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Employer News

February 5​, 2024

2023 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 2023 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 29, 2024. Questions regarding the 2023 Premium Assistance Verification process should be directed to the Premium Assistance Unit at 1.866.483.5509 or via email at hopadminunithb@luminarehealth.com.

Your timely assistance in verifying these payments is appreciated.


June 23, 2023

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

The 2023 GASB 75 information is as of and for the year ended June 30, 2022 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2022 or June 30, 2023, 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 Financed Specific Liabilities
  • Reconciliation of 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

June 23, 2023

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

The 2023 GASB 68 information is as of and for the year ended June 30, 2022 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2022 or June 30, 2023, 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 Financed Specific Liabilities
  • Reconciliation of Contributions
  • 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

 

April 7, 2023

PSERS HOP Invitation for Application – IFA 2023-01

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 2024 Health Options Program.  A nonbinding letter of intent to apply is due April 14, 2023. The fully completed application is due May 10, 2023. Proposed rates for 2024 are due June 6, 2023. 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:

Informational Letter
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 


February 7, 2023

2022 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 2022 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, 2023. Questions regarding the 2022 Premium Assistance Verification process should be directed to the Premium Assistance Unit at 1.866.483.5509 or via email at hopadminunithb@trustmarkbenefits.com.

Your timely assistance in verifying these payments is appreciated.


December 16, 2022

Employer Contribution Rate for FY 2023-24

The employer contribution rate for fiscal year 2023-2024 will be 34.00%. This is the first year-to-year decline in the rate in more than a decade. The rate applies to salary and wages earned from July 1, 2023 through June 30, 2024. 

The rate was determined by PSERS' actuary and certified by the PSERS Board of Trustees at its meeting on December 16, 2022.

The employer contribution rate for fiscal year 2023-2024 consists of 33.09% for pension costs, 0.64% for premium assistance payments, and 0.27% for defined contribution costs.  The defined contribution (DC) rate 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.  Of the 34.00% employer contribution rate, 27.23% represents payment toward the unfunded liability.

The certification marks the eighth consecutive year the employer rate will provide the full actuarially required contributions, which are necessary to pay down the System's long-term pension debt. That debt payment makes up more than 80% of the newly certified employer contribution rate. The debt was the result of years of suppressed employer contributions, unfunded benefit enhancements and two major market downturns since 2000.

A link to the FY 2023-2024 Employer Contribution Rate Fact Sheet can be found here: Pension Rate Fact Sheet


May 17, 2022

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

The 2022 GASB 75 information is as of and for the year ended June 30, 2021 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2021 or June 30, 2022, 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 Financed Specific Liabilities
  • Reconciliation of 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

May 17, 2022

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

The 2022 GASB 68 information is as of and for the year ended June 30, 2021 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2021 or June 30, 2022, 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 Financed Specific Liabilities
  • Reconciliation of Contributions
  • 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


April 11, 2022

PSERS HOP Invitation for Application – IFA 2022-01

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 2023 Health Options Program.  A nonbinding letter of intent to apply is due April 18, 2022. The fully completed application is due May 13, 2022. Proposed rates for 2023 are due June 7, 2022. 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:

Informational Letter
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




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