Pennsylvania Code › Title 16 - COMMUNITY AFFAIRS › Part IV - Public Employee Retirement Commission › Chapter 211 - REPORTS ON ACTUARIAL INVESTIGATIONS UNDER ACT 293 OF 1972 › Section 211.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Act
-The act of December 6, 1972 (P. L. 1383,
				  No. 293) (53 P. S. §§
										730.1-730.5).
Actuarial investigation
-An evaluative study
				  by an actuary of the status of current assets and pension funds of a pension
				  system, in relationship to the sufficiency of the assets to meet current and
				  future liabilities. The results of the evaluative study shall be reported on
				  forms supplied by the Commission.
Commission
-The Public Employee Retirement
				  Commission of the Commonwealth.
Complete report
-The collection of the
				  applicable reporting forms determined to be in compliance with Commission
				  instructions for each type of pension system-that is, municipal employes,
				  police and firemen-of a municipality and copies of actuarial investigations
				  where required by Commission instructions. Requirements for a complete report
				  and the identification of reporting forms are set forth in §
									211.6 (relating to complete
				  report).
Fireman
-A person who holds a position or
				  office in the fire department of a municipality, is paid a regular salary or on
				  a per diem basis, and has pension benefits provided for under a firemen's
				  pension system.
Member
-A person who represents past, present
				  or future liability or future potential liability to the pension system,
				  including active members with or without vesting, retired members, eligible
				  beneficiaries and terminated members with vesting.
Municipal employe
-A person holding a
				  position or office, other than that of a fireman or policeman, under a
				  municipality, and paid a regular salary or on a per diem basis. The term also
				  includes a person who holds a position or office in a police or fire department
				  of a municipality and has pension benefits provided for under a municipal
				  employes' pension system.
Municipality
-A city, borough, town,
				  township, county, jointure, Council of Government; a newly created governmental
				  unit, or an authority created by a city, borough, town, township, or county or
				  jointly by any of the political subdivisions.
Pension fund
-The combined assets of a
				  pension system maintained to provide benefits to pension system members, which
				  include, cash accounts, invested funds, life insurance and annuity contracts.
				  The term, for purposes of the act, does not include a separate deferred
				  compensation plan in which the employe voluntarily agrees to the withholding of
				  a portion of his income by the employer until some future date, usually
				  retirement, at which time the moneys withheld are paid under section 2 of the
				  act of July 18, 1974 (P. L. 472, No. 168) (72 P. S. §
										4521.1).
Pension reimbursements
-Commonwealth
				  contributions to pension systems, from the tax paid upon premiums by foreign
				  fire insurance companies under section 2 of the act of June 28, 1895 (P. L.
				  408, No. 289) (72 P. S. §
										2262) (Repealed), from the tax paid upon
				  premiums by foreign casualty insurance companies under sections 1 and 2 of the
				  act of May 12, 1943 (P. L. 259, No. 120) (72 P. S. §§
										2263.1 and
				  2263.1a), and from other
				  sources of funds which are or may become available to the Commonwealth for
				  contributions to pension systems.
Pension system
-A plan, fund or program which
				  was heretofore or is hereafter established or maintained by a municipality to
				  the extent that by its express terms or as a result of surrounding
				  circumstances, the plan, fund or program provides retirement income or benefits
				  to municipal employes, police or firemen or to their eligible beneficiaries,
				  regardless of the method of calculating the contributions made to the plan, the
				  method of calculating the benefits under the plan or the method of distributing
				  benefits from the plan.
Police
-Persons who hold positions or offices
				  in the police department of a municipality, are paid on a regular salary or per
				  diem basis, and have their pension benefits provided for under a police pension
				  system.
Regional pension system
-A plan, fund or
				  program which was heretofore or is hereafter established or maintained by two
				  or more cooperating municipalities to the extent that by its express terms or
				  as a result of surrounding circumstances, the plan, fund or program provides
				  retirement income or benefits to municipal employes, police and firemen or to
				  their eligible survivors, regardless of the method of calculating the
				  contributions made to the plan, the method of calculating the benefits under
				  the plan or the method of distributing benefits from the plan.
Reporting forms
-Individual forms for the
				  various types of pension systems. Section
				  211.6 sets forth a list of the
				  forms which are designed by the Commission and are distributed to the
				  municipalities.
Valuation date
-The date within the required
				  reporting year on which the valuation of the assets and the liabilities of the
				  system is determined or, in the case of a system having no defined benefits,
				  the date within the required reporting year on which valuation of the assets of
				  the system is determined.