Section 240.15B - Additional Duties (Adm. CodeSection 615-B)(a) Actuarial notes.--The office shall prepare actuarial notes by selecting an enrolled pension actuary to prepare actuarial notes for bills or amendments which could have a material actuarial impact on a public employee retirement plan. Actuarial notes shall include a reliable estimate of the financial and actuarial effect of the proposed change in any pension or retirement system. The financial analysis contained in actuarial notes for legislation that proposes substantial benefit design changes under 24 Pa.C.S. Pt. IV (relating to retirement for school employees) and 71 Pa.C.S. Pt. XXV (relating to retirement for State employees and officers) shall include, but not be limited to, a risk transfer analysis and, if requested by a requesting officer, an analysis of the potential impact on the asset allocation and related costs for the systems. The actuarial note shall be factual, and shall, if possible, provide a reliable estimate of both the immediate cost and effect of the bill and, if determinable or reasonably forseeable, the long-range actuarial cost and effect of the bill. The State Employees' Retirement System or the Public School Employees' Retirement System shall provide the office with all information necessary to complete an actuarial note within 14 days of the request for information by the office. The office shall transmit actuarial notes in electronic form to the Governor and all members of the General Assembly within the time periods specified under this section upon the request of a requesting officer.(1) to (7) Deleted by 2021, July 9, P.L. 377, No. 70, § 7, effective in 90 days [Oct. 7, 2021].(b) Analysis.--At the request of a requesting officer, the office shall analyze the provisions of a bill relating to public employee retirement or pension policy and issue a report on the bill in a timely fashion. The report shall provide a synopsis of the bill and financial cost and shall identify proposed changes to current law and current policy. The report, after consultation with the requesting officer, may include an assessment of the actuarial impact and shall be submitted in electronic form to the Governor and all members of the General Assembly.(c) Plans.--The office shall establish and review public employee retirement plans for actuarial soundness and report the results to the Governor and the General Assembly.(d) Website.--The office shall maintain the following on its Internet website in a publicly accessible and searchable area:(1) All actuarial notes issued by the Public Employee Retirement Commission prior to the effective date of this section.(2) All actuarial notes prepared pursuant to subsection (a) and reports under subsection (b) issued by the office, which shall be posted at the time they are transmitted under subsection (a).(3) Any other information that is requested to be posted by a requesting officer.(e) Reimbursement.--The office shall request, after expending all appropriations for the performance of its duties under this section, a reimbursement of expenses from the entity requesting the preparation of materials under this subsection. A restricted account is established in the General Fund which shall consist of reimbursement payments received by the office under this paragraph. The money in the restricted account is appropriated on a continuing basis to the office for the purpose of the performance of its duties under this act, except that the money in the restricted account may not be expended unless the office expends all other appropriations for the performance of its duties under this section.(f) Formulation.--The office shall study generally the subject of retirement, income after retirement, disability and death benefits and the retirement needs of public employees. The office shall formulate principles and objectives and recommend any new legislation it deems advisable as requested by a requesting officer.(g) Study.--The office shall study the relationship of retirement and pension policy to other aspects of public personnel policy and to the effective operation of government generally, as requested by a requesting officer.(h) Note required for bills.--Except as otherwise provided in subsection (k)(1), no bill proposing any change relative to a public employee pension or retirement plan may be given second consideration in either House of the General Assembly until the office has attached an actuarial note prepared by an enrolled pension actuary which shall include a reliable estimate of the cost and actuarial effect of the proposed change in the pension or retirement system.(i) Note required for amendments.--Except as otherwise provided in subsection (k)(2), no amendment to any bill concerning any public employee pension or retirement plan may be considered by either House of the General Assembly until an actuarial note prepared by an enrolled pension actuary has been attached.(j) Notes for proposed constitutional amendments.--The office shall issue an actuarial note, prepared by an enrolled pension actuary, for any joint resolution proposing an amendment to the Constitution of Pennsylvania which initially passes either House of the General Assembly. If the joint resolution is subsequently amended and passes either House of the General Assembly, a new actuarial note shall be prepared.(k) Effect of failure of office to attach note.--(1) If the office fails to attach an actuarial note within 20 legislative days after a bill proposing a change relative to a public employee pension or retirement plan has received first consideration in either House of the General Assembly, the bill may be further considered in the same manner as if the actuarial note had been attached to the bill.(2) If the office fails to attach an actuarial note within 20 legislative days after an amendment to a bill proposing a change relative to a public employee pension or retirement has been submitted to the office by a requesting officer, the amendment may be considered in the same manner as if the actuarial note had been attached to the amendment.(l) Submission of baseline data.--No later than October 1, 2020, July 31, 2021, and July 31 of each year thereafter, the State Employees' Retirement System and the Public School Employees' Retirement System shall each submit to the office data showing the 30-year baseline projections for the retirement systems based on the State law in effect at the time of the submission. The office may specify the data fields and the file format for the data to be transmitted under this subsection. Data submitted under this subsection shall include projections which simulate a 1.0 percentage point increase and a 1.0 percentage point decrease to the official assumed rate of return used by each retirement system.Amended by P.L.3772021 No. 70, § 7,eff.10/7/2021.