72 Pa. Stat. § 4521
The state treasurer shall pay all grants, salaries, annuities, gratuities, and pensions established by law, and make all other payments which are or shall be so fixed by law, that the sum to be paid cannot be affected by the settlement of any account, nor increased nor diminished by the discretionary powers of the auditor-general and state treasurer; Provided however, That in relation to pensions payable under decrees of courts, the state treasurer may, if he deems it proper, refer the said decrees or certificates back to the court for revision, stating his reasons therefor: And also provided, That the State Employees' Retirement Board, on behalf of the Commonwealth, and the treasurer or other officer in charge of payrolls for any county, city, town or other political subdivision may make systematic investments in mutual funds, savings accounts or government bonds or make premium payments on life insurance or annuity contracts to any institution or company licensed and authorized in accordance with the rules and regulations promulgated by the appropriate State agencies to accept deposits or sell such products in this State for the purpose of funding a deferred compensation program for employes.
72 P.S. § 4521