(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 contributions from the participant 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 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 shall the investment of contributions be delayed more than 30 days from the date of payroll deduction or 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 costs and fees that would otherwise be required to be borne by participants who are then participating in the plan or that are funded by contributions from the employers.
Cross References. Section 8413 is referred to in section 8502 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 84 - School Employees' Defined Contribution Plan
Section 8403 - Individual investment accounts
Section 8404 - Participant contributions
Section 8405 - Mandatory pickup participant contributions
Section 8406 - Employer defined contributions
Section 8407 - Eligibility for benefits
Section 8410 - Termination of distributions
Section 8411 - Powers and duties of board
Section 8412 - Responsibility for investment loss
Section 8413 - Investments based on participant's investment allocation choices