HB 2499
An Act amending the act of June 2, 1915 (P.L.736, No.338), known as the Workers' Compensation Act, in State Workers' Insurance Fund, further providing for investments by board.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends the Pennsylvania Workers' Compensation Act to allow the State Workers' Insurance Fund board to invest up to 20% of the fund's assets in equity investments. The State Treasurer will manage these investments, collecting principal and interest and paying it back into the fund. The board can also sell these securities with proper authorization.
Key provisions
- The State Workers' Insurance Fund board can invest up to 20% of its assets in equity investments.
- Investments must be in securities authorized for savings banks.
- The State Treasurer will serve as custodian for these investments.
- The State Treasurer is responsible for collecting interest and paying it back to the fund.
- The board must authorize the sale of any securities.
- A certified copy of the board’s resolution must accompany each requisition to the State Treasurer.
- The State Treasurer will pay for securities with checks issued upon the secretary’s requisition.
Who is affected
- State Workers' Insurance Fund
- Pennsylvania Employers
- Employees covered by the Workers' Compensation Act
Notable changes
- Expands the types of investments the State Workers' Insurance Fund can make.
- Clarifies the role of the State Treasurer in managing and investing fund assets.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Benjamin Sanchez
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