Saturday, September 23, 2017
Pennsylvania School Employees' Retirement System

 

Information about the Push for Pension Change

Check out this YOUTUBE video for how the "pension crisis" developed and what you can do about it:

http://www.youtube.com/watch?v=JWXnKvPL5-w

You will find it to be infomrative and to you best interests to stay up to date with information.

 

A message from Jim Sando, member of the PSERS Board of Directors and President of MER:

 

As one of the five members of he PSERS (Public School Employees Retirement System) board representing active/retired members, I am happy to report that our fund is doing well.  PSERS is the thirteenth largest system in the US.   As such it has a great deal of market clout and knows how to use it.  Since the market downturn in 1999-2000, the fund has grown from an asset base of 53.2 Billion dollars to 67.2 in the 2007 fiscal year.  With a 2007 funding ratio of 85.8%, PSERS ranks among the best in the field.

With over 264,000 active and over 168,000 retired members (109,000 vested/inactive as well), PSERS serves a large part of Pennsylvania’s citizens, pouring billions into the state’s economy each year. 

The fund, manages by both staff and outside investment professionals has managed to beat the actuarial assumed rate of 8.5% over the past ten years, even when the market downturn in the late 90’s and early 2000 are taken in to account. With a 1-year return of 13.82 % and a ten-year average of 9.48%, PSERS consistently ranks as the top performer in the industry.

That’s all well and good, but I know what you’re really thinking about.   What about a COLA?  As hard as it may be to believe, PSERS does not have the statutory power to grant COLA’s.  That power rests with the legislature.  There is a current bill, supported by ALL of the states retiree groups, that seems to have some strength.  It is a graduated formula, with the greatest percentage (25%) going to those who retired prior to 1990, and decreasing as for those who retired more recently.  As always, it doesn’t hurt to let you legislator (both the state house and senate) know where you stand.   Call them and ask them to sign o n to the bill and to ask their leadership to MOVE the bill.

I’d like you to know that the members of the PSERS Board of Trustees work with the staff to ensure the fund continues to maintain its leadership position.  We take very seriously our responsibility to prudently invest your retirement dollars.