2010 Pennsylvania Code
Title 24 - EDUCATION
Chapter 89 - Group Health Insurance Program
8903 - Management of fund.

     § 8903.  Management of fund.
        (a)  Control and management of fund.--The members of the
     board shall be the trustees of the fund. Regardless of any other
     provisions of law governing the investment of funds under the
     control of an administrative board of the State government, the
     trustees shall have exclusive control and management of the fund
     and full power to invest the fund in accordance with the
     provisions of this section, subject, however, to the exercise of
     that degree of judgment, skill and care under the circumstances
     then prevailing which persons of prudence, discretion and
     intelligence who are familiar with such matters exercise in the
     management of their own affairs, not in regard to speculation
     but in regard to the permanent disposition of the fund,
     considering the probable income to be derived therefrom as well
     as the probable safety of their capital. The trustees shall have
     the power to hold, purchase, sell, lend, assign, transfer or
     dispose of any of the securities and investments in which any of
     the moneys in the fund shall have been invested as well as of
     the proceeds of the investments, including, but not limited to,
     directed commissions which have accrued to the benefit of the
     fund as a consequence of the investments and of the moneys
     belonging to the fund, subject in every case to meeting the
     standard of prudence set forth in this section.
        (b)  Custodian of fund.--The State Treasurer shall be the
     custodian of the fund.
        (c)  Payment from fund.--All payments from the fund shall be
     made by the State Treasurer in accordance with requisitions
     signed by the secretary of the board or the secretary's
     designees and ratified by resolution of the board. The board
     shall reimburse the State Treasurer for the cost of making
     disbursements from the fund in the manner provided by law.