PRINTER'S NO. 727
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
778
Session of
2023
INTRODUCED BY CONKLIN, MARCH 30, 2023
REFERRED TO COMMITTEE ON STATE GOVERNMENT, MARCH 30, 2023
AN ACT
Amending Title 71 (State Government) of the Pennsylvania
Consolidated Statutes, in administration, funds, accounts and
general provisions, further providing for stress test of
system.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 5909(a) and (b) of Title 71 of the
Pennsylvania Consolidated Statutes are amended to read:
ยง 5909. Stress test of system.
(a) General rule.--The board shall conduct an annual stress
test of the system and submit the results of the stress test to
the Governor, the General Assembly and the Independent Fiscal
Office no later than [July 1] October 1 of each year. The stress
test shall include a scenario analysis, simulation analysis and
sensitivity analysis. The board shall disclose in the report of
the stress test results which industry standards were used and
whether any changes to industry standards have been made.
(b) Report by Independent Fiscal Office.--No later than
[September 1] December 1 of each year, the Independent Fiscal
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Office shall produce a report summarizing the results of the
stress test, including a calculation of the ratio of projected
employer pension contributions to projected State revenues under
a scenario analysis.
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Section 2. This act shall take effect in 60 days.
20230HB0778PN0727 - 2 -
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