Council of Trustees Handbook

Page 18 of 22 SECTION 2013-A. TEACHERS' AND EMPLOYES' RETIREMENT PLANS Pursuant to the provisions of 24 Pa.C.S. § 8301 (relating to mandatory and optional membership), all professional and other employes of the system and its institutions shall be accorded the right to elect participation in the Pennsylvania Public School Employees' Retirement System or the State Employees' Retirement System. Alternatively, eligible employes shall have the right to elect participation in the Teachers' Insurance and Annuity Association of America--College Retirement Equities Fund (TIAA-CREF) retirement plan or in an alternative retirement plan or plans offered by any insurance company authorized to issue annuity contracts in this Commonwealth or mutual fund company with investment options meeting the requirements of a qualified plan under the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1 et seq.). The alternative retirement plans shall be selected by the system pursuant to the request-for-proposal process. (2013-A amended June 22, 2001, P.L.530, No.35) SECTION 2014-A. NONDISCRIMINATION No person shall be denied matriculation at any system institution or a position as a governor, trustee, faculty member, or employe of the system, or the opportunity to contract with the system or its constituent institutions because of race, color, religion, age, sex, national origin, handicap or political affiliation. The board shall develop and promulgate by regulation a plan assuring equal opportunity in educational access, employment and contracting. The plan shall provide for nondiscrimination and compliance with respect to contracting practices for the system, its constituent institutions and their contractors, subcontractors, assignees, lessees, agents, vendors and suppliers. (2014-A amended July 11, 1990, P.L.424, No.103) SECTION 2015-A. ANNUAL AUDIT (a) The activities of the system under this article shall be subject to the audit of the Department of the Auditor General, but the system shall not be required to pay a fee for any such audit. It shall make an annual report to the State board and to the General Assembly showing its condition at the end of the Commonwealth's fiscal year. (b) The system shall report its financial statements in accordance with generally accepted accounting principles as prescribed by the National Association of College and University Business Officers, the American Institute of Certified Public Accountants or any other recognized authoritative body, as well as applicable policy and standards promulgated by the Commonwealth and the Federal Government. (2015-A amended July 13, 2005, P.L.226, No.46) SECTION 2016-A. CONTINUATION OF POWERS AND DUTIES All powers, rights, privileges, duties and obligations, statutory, contractual or otherwise, of the institutions or their predecessors and their respective council of trustees and officers, heretofore existing and not otherwise changed or repealed by this act, shall continue in full force and effect. SECTION 2017-A. ANNUAL REPORT (2017-A deleted by amendment July 1, 2020, P.L.558, No.50) Compiler's Note: Section 34 of Act 61 of 2008, which amended section 2017-A, provided that Act 61 shall apply retroactively to July 1 2008.