Current through Register Vol. 54, No. 25, June 22, 2024
Section 249.4 - Reports to the Public School Employees' Retirement Board(a)Multiple service election. A former member who becomes an active member in the Public School Employees' Retirement System and elects multiple service will receive a certification from the Board including not only the total credited service in the System and the annual compensation received therefrom, as provided in section 5904(b)(1) and (2) of the code (relating to duties of the board to report to the Public School Employees' Retirement Board) but also the amount of the Social Security integration credited service as provided in section 5904(b)(3) of the code. In the event a member vests his account or is in receipt of an annuity, which includes benefits representing Social Security integration credits, or in the event the member enters school service within a period of 6 months after termination of State service, not having withdrawn his accumulated deductions; he shall be eligible for retention of those credits if he becomes an active member in the Public School Employees' Retirement System and elects multiple service. In all other cases of members electing multiple service as members of the Public School Employees' Retirement System, previous Social Security integration credits shall not be reinstated and shall be deemed cancelled. Reference should be made to § 247.6 (relating to termination of annuities).(b)Multiple service membership. After a member with multiple service, or his legally constituted representative, as the case may be, applies for a multiple service benefit from the Public School Employees' Retirement System, there will be transferred to that System, under section 5904(c)(2) of the code, the total accumulated deductions of the member and the actuarial reserve necessary to fund the State portion of the annuity based on the calculation of the final average salary applicable to the benefit to which he is entitled. The transfer will be made no later than the end of the calendar quarter following the effective date of such benefits.The provisions of this § 249.4 amended through March 12, 1976, 6 Pa.B. 449.