Employer News Archive
December 11, 2020
Employer Contribution Rate For FY 2021-22
The employer contribution rate for fiscal year 2021-2022 will be 34.94%. The rate applies to salary and wages earned from July 1, 2021 through June 30, 2022.
The rate was determined by PSERS' actuary and certified by the PSERS Board of Trustees at its meeting on December 3, 2020. The certified employer contribution rate for fiscal year 2021-2022 is slightly less than the previously projected 34.95%. The unfunded accrued liability (UAL) of $44.0 billion is down slightly from $44.1 billion and represents the second year in a row that the UAL has declined. For the third year in a row, the funded status of PSERS increased from 58.1% at June 30, 2019 to 59.2% at June 30, 2020.
The employer contribution rate for fiscal year 2021-2022 consists of 33.99% for pension costs, 0.80% for premium assistance payments, and 0.15% 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 34.94% employer contribution rate, 26.79% represents payment toward the unfunded liability.
This certification of the employer contribution rate marks the sixth 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 for many years.
A link to the FY 2021-22 Employer Contribution Rate Fact Sheet can be found here: Pension Rate Fact Sheet
December 11, 2020
Information on Withdrawal Liability
Effective September of 2019, Act 72 of 2019 requires PSERS to calculate and collect a withdrawing employer's unfunded retirement benefit liabilities, i.e., the employer's "withdrawal liability." Prior to September 2019, when an employer terminated its participation in PSERS, for all or some of its employees, that employer's share of the system's unfunded retirement benefit liability was re-allocated to the remaining employers. Such withdrawals, under a cost-sharing multiple employer plan like PSERS, resulted in an increased funding obligation for the remaining employers. The withdrawal liability is designed to relieve the additional funding burden on the remaining employers.
Under the Public School Employees' Retirement Code, an employer is deemed to withdraw from PSERS when it ceases covered operations under the system or ceases to have an obligation to contribute under the system for all or any of the its employees but continues covered operations. Thus, an employer will be responsible for paying a withdrawal liability when, for example, it permanently closes all operations or creates an alternate retirement plan to cover some or all new employees. The calculation and payment of the withdrawal liability differs based on whether the employer is ceasing operations entirely or continuing participation in PSERS for some employees, but not all. For a complete withdrawal, a lump sum amount is due PSERS. For a partial withdrawal, the amount owed may be paid over time.
Click here for frequently asked questions regarding the withdrawal liability provision as applied to charter school operations. If you are considering closing a school, creating an alternate retirement plan, or in any other way limiting PSERS membership for employees, you should contact the PSERS Employer Service Center for more information.
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
May 22, 2019
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
May 22, 2019
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
March 21, 2019
PSERS HOP Invitation for Application –
IFA 2019-01
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 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
January 31, 2019
Act 5 Employer & Vendor Email Blast
Click here to view
January 29, 2019
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.
December 07, 2018
Employer Contribution Rate For FY 2019-20
The employer contribution rate for fiscal year 2019-2020 will be 34.29%. The rate applies to salary and wages earned from July 1, 2019 through June 30, 2020.
The rate was determined by PSERS' actuary and certified by the PSERS Board of Trustees at its meeting on December 7, 2018. The certified employer contribution rate for fiscal year 2019-2020 is less than the previously projected 34.79 percent due in part to positive FY 2018 economic and demographic experience, including active membership growth and investment outperformance.
The employer contribution rate for fiscal year 2019-2020 consists of 33.36% for pension costs, 0.84% for premium assistance payments, and 0.09% for defined contribution costs. Of the 33.36% pension portion of the employer contribution rate, 25.87% represents payment toward the unfunded liability.
This certification of the employer contribution rate marks the fourth 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 in fifteen years that the actuarially required rate was paid.
A link to the FY 2019/2020 Employer Contribution Rate Fact Sheet can be found here: Pension Rate Fact Sheet
August 09, 2018
Password Change Notification Email
ESS requires employers to update their passwords every 120 days. Please remember to change your password to something you will remember. Upon changing your password, you will receive a confirmation email. The email you will receive will state that you have changed your "MSS account" rather than stating ESS for Employer Self-Service. Please know we are aware of this issue. We hope this notification reduces concern that another type of account was changed. If you receive a password confirmation email but you have not updated your information, please contact your ESC representative. Thank you!
August 1, 2018
Attention Business Managers:
Please be advised that the monthly Employer Statements of Account that were generated on August 1, 2018 are incorrect. Our vendor continues to work on correcting the statements. We apologize for the inconvenience and thank you for your patience.
Please log into the ESS portal to view the current transactions and current balances due in your account. This information is available at any time.
Sincerely,
Public School Employees' Retirement System
July 09, 2018
Attention Business Managers:
The June Employer SOA Report is now available. The statements created show your account balances and outstanding payments as of 6/30/2018 for your year-end reconciliation. Our vendor continues to work on correcting the system generated statements.
We appreciate your patience. If you have questions, please contact the Employer Accounting section at RA-PSERSEMPACCT@pa.gov.
Sincerely,
Public School Employees' Retirement System
Attention Business Managers
Due to vendor issues related to our recent system upgrade, the June Employer SOA Report will be delayed. The June 2018 Employer SOA Report is expected to be generated and made available the week of July 9, 2018.
We appreciate your patience. If you have questions, please contact the Employer Accounting section at
RA-PSERSEMPACCT@pa.gov
Sincerely,
Public School Employees’ Retirement System
June 19, 2018
Employer Workshop Presentation:
PSERS conducted our annual Spring Employer Workshops through June 2018. It was a pleasure to meet those who were able to attend. Traveling around the state to do workshops is always a great way for the Employer Service Center (ESC) representatives to interact face to face with you. We thank you for your support and interest, and appreciate the questions and feedback that was provided by you via the survey at the end of each workshop.
If you missed this year's workshop, or you would like to revisit a particular topic again, here are the PDFs of the presentations and handouts:
June 14, 2018
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS
The 2018 GASB 68 information is as of and for the year ended June 30, 2017 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2017 or June 30, 2018, 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
June 14, 2018
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 75 (GASB 75) INFORMATION PROVIDED TO EMPLOYERS
The 2018 GASB 75 information is as of and for the year ended June 30, 2017 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2017 or June 30, 2018, 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
May 7, 2018
Attention Business Managers
Please be advised that the monthly Employer Statements of Account that were generated on May 1, 2018 still have errors and our vendor is working on correcting these errors. We apologize for the inconvenience and thank you for your patience.
Please log into the ESS portal to view the current transactions and current balances due in your account. This information is available at any time.
Sincerely,
Public School Employees’ Retirement System
April 20, 2018
PSERS will be sending employers the necessary information to comply with Governmental Accounting Standards Board (GASB) 68 and (GASB) 75.
For GASB 68 and GASB 75, PSERS will be providing employers with audited materials including: a Schedule of Employer Allocations, Schedule of Pension/OPEB Amounts by Employer, Notes to Schedule of Employer Allocations, and a Schedule of Pension/OPEB Amounts by Employer.
PSERS anticipates providing Governmental Accounting Standards Board (GASB) 68 and (GASB) 75 materials to employers in June 2018.
April 20, 2018
PSERS PASBO Conference
Update from PSERS: Modifications to Return to Service Process
Please contact your ESC representative if you have any questions.
March 30, 2018
Attention Business Managers:
The monthly Employer Statements of Account that were generated on 4/1/2018 have an incorrect beginning balance, which is causing the ending balance to be incorrect.
This problem has been reported to our vendor. The March statement will not be reissued, please log into the ESS portal to view the current transactions and the current balance due in your account.
Please report any other statement errors discovered, not related to the known balance error, to RA-PSERSEMPACCT@pa.gov.
Thank you for your patience during this transitional time.
Sincerely,
Public School Employees’ Retirement System
March 30, 2018
March 19, 2018
PSERS Employer 2018 Spring workshops
The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop.
Workshop attendance is recommended for anyone responsible for reporting information to PSERS including business managers, payroll staff and human resources staff. This year’s Spring Workshop will provide more details about the features of the Employer Self-Service (ESS) system, an introduction to the Member Self-Service (MSS) system, and an overview of the Act 5 legislation that will go into effect July 1, 2019. As always, ESC enjoys getting out of the office to meet with you directly and hearing the questions you have. We hope that you are able to attend one of the sessions listed below. Please RSVP to let us know which session you have chosen!
The list of locations, dates, and times PSERS will be in your area are listed on our website (www.psers.pa.gov) under the Employer News page. Please respond to this email as to whether or not a representative(s) will be attending a workshop by April 9, 2018. This will help to ensure we have the appropriate room arrangements and number of handouts.
March 19, 2018
ESS Training Slides and FAQ's are now available
ESS Training Slides
ESS FAQ's
ESS Training Videos
IE Compatability View Settings
Admin Security Questions
January 8, 2018
2017 Premium Assistance Verification
The Premium Assistance Verification will commence this week as reports are being mailed to the Business Managers of Commonwealth School Employers. These listings represent monthly Premium Assistance payments made to retirees as a reimbursement of premiums paid toward the cost your health insurance plan for their personal coverage. 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 2017 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, 2018. Calls regarding the 2017 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.
December 8, 2017
Contribution Rate Announcements
Employer Contribution Rate for Fiscal Year 2018-2019
The employer contribution rate for fiscal year 2018-2019 will be 33.43%. The rate applies to salary and wages earned from July 1, 2018 through June 30, 2019.
The rate was determined by PSERS’ actuary, and certified by the PSERS Board of Trustees at its meeting on December 8, 2017. The certified employer contribution rate for fiscal year 2018-2019 is less than the previously projected 34.18 percent due in part to positive FY 2017 economic and demographic experience, including investment outperformance.
The employer contribution rate for fiscal year 2018-2019 consists of 32.60% for pension costs and 0.83% for premium assistance payments. Of the 32.60% portion of the employer contribution rate, 25.01% represents payment toward the unfunded liability.
Shared Risk Performance
At its meeting on December 8, 2017, the PSERS Board of Trustees certified and retained the current T-E member contribution rate of 7.50% and T-F member contribution rate of 10.30% for the next three-year period from July 1, 2018 to June 30, 2021. New members hired after July 1, 2011 share some of PSERS’ investment risk. Their contribution rates fluctuate every three years based on the Fund’s investment performance. The next measurement period for the “shared risk” provisions ends June 30, 2020.
July 6, 2017
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS
The 2017 GASB 68 information is as of and for the year ended June 30, 2016 (measurement date) and is for use in employer’s financial statements for the year ended December 31, 2016 or June 30, 2017, whichever is applicable.
PSERS has provided, through an email blast, to its employer contacts and business managers 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 email contained explanations of what was provided and what the employers’ responsibilities are. Additionally there were three attachments.
The attachments included in the email contained the following audited and supplemental information:
AUDITED
Schedule of Employer Allocations
Schedule of Pension Amounts by Employer
Schedule of Amortization of Employers’ Deferred Outflows/Inflows
Notes to Schedule of Employer Allocations, Schedule of Pension Amounts by Employer, and Schedule of Amortization of Employers’ Deferred Outflows/Inflows
SUPPLEMENTAL (UNAUDITED)
Sample Note Disclosures
Reconciliation of Reported Covered Payroll
Schedule of Employers’ Changes in Proportion
Schedule of Separately Finance Specific Liabilities
Additional GASB 68 Resources can be found on the PSERS 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.
July 3, 2017
Employer Workshop Presentation:
PSERS conducted our annual Spring Employer Workshops through June 2017. It was a pleasure to meet those who were able to attend. Traveling around the state to do workshops is always a great way for the Employer Service Center (ESC) representatives to interact face to face with you. There were a total of 714 attendees who represented 431 different employers this year. We thank you for your support and interest, and appreciate the questions and feedback that was provided by you via the survey at the end of each workshop.
If you missed this year’s workshop, or you would like to revisit a particular topic again, we have provided the link to the workshop presentation entitled “Back to Basics: A Review of Fundamental Concepts and Tips for Making your Job Easier”.
April 10, 2017
Return to Service, SHORT-TERM SUBSTITUTE TEMPLATE LETTER
Below is a link to the newly released Short-term Substitute Template Letter referenced under “Process A” of the recently revised Return to Service Guidelines.
Again, please contact your ESC regional representative with any questions regarding the Return to Service process.
March 31, 2017
PSERS HOP Invitation for Application – IFA 2017-01
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 14, 2017. The fully completed application is due May 12, 2017. Proposed rates for 2018 are due June 8, 2017. 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
Return to Service Presentation, PASBO Conference in Pittsburgh (March 23-24)
PSERS presented a comprehensive review of newly revised Return to Service guidelines and the associated process at the recently held PASBO conference. Copies of the presentation and materials are linked below. Contact your ESC regional representative with any questions. Additional information will be provided to all PSERS reporting units in the near future regarding this topic.
March 13, 2017
2017 Workshop Schedule
The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop.
The workshops will take place from April 24th through June 5th, and are expected to take between 1 1/2 to 2 hours.
The workshop is recommended for business managers, payroll staff, human resources staff, and anyone else responsible for reporting information to PSERS. This year’s workshop is entitled “Back to Basics” and provides a refresher on everything from qualification rules and membership classes/rates to part-time member reporting. Other focus areas include the TF Election process, waivers, coaches, return to service, and the importance of correct contract records to support data reported. The topic was selected based on your questions to your ESC representative and the questions PSERS must pose to you when reviewing member accounts.
This workshop is designed to provide helpful tips to aid you in reporting and review areas that are questioned often during the year. Whether you have an in depth knowledge of PSERS rules or not, we invite you to attend and pick up some useful information. We encourage you to bring your questions and are looking forward to seeing as many of you as possible. This is a great opportunity for us to meet with you and we enjoy the personal interaction.
Please send your RSVP to your ESC Rep so we can be prepared with the correct number of materials for each workshop. If you weren’t planning on attending, but your schedule changes so that it would permit you to attend, please join us. Below is a list of workshop locations, dates and times.
| 3 |
Westmoreland IU 7 |
Monday, April 24, 2017 |
10:00 AM |
102 Equity Dr |
Greensburg |
15601 |
| 3 |
ARIN IU 28 |
Tuesday, April 25, 2017 |
10:00 AM |
2895 W Pike Rd |
Indiana |
15701 |
| 3 |
Intermediate Unit 1 |
Wednesday, April 26, 2017 |
10:00 AM |
1 Intermediate Unit Dr |
Coal Center |
15423 |
| 3 |
Allegheny IU 3 (SESSION 1) |
Thursday, April 27, 2017 |
10:00 AM |
475 E Waterfront Dr |
Munhall |
15120 |
| 3 |
Allegheny IU 3 (SESSION 2) |
Thursday, April 27, 2017 |
1:15 PM |
475 E Waterfront Dr |
Munhall |
15120 |
| 1 |
Central IU 10 |
Monday, May 01, 2017 |
10:00 AM |
345 Link Rd |
West Decatur |
16878 |
| 5 |
Bucks County IU 22 |
Monday, May 01, 2017 |
10:00 AM |
705 N Shady Retreat Rd |
Doylestown |
18901 |
| 1 |
Seneca Highlands IU 9 |
Tuesday, May 02, 2017 |
10:00 AM |
119 Mechanic St |
Smethport |
16749 |
| 1 |
Riverview IU 6 |
Wednesday, May 03, 2017 |
10:00 AM |
270 Mayfield Rd |
Clarion |
16214 |
| 1 |
Northwest Tri-County IU 5 |
Thursday, May 04, 2017 |
9:00 AM |
252 Waterford St |
Edinboro |
16412 |
| 1 |
Midwestern IU 4 |
Friday, May 05, 2017 |
10:00 AM |
453 Maple St |
Grove City |
16127 |
| 2 |
Central Susquehanna IU 16 |
Monday, May 08, 2017 |
9:30 AM |
90 Lawton Ln |
Milton |
17847 |
| 1 |
Beaver Valley IU 27 |
Monday, May 08, 2017 |
10:00 AM |
147 Poplar Dr |
Monaca |
15061 |
| 4 |
Tuscarora IU 11 |
Tuesday, May 09, 2017 |
9:30 AM |
2527 US Hwy 522 S |
McVeytown |
17051 |
| 4 |
Appalachia IU 8 Executive Office |
Wednesday, May 10, 2017 |
9:30 AM |
4500 6th Ave |
Altoona |
16602 |
| 6 |
Delaware County IU 25 |
Thursday, May 11, 2017 |
1:30 PM |
200 Yale Ave |
Morton |
19070 |
| 5 |
Montgomery County IU 23 |
Thursday, May 11, 2017 |
10:00 AM |
2 West Lafayette St |
Norristown |
19401 |
| 6 |
Chester County IU 24 |
Monday, May 15, 2017 |
10:00 AM |
455 Boot Rd |
Downingtown |
19335 |
| 2 |
Colonial IU 20 |
Tuesday, May 16, 2017 |
9:30 AM |
6 Danforth Dr |
Easton |
18045 |
| 4 |
Lincoln IU 12 |
Wednesday, May 17, 2017 |
9:30 AM |
65 Billerbeck St |
New Oxford |
17350 |
| 2 |
Luzerne IU 18 |
Wednesday, May 17, 2017 |
9:30 AM |
368 Tioga Ave |
Kingston |
18704 |
| 2 |
BLAST IU 17 |
Thursday, May 18, 2017 |
9:30 AM |
33 Springbrook Dr |
Canton |
17724 |
| 4 |
Capital Area IU 15 |
Friday, May 19, 2017 |
9:30 AM |
55 Miller St |
Summerdale |
17093 |
| 2 |
Northeastern Educational IU 19 |
Friday, May 19, 2017 |
9:30 AM |
1200 Line St |
Archbald |
18403 |
| 2 |
Carbon-Lehigh IU 21 |
Monday, May 22, 2017 |
9:30 AM |
4210 Independence Dr |
Schnecksville |
18078 |
| 5 |
Berks County IU 14 |
Tuesday, May 23, 2017 |
10:00 AM |
1111 Commons Blvd |
Reading |
19605 |
| 5 |
Schuylkill IU 29 |
Friday, June 02, 2017 |
10:00 AM |
15 Maple Ave |
Pottsville |
17901 |
| 5 |
Lancaster-Lebanon IU 13 |
Monday, June 05, 2017 |
10:00 AM |
1020 New Holland Ave |
Lancaster |
17601 |
December 09, 2016
Employer Contribution Rate for Fiscal Year 2017-2018
The employer contribution rate for fiscal year 2017-2018 will be 32.57%.
The rate applies to salary and wages earned from July 1, 2017 through June 30, 2018.
The rate was determined by PSERS actuary, and certified by the PSERS Board of Trustees at its meeting on December 7, 2016. The employer contribution rate may change if pension legislation is enacted prior to June 30, 2017. The employer contribution rate for fiscal year 2017-2018 consists of 31.74% for pension costs and 0.83% for premium assistance payments. Of the 31.74% portion of the employer contribution rate, 24.04% represents payment toward the unfunded liability.
June 10, 2016
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS
The 2016 GASB 68 information is as of and for the year ended June 30, 2015 (measurement date) and is for use in employer’s financial statements for the year ended December 31, 2015 or June 30, 2016, whichever is applicable.
PSERS has provided, through an email blast, to its employer contacts and business managers 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 email contained explanations of what was provided and what the employers’ responsibilities are. Additionally there were three attachments.
The attachments included in the email contained the following audited and supplemental information:
AUDITED
- Schedule of Employer Allocations
- Schedule of Pension Amounts by Employer
- Schedule of Amortization of Employers’ Deferred Outflows/Inflows
- Notes to Schedule of Employer Allocations, Schedule of Pension Amounts by Employer, and Schedule of Amortization of Employers’ Deferred Outflows/Inflows
SUPPLEMENTAL (UNAUDITED)
- Sample Note Disclosures
- Reconciliation of Reported Covered Payroll
- Schedule of Employers’ Changes in Proportion
- Schedule of Separately Finance Specific Liabilities
Additional GASB 68 Resources can be found on the PSERS 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.
March 31, 2016
EMPLOYER WORKSHOP SCHEDULE
The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop. The workshops begin April 22 and run through June 3, 2016.
The workshop is recommended for business managers, payroll staff, human resources staff, and anyone else responsible for reporting information to PSERS. The primary focus of this year’s agenda will be retirement-covered compensation. The topic was selected based on your questions to your ESC representative and the questions PSERS must pose to you when calculating a purchase of service or retirement benefit. This workshop will not be educating you on the specific rules related to retirement-covered compensation, but address some of the problem areas. Our Employer Reference Manual, specifically Chapter 8, defines the specific rules governing retirement-covered compensation. If you are new to this topic or the position that requires you to report information to PSERS, we recommend that you familiarize yourself with the information in Chapter 8 prior to your attendance at the workshop. If you have any questions prior to the workshop, please don’t hesitate to contact your ESC representative.
This workshop will aid you in the reporting of salary to PSERS based on the Retirement Code. Unfortunately, time will not permit us to discuss each situation in depth, but hopefully answer the questions and address the problems you are encountering. Whether you have an in depth knowledge of PSERS rules or not, we invite you to attend and pick up some helpful information.
We are looking forward to seeing as many of you there as possible. If you have not responded to your ESC Rep yet, please do so as soon as possible. If you weren’t planning to attend, but your schedule changes that would permit you to attend, please come. We always enjoy the personal interaction.
The actual agenda and a list of locations, dates, and times are listed below.
March 3, 2016
ATTENTION SCHOOL EMPLOYERS: PLEASE DISTRIBUTE THIS MESSAGE TO YOUR SUPERINTENDENT, BUSINESS MANAGER, AND ACCOUNTANT IMMEDIATELY.
PSERS has been advised by the Commonwealth Office of the Budget that the March 2016 and June 2016 retirement subsidy payments to public school employers are scheduled to be paid in the normal course of business, as the School Employee Retirement line item was fully funded in the enacted Pennsylvania General Fund budget signed December 29, 2015. As such, the payments are scheduled for March 16, 2016 and June 16, 2016 from the Pennsylvania Department of Education.
Public school employers have up to five business days after receipt of the Commonwealth Share (retirement subsidy payment) of the employer contributions to provide the Total Employer Contribution payment to PSERS. The Total Employer Contribution is the Total Employer Share made up of the Commonwealth Share and School Share. Please note, all past due payments may incur a 6% interest charge.
For reference, two links to the Governor’s Budget Office can be found below. The first is the Enacted Budget for 2015-2016; the second is for the line item detail. In the second link, please note page 4, that line number 175 under Education (continued from page 3) is for $1,725,000,000. This amount represents the full year’s Retirement Subsidy funding for public school employers.
http://www.budget.pa.gov/PublicationsAndReports/CommonwealthBudget/Pages/default.aspx#2015-16Enacted
http://www.budget.pa.gov/PublicationsAndReports/CommonwealthBudget/Documents/2015-16%20Enacted%20Budget/Web%20Tracking%20Run%20-%20Enacted%202015-16.pdf
Any questions regarding the information PSERS has provided can be sent to RA-PSERSEMPACCT@pa.gov or you may contact your Employer Service Center Representative at 1-866-353-1844.
Respectfully,
Public School Employees’ Retirement System
ATTEMPTED WIRE FRAUD VIA EMAIL REQUESTS
We have received reports of fraudsters sending payment requests and requests to update payment instructions from email accounts that appear to be from inside a clients' organization or from a known external partner. The fraudulent "from" email address is typically a slight variation on the legitimate email address, which can trick the recipient into believing the fraudulent communication is legitimate. Tips: Be vigilant when reviewing and confirming payment requests, especially those requesting changes to beneficiary names, banks, and/or bank accounts. Be suspicious of requests purporting to be from a person of authority, or requests to initiate "emergency" payments, make urgent changes to payment instructions, or bypass your established procedures. Fraudsters will often create a sense of urgency to get you to act quickly or to avoid you questioning the request. Confirm verbally with the requestor or another trusted party any requests for changes to payment instructions or any usual payment requests. Confirmation should be either in-person or by telephone; do not attempt to confirm the instructions via email.
IMPORTANT MESSAGE
Please be aware of some important changes to your Web Cash Concentration Service. On April 14, 2013, PNC has implemented Advanced Login Authentication to the Web Cash Concentration service. The Advanced Login Authentication provides greater protection to your organization from unauthorized online access, and helps you reduce the risk of fraud by confirming user identity when accessing the Web Cash Concentration services using a company and user ID and two additional factor components:
- Complex Device Profiling. During login, extensive details about the user’s device and network are gathered and evaluated for consistency with the user’s typical behavior and any indication that any unusual activity may be involved in the login. The result of this evaluation determines the next step in the login process for the user.
- Step-Up Authentication. Based on the results of the device profiling and the login authentication, Web Cash Concentration may require additional authentication from your users. Out-Of-Band Authentication allows your users to authenticate through the use of a one-time security code outside the online channel through either an automated voice call or a text message.
Please note that your users will only be required to be additionally authenticated based on the results of the device profiling. The Step-Up Authentication process start date has been changed to June 6, 2013.
ACTION REQUIRED: To ensure that your users can be reached for Step-Up Authentication via telephone call or text message as required, please inform your users of the change, and ensure that all of your organization’s Web Cash Concentration users’ telephone numbers are up-to-date within the system by May 31, 2013. Both the administrators and users can make changes to the telephone numbers under the Administration setting. Thank you for your assistance with this important change. Please contact your Treasury Management Representative if you have any questions.
ADDITIONAL INFORMATION CONCERNING PNC CASH CONCENTRATION CHANGES FROM PSERS: Please review the phone number currently listed in the PNC Cash Concentration website for your user ID numbers that can be found under the Administration setting. In order for the user to receive the automated phone message from PNC the phone number listed for the user must be a direct line to the user including extension number. The automated message will give the user a code number that must be entered into the PNC Cash Concentration website in order to continue the log in process. This is a one- time event and it appears that the user will only have to enter this code number into the system once in order to continue to log in to all company ID numbers that each individual user currently has access to.
If you are unable to update the current phone number listed in the PNC Cash Concentration website for your user ID number please contact Curt Bish @ (717) 720-4611 or Allison Biser @ (717) 720-4906 for assistance. Each user that utilizes the system must receive the automated PNC message code number and enter it when prompted by the system in order to continue the log in process.