(a) Investment by participant.--All contributions, interest and investment earnings shall be invested based on a participant's investment allocation choices, provided that the board may provide for a default investment option. All investment allocation choices shall be credited proportionally between participant contributions and employer defined contributions. Each participant shall be credited individually with the amount of contributions, interest and investment earnings.
(b) Investment of contributions made by entities other than the Commonwealth.--Investment of contributions by any corporation, institution, insurance company, custodial bank or other entity that the board has approved shall not be unreasonably delayed, and in no case may the investment of contributions be delayed more than 30 days from the date of payroll deduction or the date voluntary contributions are made to the date that funds are invested. Any interest earned on the funds pending investment shall be used to pay administrative fees, costs and expenses of the plan.
(Oct. 29, 2020, P.L.775, No.94, eff. imd.)
2020 Amendment. Act 94 amended subsec. (b). See section 4 of Act 94 in the appendix to this title for special provisions relating to applicability.
Cross References. Section 5814 is referred to in sections 5815, 5902 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 58 - State Employees' Defined Contribution Plan
Section 5803 - Individual investment accounts
Section 5804 - Participant contributions
Section 5805 - Mandatory pickup participant contributions
Section 5806 - Employer defined contributions
Section 5807 - Eligibility for benefits
Section 5810 - Termination of distributions
Section 5812 - Powers and duties of board
Section 5813 - Responsibility for investment loss
Section 5814 - Investments based on participant's investment allocation choices