2010 Pennsylvania Code
Title 24 - EDUCATION
Chapter 85 - Administration and Miscellaneous Provisions
8505.1 - Installment payments of accumulated deductions.

     § 8505.1.  Installment payments of accumulated deductions.
        (a)  General rule.--Notwithstanding any other provision of
     this part, whenever a member elects to withdraw his accumulated
     deductions pursuant to section 8310 (relating to eligibility for
     refunds) or 8341 (relating to return of accumulated deductions)
     or elects to receive a portion of his benefit payable as a lump
     sum pursuant to section 8345(a)(4)(iii) (relating to member's
     options), the member may elect to receive the amount in not more
     than four installments.
        (b)  Payment of first installment.--The payment of the first
     installment shall be made in the amount and within seven days of
     the date specified by the member, except as follows:
            (1)  Upon receipt of a member's application to withdraw
        his accumulated deductions as provided in section 8310 or
        8341 and upon receipt of all required data from the employer,
        the board shall not be required to pay the first installment
        prior to 45 days after the filing of the application and the
        receipt of the data or the date of termination of service,
        whichever is later.
            (2)  In the case of an election as provided in section
        8345(a)(4)(iii) by a member terminating service within 60
        days prior to the end of a calendar year and upon receipt of
        all required data from the employer, the board shall not be
        required to pay the first installment prior to 21 days after
        the later of the filing of the application and the receipt of
        the data or date of termination of service, but, unless
        otherwise directed by the member, the payment shall be made
        no later than 45 days after the filing of the application and
        the receipt of the data or the date of termination of
        service, whichever is later.
            (3)  In the case of an election as provided in section
        8345(a)(4)(iii) by a member who is not terminating service
        within 60 days prior to the end of a calendar year and upon
        receipt of all required data from the employer, the board
        shall not be required to pay the first installment prior to
        45 days after the filing of the application and the receipt
        of the data or the date of termination of service, whichever
        is later.
        (c)  Payment of subsequent installments.--The payment of
     subsequent installments shall be made at the time annuity checks
     are payable for the month and year specified by the member.
        (d)  Statutory interest.--Any lump sum or installment payable
     shall include statutory interest credited to the date of
     payment, except in the case of a member, other than a vestee,
     who has not filed his application prior to 90 days following his
     date of termination of service.
     (June 13, 1985, P.L.40, No.19, eff. 180 days)

        1985 Amendment.  Act 19 added section 8505.1.