

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     § 5933.  Members' savings account.
        (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),
     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.
     (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.)

        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.

Last modified: November 27, 2007