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July 18, 2016

FFYF Date Change in Lehigh County  

Please note the date of the upcoming Foundations for Your Future meeting in Lehigh County has been changed. It was previously scheduled for July 28th but has been rescheduled for Friday July 29, 2016. The location and time are remaining the same. 


June 10, 2016

Press Release

The Public School Employees' Retirement System (PSERS) Board of T rustees met today . Ms. Virginia Lastner, of Devon, Chester County, was elected to PSERS Board. PSERS Board also adopted new demographic and economic assumptions from its Five-Year Experience Study


March 18, 2016

PSERS HOP Invitation for Application – IFA 2016-01

PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2017 Health Options Program.  A nonbinding letter of intent to apply is due April 15, 2016. The fully completed application is due May 13, 2016. Proposed rates for 2017 are due June 8, 2016. There are five Parts to the Invitation for Application, plus one attached Form. Instructions are included in the various documents. Please click on each link to download the document:

Part I  – General Information
Part II – Contractor Requirements and Vendor Qualification
Part III – Application
Part IV – Contract Document
Part V – Commonwealth Standard Contract Terms
Form A – Trade Secret Confidential Proprietary Information Notice Form


March 11, 2016

Press Release

PSERS holds annual organizational meeting - Melva S. Vogler re-elected Chairman and James M. Sando re-elected Vice Chairman of PSERS’ Board of Trustees.


March 8, 2016

Attention PSERS members:

PSERS’ House Appropriations budget hearing took place on March 7, 2016 . PSERS On Point - Budget Report Highlights  and the FY 2016-2017 Budget Hearing Report have been posted to PSERS’ website.   We are pleased to present these detailed reports to our members, employers, and stakeholders.


March 7, 2016

Attention All PSERS Members: Notice of Email Scam

It has been brought to the Public School Employees’ Retirement System’s (PSERS) attention that there is a fraudulent email claiming to originate from “PSERS Retirement System”.

The subject line of the email indicates "3 PSERS Retirement System Alerts". The narrative of the email provides supposed alerts regarding funds at risk due to stock market declines, scholarship program availability and scheduling a retirement planning session with PSERS. There are various links to click throughout the email relating to the individual topics that are presented. Those links redirect the user to websites not affiliated with PSERS or the Commonwealth of PA. 

Click here for more information...


January 29, 2016

PSERS Tax Qualification

An application is to be made to the Internal Revenue Service for an advance determination on the qualification of the following employee pension benefit plan.

The application will be filed on or before February 1, 2016 for an advance determination as to whether PSERS meets the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended, with respect to the qualification of PSERS.

You may submit to the Internal Revenue Service, either individually or jointly with other interested parties, your comments as to whether PSERS meets the qualification requirements of the Internal Revenue Code. 

Read More...


January 21, 2016

Form 1099-R Mailings

Forms 1099-R are mailed by PSERS by the last business day of January.  Due to volumes, not all Forms 1099-R are mailed the same day. To allow for mail delivery time, it is requested that you wait until February 10 to contact PSERS if you have not received your Form 1099-R.  If you have received payments from PSERS and do not receive your Form 1099-R by February 10, you can contact PSERS for a duplicate copy of your Form 1099-R or you can obtain a copy through Interaction (the secure member login portion of the PSERS website).   Forms 1099-R will be available on Interaction on February 2.   More information regarding Form 1099-R can be found here: http://www.psers.state.pa.us/retired/taxesonbene2.htm


December 17, 2015

Attention PSERS Members:

Legislative Update: This pension reform proposal was defeated in the House  (52-149) on December 19, 2015. PSERS staff will continue to closely monitor pension legislation and provide updates.

A public hearing was held today and an actuarial note was issued on Senate Bill 1082, proposed pension reform legislation.   While you may have many questions and concerns about how additional pension reform may impact you, nothing is confirmed at this time and it remains unclear if this legislation will be passed by the House and Senate and signed into law by the Governor.

The proposed legislation as currently drafted includes the following:

·          Retired members:   No changes

 

·          Current members:  Primarily impacts the withdrawal of contributions and interest that are earned AFTER July 1, 2016 by current members. The proposed legislation does NOT impact benefits and service already earned.  Current members will also share in the investment gains and losses of the System.

 

·          New members hired after July 1, 2017:   Creates a new hybrid retirement plan for new members hired after July 1, 2017 that includes a smaller defined benefit pension AND a 401k-style defined contribution benefit  

 

This proposed legislation is subject to change. We encourage you to continue to monitor PSERS’ website for further updates and more information should any pension reform legislation be enacted.


December 8, 2015

PSERS Certifies Employer Contribution Rate for FY 2016-2017

PSERS Board of Trustees met today and certified an annual employer contribution rate of 30.03 percent for fiscal year (FY) 2016-2017, which begins on July 1, 2016.   The certified rate meets the actuarially required rate and the Act 120 rate collars no longer apply.


November 6, 2015

Attention PSERS members:

PSERS’ Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015 has been posted We are pleased to present this detailed financial report to our members, employers, and stakeholders.  PSERS’ staff continues to achieve the highest standard of financial reporting.  As a result of operational efficiencies, the CAFR is being released two weeks earlier than last year and we are among the first public pension plans in the country to release its June 30, 2015 CAFR. 


October 6, 2015

Press Release

Press Release: PSERS Reports Investment Performance for the Fiscal Year ended June 30, 2015; Fund also receives independent auditor’s report and announces a reduction in investment manager fees for second year


August 10, 2015

Attention All PSERS Members:  Notice of Telephone Scam

A member reported that he received a recorded call purportedly from the Premium Assistance unit saying he won a $100 gift card and that after the recording a representative came on the line and told him that the gift card was from PSERS and all he had to do was pay $1 with his credit card.  Please note that PSERS does not award $100 gift cards.  If you get such a call, try to acquire any potential identifying information such as what number were you called from if you have Caller ID. You should then report the call and any identifying information to the Federal Trade Commission (FTC) at 1-888-382-1222.

August 6, 2015

Member Alert: Update on Duplicate Direct Deposits

The Pennsylvania Treasury Department continues to work closely with PSERS to resolve the duplicate direct deposit payment issue. Treasury has notified PSERS that they have successfully reversed the majority of the July 31 st duplicate direct deposit payments.

Treasury has identified 322 direct deposit payments to PSERS’ members that were not successfully reversed. These overpayments must be returned to Treasury. PSERS will contact those 322 members directly to provide instructions to return the duplicate payments to Treasury.   


July 30 , 2015

M ember Alert: Duplicate Direct Deposits
The Pennsylvania Department of Treasury notified PSERS that a limited number of PSERS members may receive duplicate direct deposit payments on July 31st. 

Treasury is working closely with all impacted financial institutions to have these duplicate payments reversed as quickly as possible.

Some members may see three postings in their account for July 31st, which include two deposits and one reversing the duplicate deposit.

PSERS suggests that members leave any misapplied payment in their account until the issue has been corrected.

As more information becomes available, this posting will be updated. We apologize for any inconvenience this may cause.


July 09, 2015
Pension Reform Legislation Update – Senate Bill 1 (SB 1) is vetoed by Governor

On July 9, 2015 Governor Tom Wolf vetoed SB 1 which would have made significant changes to the structure of pension benefits of new PSERS’ members and would have also made some changes to future benefits earned by current PSERS’ members.

PSERS will continue to closely monitor legislative activity regarding pension reform and will keep members updated.


July 01, 2015
Commonwealth Budget Impasse Information

If you have questions about how a budget impasse will affect operations, please see FAQs here: 
BUDGET IMPASSE FAQ's 


June 16, 2015
Press Release : PSERS posts March 31, 2015 quarterly investment performance; Fund earned 2.82% for the quarter and 7.93% for the one-year period ended March 31, 2015

 


May 14, 2015
Pension Reform : Update
Pension reform remains a top legislative issue in Harrisburg.  


April 24, 2015
Attention All PSERS Members:  Notice of Telephone Scam
PSERS Acting Executive Director Terrill J. Sanchez today issued an alert to all PSERS’ active and retired members about a recurring telephone scam in which PSERS’ members are contacted by individuals claiming to be with the U.S. Treasury or Internal Revenue Service. These individuals state there is an issue with their PSERS’ benefit.  This is a telephone scam and members should immediately hang up.

“PSERS’ members should remain alert to these types of telephone scams,” Sanchez said. “These individuals can be aggressive and may call multiple times. It is important to never give out any personal information or account information. Protect yourself by not speaking with the caller. Simply hang up.”

This telephone scam is very similar to a well-known IRS scam. More information on the IRS scam can be found at: http://www.treasury.gov/tigta/press/press_tigta-2015-01_home.htm

Other tips for avoiding phone or email scams:

  • Never give out personal information over the telephone.
  • Never give out billing information over the phone, especially if you receive an unsolicited telephone call from a stranger.
  • Never forget that you are in control. You can always hang up, find a company's number and call it directly.
  • Remember this rule of thumb: never give out sensitive information to anyone on the phone unless you initiated the call to a company you are certain is legitimate.

April 15, 2015

Public School Employees’ Retirement System Board of Trustees selects State Representative Glen R. Grell as new Executive Director .

March 24, 2015
PSERS HOP Invitation for Application – IFA 2015-01
PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2016 Health Options Program.  A nonbinding letter of intent to apply is due April 13, 2015. The fully completed application is due May 11, 2015. Proposed rates for 2016 are due June 8, 2015. There are five Parts to the Invitation for Application, plus one attached Form. Instructions are included in the various documents. Please click on each link to download the document:

Part I  – General Information
Part II – Contractor Requirements and Vendor Qualification
Part III – Application
Part IV – Contract Document
Part V – Commonwealth Standard Contract Terms
Form A – Trade Secret Confidential Proprietary Information Notice Form   


March 13, 2015
Press
Release
PSERS posts December 31, 2014 quarterly investment performance; earned 8.83% for the calendar year ended December 31, 2014 and added over $4.2 billion in net investment income to the Fund.


November 19, 2014
November 2014 Pension Payment Reminder

As a reminder, the November monthly benefit payment will be released on Friday, November 28.  All monthly benefit payments are sent on the last business day of the month.  As noted in the PSERS Active & Retired Member Update (Vol. 1 2014) newsletter, this year the last business day falls on Friday, November 28.


June 17, 2014
Press Release

Public School Employees' Retirement System posts quarter investment performance and announces Financial Reporting Award - Fund reports 3.61 percent return for the quarter ended March 31, 2014 which added nearly $1.7 billion.  Click here to read the Press Release!


Public School Employees’ Retirement Board Selects New Chief Investment Officer

James H. Grossman, Jr. named Chief Investment Officer   


March 5, 2014
Income Verification

The Income Verification feature on the PSERS Interaction page has been upgraded and is now available for use.  PSERS appreciates your patience during this upgrade process.   Persons receiving a benefit from PSERS can print out a statement of their income received from PSERS through Interaction.  This valuable information is useful for verifying income for a variety of purposes, such as public housing, loan applications, or simply for your own records. 
Interaction
is PSERS online source for member account information.  Your Interaction account will allow you 24-hour access to valuable PSERS documents and the ability to print on-demand.

Active Members Interaction will give you access to PSERS Retirement Calculator and past Statements of Account.

Retired Members
With Interaction, you can download and print your 1099-Rs.  Interaction will also allow you to print a statement showing a monthly breakdown of your pension income for the current year.  You may use this Income Verification statement to verify income for a variety of purposes, such as public housing, loan applications, or for your own records. 


December 11, 2013
Press Release

Employer contribution rate of 21.40 percent certified for next fiscal year 2014-2015; three retiring Board members recognized; and September 30, 2013 investment performance reported. 


September 24, 2013
Press Release

Public School Employees' Retirement System Posts Investment Performance for Fiscal Year Ended June 30, 2013.  Fund beat investment earnings assumption and added over $4 billion to the Fund.


April 30, 2013
Member Board Elections to take place this fall.  

This is the official notification regarding the upcoming elections.  The newsletter will be coming soon.  


February 28, 2013
PSERS Budget Hearing Information

PSERS Budget Book Hearing Information is now available.


February 14, 2013
PSERS Chief Investment Officer Announces Retirement

Alan Van Noord will retire effective June 30, 2013.  Click here for more information.


January 17, 2013
PSERS is Enacting Approved Actuarial Assumptions

Click here for more information.



January 29, 2015

Press Release

Public School Employees’ Retirement Board Re-Elects Chairman and Vice Chairman. Melva S. Vogler re-elected Chairman and James M. Sando re-elected Vice Chairman of PSERS’ Board of Trustees Click here to read the Press Release.

December 10, 2014
Press Release
Public School Employees' Retirement System Board of Trustees Certifies Employer Contribution Rate for Next Fiscal Year.  September 30, 2014 quarterly investment perfomance also reported.


October 7, 2014
Press Release

PSERS Executive Director announces retirement.  Jeffrey B. Clay will retire effective March 6, 2015 Click here to read the full Press Release.

October 6, 2014
Press Release

Fund outperformed investment earnings assumption and added over $7 billion in net investment income to the Fund.  Click here to read the full Press Release. 

March 17, 2014
Press Release

Public School Employees’ Retirement Board Selects New Chief Investment Officer

James H. Grossman, Jr. named Chief Investment Officer   


March 4, 2014
Press Release

Public School Employees’ Retirement Board Elects Chairman and Vice Chairman Melva S. Vogler re-elected Chairman and James M. Sando elected Vice Chairman of PSERS’ Board of Trustee; In addition three new board members begin their terms on the Board.  Click here to read the Press Release 


January 31, 2014
1099R

The Internal Revenue Service (IRS) Form 1099-R is used to report your 2013 federal taxes. This form was mailed to all PSERS retirees in late January. If you do not receive your copy by February 10, you should contact PSERS for a duplicate copy. If you have an PSERS online Interaction account, you can obtain a copy through Interaction.


July 2, 2013
Legislation Passed that Impacts Members on New Military Leaves

Legislation was passed on July 1, 2013, that impacts active members who go on a military leave on or after July 1, 2013. This legislation does not affect any members already on a military leave or any members extending a current military leave as this is considered a part of the original military leave.  

The legislation primarily changes the rules regarding service credit and eligibility points earned during the military leave, purchasing this service upon return to school employment, what occurs in the event of a member’s death or disability while on a new military leave, and the employer’s role in the aforementioned activities. These changes are for members who are activated for military service on or after July 1, 2013, not affected are those who are already on such a leave of absence from their PA public school employment prior to July 1, 2013. Specific details will be supplied to all members directly impacted by the changes.


Press Release

Public School Employees' Retirement System posts positive investment performance for the period ended September 30, 2012. PSERS short-term and long-term investment performance exceeds earnings assumption.


February 5, 2013
Message from PSERS Executive Director Jeffrey B. Clay

Today Governor Corbett unveiled his 2013-2014 state budget proposal. In his address he laid out his plan for additional pension reform, which includes potential changes to active member benefits not yet earned.  These proposed changes would not take effect until July 1, 2015. The Governor’s proposal does not impact retired member benefits.   

While I understand you may have many questions and concerns about how additional pension reform may impact you, nothing is confirmed at this time. The Governor's proposal will be before the General Assembly this legislative session.

Over the next few months, I urge you to carefully read your PSERS’ mailings and newsletters, and closely monitor PSERS’ website.  As more details are confirmed, PSERS’ will provide an update to our membership.

For more details on the Governor’s budget proposal go to the following link on the Commonwealth’s website at: http://www.budget.state.pa.us/portal/server.pt/community/current_and_proposed_commonwealth_budgets/4566.


December 6, 2012
Press Release

Public School Employees' Retirement System Board of Trustees Certifies Employer Contribution Rate for Fiscal Year 2013-2014.  Employer contribution rate of 16.93 percent certified for next fiscal year.


January 24, 20 12
Mailing of the Form 1099-R

PSERS is currently processing and mailing to retired members, survivor annuitants, and those who received a refund or death benefit payment in 2011, a Form 1099-R for tax purposes.  By the end of January, we will have mailed all 1099-Rs for the 2011 tax year. 

Click here (opens pdf file) for more information about the Form 1099-R and answers to frequently asked questions.

If you do not receive your Form 1099-R by February 10, 2012, please contact us.  Copies of your Form 1099-R are also available online through your Interaction account.  If you are a retired member of PSERS and you do not have an Interaction account, you can establish an account by clicking here or through the Online Applications button in the upper left-hand corner of this page. 


December 9, 20 11
Employer Contribution Rate Certified for 2012-2013 - On December 9, 2011, the PSERS Board of Trustees certified an employer contribution rate of 12.36 percent for fiscal year 2012-2013. This rate applies to salary and wages earned from July 1, 2012, through June 30, 2013.


September 1, 20 11
Public School Employees' Retirement System Posts Fiscal Year-End Investment Performance

Fund reports positive investment performance of 20.37 percent for the fiscal year ended June 30, 2011

March 8, 2011
Public School Employees' Retirement System posts Investment Performance for the period ended December 31, 2011 - PSERS reports positive investment returns; PSERS Board Chairman and Vice Chairman re-elected for another one-year term.


Press Release:  Fund reports positive investment performance of 20.37 percent for the fiscal year ended June 30, 2011


Press Release: Fund reports positive investment performance for the quarter ended March 31, 2011; also announces award for financial reporting March 21, 2011


Press Release:  Pension fund earns a positive 5.90 percent for the quarter and a positive 14.23 percent for the one-year period ended December 31, 2010


Press Release:  Pension fund earns a positive 6.98 percent for the quarter ended September 30, 2010; Fund also certifies employer contribution rate of 8.65 percent for next fiscal year beginning July 1, 2011


January 19, 2011
CHANGES TO FEDERAL TAX TABLES MAY IMPACT PENSION CHECKS


Due to the recent passage of federal tax legislation, the Making Work Pay Tax Credit implemented in 2009 ended as of December 31, 2010.  This means that more federal withholding taxes might be withheld in 2011, depending on the federal tax withholding that you previously selected.   

Consult with a qualified tax professional to discuss any changes you may need to make to your federal tax withholding option.  To make changes to your tax withholding, complete and return a W4-P form.

For more information you can click here to access the IRS website .


July 23, 2010
EMPLOYER CONTRIBUTION RATE
PSERS Board of Trustees Recertifies Employer Contribution Rate As a result of passage of the Fiscal Code Bill (S.B. 1042) that accompanied the Commonwealth's General Fund Budget (H.B. 2283), the PSERS Board of Trustees met on Friday, July 23, 2010 and recertified the employer contribution rate from 8.22 percent to 5.64 percent. This recertification supersedes the previous certification of 8.22% which was to begin July 1, 2010. For more information and to read the resolutions passed in conjunction with the recertification click here for PSERB Resolution 2010-26 and PSERB Resolution 2010-27.


June 30, 2010
PRESS RELEASE
Fund reports positive investment performance for the fiscal year ended June 30, 2010 and announces award for financial reporting


END OF NEWS ARTICLES

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