Pennsylvania Act 44 was signed into law in 2009. Chapter 7-A of Act 44 requires the disclosure of certain information about professional advisors receiving compensation for services provided to a municipal pension plan. Independent firms providing actuarial services or investment advisory services are required to respond to the disclosure questionnaire.
The following firms provide services to the Lower Paxton Township Police Pension Plan, Non-Uniformed Employees Pension Plan, and Volunteer Fire Company Length of Service Award Program (LOSAP) Pension Plan:
Actuarial Services
Investment Services
Act 44 Investment Advisor Selection Process
Chapter 7-A of Act 44 requires development of procedures, advertising, and certain disclosures relative to soliciting applications and disclosure forms used to submit proposals for professional services for the Township’s pension plans. In January 2022, the Township solicited proposals for investment advisory management services and, in May 2022, awarded the contract for those services as detailed in the notice and summary below:
Principal - Act 44 Disclosure – 2023
Request for Proposals for Investment Management and Advisory Services
Act 44 Notification – Summary of Award Notice to Applicants