Current through Register Vol. 54, No. 24, June 15, 2024
Section 245.7 - Contributions by the Commonwealth and other employers(a) In the event an employer fails to make the payments necessary to build up the employer reserves for the payment of benefits to its employes, under sections 5507 and 5508 of the code (relating to contributions by the Commonwealth and other employers; and actuarial cost method), then the benefit to which such employe would otherwise be entitled, but for the deficiency of the required reserves, shall be reduced in accordance with section 5509(c) of the code (relating to appropriations and assessments by the Commonwealth) for those deficiencies occurring subsequent to March 1, 1974.(b) In the event an employe becomes a member of the System sometime after beginning employment and elects to purchase his previously uncredited service, the Board will bill for the appropriate employer's contribution, by itemized invoice, that agency in which an employe is currently employed for previously uncredited State service rendered after March 1, 1974. The amount of an employer's contribution will be determined on the basis of the employe's earnings and the total employer's contribution rate in effect at the time service was rendered, together with valuation interest of 5.5% compounded annually to the date of purchase.The provisions of this § 245.7 adopted March 12, 1976, 6 Pa.B. 449.