Pennsylvania Act 1992-44 — REGULATION OF DEPOSITS OF STATE FUNDS - AMEND LIMIT INVESTMENTS

Act text

Session of 1992

No. 1992-44

HB 318

AN ACT

Amending the act of February 17, 1906 (P.L.45, No.11), entitled "An act to regulate the deposits of State funds, to prescribe the method of selecting State depositories, to limit the amount of State deposits, to provide for the security of such deposits, to fix the rate of interest thereon, to provide for the publication of monthly statements of moneys in the general and sinking funds, to declare it a misdemeanor to give or take anything of value for obtaining the same, and prescribing penalties for violations of this act," further providing limitations on investments in Northern Ireland.

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

Section 1. The act of February 17, 1906 (P.L.45, No.11), entitled "An act to regulate the deposits of State funds, to prescribe the method of selecting State depositories, to limit the amount of State deposits, to provide for the security of such deposits, to fix the rate of interest thereon, to provide for the publication of monthly statements of moneys in the general and sinking funds, to declare it a misdemeanor to give or take anything of value for obtaining the same, and prescribing penalties for violations of this act," is amended by adding a section to read:

Section 3.1. (a) Notwithstanding any other provision of law, to be a depository of State funds of moneys of the Pennsylvania Municipal Retirement Fund, or of any municipal pension plan funds, any moneys or assets on deposit which shall be invested in the stocks, securities or other obligations of any institution or company doing business in or with Northern Ireland, or with agencies or instrumentalities thereof, shall be invested in accordance with the provisions of subsection (c).

(b) On or before the first day of January of each year, the State Treasurer and Auditor General shall determine the existence of affirmative action taken by institutions or companies doing business in Northern Ireland to eliminate ethnic or religious discrimination based on actions taken for:

(i) Increasing the representation of individuals from underrepresented religious groups in the work force, including managerial, supervisory, administrative, clerical and technical jobs.

(ii) Providing adequate security for the protection of minority employes, both at the workplace and while traveling to and from work.

(iii) The banning of provocative religious or political emblems from the workplace.

(iv) Publicly advertising all job openings and making special recruitment efforts to attract applicants from underrepresented religious groups.

(v) Providing that layoff, recall and termination procedures should not in practice favor particular religious groupings.

(vi) The abolition of job reservations, apprenticeship restrictions and differential employment criteria which discriminate on the basis of religion or ethnic origin.

(vii) The development of training programs that will prepare substantial numbers of current minority employes for skilled jobs, including the expansion of existing programs and the creation of new programs to train, upgrade and improve the skills of minority employes.

(viii) The establishment of procedures to assess, identify and actively recruit minority employes with potential for further advancement.

(ix) The appointment of senior management staff members to oversee affirmative action efforts and the setting up of timetables to carry out affirmative action principles.

(c) Consistent with sound investment policy, the State Treasurer and Auditor General shall insure that State depositories invest State funds, moneys of the Pennsylvania Municipal Retirement Fund and municipal pension plan funds in the manner that the investments in institutions doing business in or with Northern Ireland shall reflect the advances made by the institutions in eliminating discrimination according to the principles set forth in subsection (b).

Section 2. This act shall take effect immediately.

APPROVED--The 28th day of May, A. D. 1992.

ROBERT P. CASEY