Act 44 and the Municipal Pension WorldMichael Davisson, Vice President and Senior Financial Advisor, Municipal Pension Services, Univest Bank and Trust Co.
Pennsylvania's pension system is different from any other state or federal program, and it has a myriad of complex statutes. Pennsylvania municipalities need a trusted professional advisor who is well-versed and completely focused on this very complicated, highly specialized pension sector. Act 44, an amendment to the Municipal Pension Plan Funding Standard, provides additional regulations to this already complex pension world.
Act 44 was signed into law in September 2009 and the effects on municipalities were multi-faceted. One of the biggest impacts of Act 44 was that a municipality cannot change pension providers without first advertising those services through various channels. Thus, Univest Municipal Pension Services (UMPS) is at your service.
Many municipalities may elect to keep current pension providers due to the scrutiny and time-consuming nature of this Act. This is where UMPS can assist. We can map out the steps and strategy in an orderly fashion. We can guide a municipality through the Act 44 process and provide a tailored program. From creation of the request for proposal and other various documents to selecting the most appropriate avenue to reach your targeted audience, UMPS can help.
If you are interested in learning more about how UMPS can assist your municipality, please call us at 215-703-5459 or firstname.lastname@example.org.
Investment products offered by Univest Bank and Trust Co.'s Wealth Management and Trust Division and Univest Investments, Inc., member FINRA and SIPC, a licensed broker dealer and investment advisory subsidiary of Univest Corporation of Pennsylvania, are not insured by the FDIC or any federal government agency, are not a deposit or other obligation of or guaranteed by the depository institution, and are subject to risks, including the possible loss of principal amount invested.