Section 1731-A - State Workers' Insurance BoardNotwithstanding any inconsistent provisions of section 1512 of the act of June 2, 1915 (P.L.736, No.338), known as the Workers' Compensation Act, section 504 of the act of November 30, 1965 (P.L.847, No.356), known as the Banking Code of 1965, and any other law of this Commonwealth, the power of the State Workers' Insurance Board to invest money shall include the power to hold, purchase, sell, assign, transfer and dispose of securities, including common stock with the following restrictions:
(1) Investments in equities may not exceed the lesser of: (i) 15% of the State Workers' Insurance Fund's assets; or(ii) the State Workers' Insurance Fund's statutory surplus after discount, except that, notwithstanding the statutory surplus, the State Workers' Insurance Fund is authorized to invest up to 7 1/2% of the book value of its assets in equities.(1.1) Investments in equities shall be made subject to the prudent investor rule as provided for under 20 Pa.C.S. § 7203 (relating to prudent investor rule).(2) The State Workers' Insurance Board shall establish a policy for investments and shall meet at least annually to develop a schedule for rebalancing its investments in securities to meet the restriction of paragraph (1).(2.1) The State Workers' Insurance Board may invest in financial institutions that are designated as a minority depository institution, as defined in section 808(b) of the Housing and Community Development Act of 1977 ( Public Law 95-128, 91 stat. 1111), or a community development financial institution, as defined in section 103 of the Riegel-Neal Interstate Banking and Branching Efficiency Act of 1994 ( Public Law 103-328, 12 U.S.C. § 4702 (5)) if the investment is consistent with authorized investments and prudent person standards applicable to the board.Amended by P.L. TBD 2019 No. 20, § 3, eff. 7/1/2019.Amended by P.L. 664 2016 No. 85, § 11, eff. 7/13/2016.Amended by P.L. TBD 2016 No. 25, § 7, eff. 4/25/2016.1929, April 9, P.L. 343, art. XVII-A, § 1731-A, added 2005, July 7, P.L. 174, No. 41, § 3, imd. effective. Reenacted and amended 2009, Oct. 9, P.L. 537, No. 50, § 3.1, retroactive effective 6/30/2009. Reenacted and amended 2011, June 30, P.L. 159, No. 26, § 2.2, retroactive effective 6/30/2010.