This bill amends the Fiscal Code of Pennsylvania, specifically focusing on the Budget Stabilization Reserve Fund. It clarifies that funds from this reserve should only be appropriated during emergencies related to the health, safety, or welfare of residents, or during significant economic downturns that lead to unanticipated revenue shortfalls. The bill also stipulates that these funds should not be used to initiate new programs but rather to sustain essential public programs at risk of being cut due to financial constraints.

Additionally, the bill introduces a new provision that mandates the transfer of $670 million to the Public School Employees' Retirement Fund and $330 million to the State Employees' Retirement Fund by January 1, 2026. These transfers are intended as one-time supplemental payments aimed at reducing the unfunded actuarial accrued liabilities of both retirement systems. The bill also includes a provision for a $100 million transfer from the Budget Stabilization Reserve Fund to the General Fund by November 30, 2020, which will be available for appropriation by the General Assembly.

Statutes/Laws affected:
Printer's No. 403 (Jan 31, 2025): P.L.343, No.176
Printer's No. 0403: P.L.343, No.176