Current through Register Vol. 54, No. 25, June 22, 2024
Section 63.94 - Filing of security deposit(a) In lieu of a surety bond, as prescribed in § 63.93 (relating to filing of surety bond), nonprofit organizations subject to this subchapter may deposit money, in a form acceptable to the Department or securities of a kind acceptable to the Department.(b) If a nonprofit organization deposits money or securities in connection with an election to make payments in lieu of contributions, it shall file a surety bond or deposit new collateral in connection with any subsequent election.(c) Money or securities deposited with the Department in connection with an election to make payments in lieu of contributions secures reimbursement of both of the following, together with interest and penalties:(1) Benefit payments that are based on wages paid during the period of the election, including benefit payments made after the period of the election.(2) If the money or securities constitute new collateral in accordance with subsection (b), benefit payments that are based on wages paid during the period of the previous election, including benefit payments made after the period of the previous election.The provisions of this § 63.94 amended June 17, 2011, applies to elections to make payments in lieu of contributions that take effect on or after June 18, 2011, effective 6/18/2011, 41 Pa.B. 3094.