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Employer News

September 02, 2020

PSERS Employer Reference Manual: Let Us Know Your Thoughts!

The Employer Reference Manual is a 19-Chapter resource that outlines how to use PSERS' reporting system and provides guidance for proper reporting. Please share your thoughts about the usefulness and organization of the Employer Reference Manual, as well as how efficiently you can find the answers to your questions using the manual.

Please take a moment to complete the survey: https://www.surveymonkey.com/r/LX8HV6C

We appreciate your comments and are looking to reach anyone who assists with PSERS reporting that is familiar with this resource, even if they are not the primary person who is responsible for submitting PSERS reporting.

If you have additional questions, please reach out to your ESC representative. Thanks for your cooperation and assistance.


May 18, 2020

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS

The 2020 GASB 68 information is as of and for the year ended June 30, 2019 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2019 or June 30, 2020, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information: 

AUDITED

  • Schedule of Employer Allocations
  • Schedule of Pension Amounts by Employer
  • Notes to Schedule of Employer Allocations and Schedule of Pension Amounts by Employer

SUPPLEMENTAL (UNAUDITED)

  • Schedule of Amortization of Employers' Deferred Outflows/Inflows
  • Schedule of Employers' Changes in Proportion
  • Schedule of Separately Finance Specific Liabilities
  • Reconciliation of Reported Covered Payroll
  • Sample Note Disclosures for School Districts and Charter Schools

Additional GASB 68 Resources can be found on the PSERS website under Employer GASB 68 Information

If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov


May 18, 2020

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 75 (GASB 75) INFORMATION PROVIDED TO EMPLOYERS

The 2020 GASB 75 information is as of and for the year ended June 30, 2019 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2019 or June 30, 2020, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 75 (GASB 75).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information

AUDITED

  • Schedule of Employer Allocations
  • Schedule of OPEB Amounts by Employer
  • Notes to Schedule of Employer Allocations and Schedule of OPEB Amounts by Employer

SUPPLEMENTAL (UNAUDITED)

  • Schedule of Amortization of Employers' Deferred Outflows/Inflows
  • Schedule of Employers' Changes in Proportion
  • Schedule of Separately Finance Specific Liabilities
  • Reconciliation of Reported Covered Payroll
  • Sample Note Disclosures for School Districts and Charter Schools

Additional GASB 75 Resources can be found on the PSERS website under Employer GASB 75 Information

If you did not receive the information or have any questions regarding the GASB 75 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov


April 13, 2020

Message about PSERS Employer Contribution Rate for FY 2020-21

The ongoing COVID-19 pandemic has been stressful and fearful for all, both from a health and a financial perspective. PSERS understands those feelings are compounded as budgets are reexamined, re-adjusted, and projected for the coming fiscal years (FY). To that end, PSERS is providing this update to clarify any assumptions being made about the impact of the COVID-19 pandemic on the employer contribution rate (ECR) projections, specifically for FY 2020-21.  

Click here for the full message about PSERS Employer Contribution Rate for FY 2020-21


April 2, 2020

PSERS HOP Invitation for Application – IFA 2020-01

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 2021 Health Options Program. A nonbinding letter of intent to apply is due April 13, 2020. The fully completed application is due May 8, 2020. Proposed rates for 2021 are due June 5, 2020. 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:

*Please note that the IFA has been amended to revise submission instructions, and request electronic submission only. To ensure timely receipt and review of your application, please use a trackable delivery service such as U.S. Mail, FedEx or UPS to deliver your proposal.
 
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
*PSERS IFA 2020-1 Addendum 4-21-2020

February 4, 2019

2019 Premium Assistance Verification

The Premium Assistance Verification process has begun and reports have been mailed to Business Managers of the Commonwealth School Employers. These listings represent monthly Premium Assistance payments made to retirees as a reimbursement of premiums they have paid toward the cost of their own basic medical coverage under your plan. The Internal Revenue Service requires PSERS to verify each year that premiums were actually paid by retirees receiving this reimbursement. PSERS is requesting that employers verify premiums paid during the 2019 calendar year. In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2020. Questions regarding the 2019 Premium Assistance Verification process should be directed to the Premium Assistance Unit at 1.866.483.5509.

Your timely assistance in verifying these payments is appreciated.

 

December 9, 2019

Employer Contribution Rate For Fiscal Year (FY) 2020-2021

The employer contribution rate for FY 2020-2021 will be 34.51%. The rate applies to salary and wages earned from July 1, 2020 through June 30, 2021.  

The rate was determined by PSERS' actuary and certified by the PSERS Board of Trustees at its meeting on December 6, 2019. The certified employer contribution rate for FY 2020-2021 is less than the previously projected 34.77% due in part to positive FY 2019 economic and demographic experience and sustained funding from the Commonwealth and school employers.  The unfunded accrued liability of $44.1 at June 30, 2019 is down from $44.9 billion at June 30, 2018 and represents the first major decrease in the unfunded liability in over a decade. The funded status of PSERS also experienced its first significant increase in more than a decade, growing from 56.5% at June 30, 2018 to 58.1% at June 30, 2019.

The employer contribution rate for FY 2020-2021 consists of 33.51% for pension costs, 0.82% for premium assistance payments, and 0.18% for defined contribution costs. Of the 33.51% pension portion of the employer contribution rate, 26.14% represents payment toward the unfunded liability (past service debt).    The defined contribution (DC) rate of 0.18% is an estimated average.   The actual employer DC contribution rate will be based on each employer's Class T-G, Class T-H, and Class DC-only membership.

This certification of the employer contribution rate marks the fifth consecutive year the employer rate provides 100% of the actuarially required rate which is necessary to pay down existing pension debt.  In the past, various pieces of pension legislation suppressed the employer contributions paid to PSERS by school employers and the Commonwealth. FY 2017 was the first time the actuarially required rate was paid after 15 years of underfunding. 

A link to the FY 2020/2021 Employer Contribution Rate Fact Sheet can be found here: Pension Rate Fact Sheet

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS

The 2019 GASB 68 information is as of and for the year ended June 30, 2018 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2018 or June 30, 2019, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information: 

AUDITED

  • Schedule of Employer Allocations
  • Schedule of Pension Amounts by Employer
  • Notes to Schedule of Employer Allocations and Schedule of Pension Amounts by Employer

    SUPPLEMENTAL (UNAUDITED)
    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

      Additional GASB 68 Resources can be found on the PSERS website under Employer GASB 68 Information

      If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov

 

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 75 (GASB 75) INFORMATION PROVIDED TO EMPLOYERS

The 2019 GASB 75 information is as of and for the year ended June 30, 2018 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2018 or June 30, 2019, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 75 (GASB 75).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information

AUDITED

    • Schedule of Employer Allocations
    • Schedule of OPEB Amounts by Employer
    • Notes to Schedule of Employer Allocations and Schedule of OPEB Amounts by Employer

      SUPPLEMENTAL (UNAUDITED)
    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

      Additional GASB 75 Resources can be found on the PSERS website under Employer GASB 75 Information

      If you did not receive the information or have any questions regarding the GASB 75 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov

   

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 2020 Health Options Program.  A nonbinding letter of intent to apply is due April 12, 2019. The fully completed application is due May 10, 2019. Proposed rates for 2020 are due June 7, 2019. 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

 

Act 5 Employer & Vendor Email Blast

Click here to view

 

2018 Premium Assistance Verification

The Premium Assistance Verification will commence this week as reports were mailed to Business Managers of Commonwealth School Employers.  These listings represent monthly Premium Assistance payments made to retirees as a reimbursement of premiums they have paid toward the cost of their own basic medical coverage under your plan.  The Internal Revenue Service requires PSERS to verify that premiums were actually paid by retirees receiving this reimbursement.  PSERS is requesting that employers verify premiums paid during the 2018 calendar year.  In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2019.  Calls regarding the 2018 Premium Assistance verification should be directed to the Premium Assistance Unit at 1-866-483-5509.

Your assistance in verifying these payments is greatly appreciated.

 

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