HB 51
An Act requiring school districts to provide annual notice relating to certain pension and other postemployment benefit obligations; and providing for property disclosure statement and for duty of State Real Estate Commission.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires Pennsylvania school districts to annually calculate and publicly disclose the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property. This information must be made available on the school district’s website, in their financial reports, and in property tax notices. The bill also directs the State Real Estate Commission to update property disclosure statements to include this pension obligation data, ensuring transparency for property buyers.
Key provisions
- School districts must calculate unfunded pension and other postemployment benefit obligations annually.
- These calculations must be published on the school district’s website.
- The results must be included as a footnote in the school district’s annual audited report.
- The information must be included in property tax notices.
- Property disclosure statements must be updated to include the pension obligation calculation.
- The State Real Estate Commission is tasked with revising the property disclosure form.
- The revised form will be published in the Pennsylvania Bulletin.
- The State Real Estate Commission must complete the form revision within 90 days of the act’s effective date.
Who is affected
- School districts
- Property owners
- Pennsylvania residents
- The State Real Estate Commission
- Taxpayers
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Barbara Gleim
Cosponsors
David Zimmerman
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