Latest News

You are welcome to sign up to have SERS' press releases and board meeting agendas automatically emailed to you. If you are a member of the media working on a story, email your questions to phile@pa.gov or call our communications office at 717.787.9657. It's helpful to let us know if you're working on a deadline and which media outlet you represent.

09/29/2022
Penn SERS Board Receives Improved Stress Testing and Risk Assessment Report,
Approves $225 million in Private Market Investments

The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved private equity investments totaling up to $125 million.

07/25/2022
Penn SERS Board Approves Private Equity Investments

The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved private equity investments totaling up to $125 million.

07/05/2022
SERS State College Office Closed to the public 7/5 and 7/6

The SERS State College office will be closed 7/5 and 7/6 due to HVAC repairs. While the office is closed, SERS staff will continue to serve members while working remotely, without disruption. 


06/29/2022
Empower Harrisburg Office Closed Through Mid-July

The Empower Harrisburg office will be closed through mid-July for restoration. While the office is closed, Empower staff will continue to serve participants while working remotely, without disruption. Please visit: http://www.sers.pa.gov/Contact-DCP-Plan.html for contact information.


06/16/2022
Penn SERS 2021 Financial Report Available

The Pennsylvania State Employees’ Retirement System today announced the release of its 2021 Annual Comprehensive Financial Report for the calendar year ended Dec. 31, 2021.

The purpose of this report is to provide a clear accounting of SERS’ operations and financial position with details about the traditional Defined Benefit Plan and the Defined Contribution Plan.

6/14/22
Carefully Consider Unsolicited Offers to Help You Understand Your State Benefits!

SERS members have reported an increase in the number of unsolicited offers from businesses to help them understand how their state benefits, from retirement plans to life insurance, fit into their retirement planning.

Be Wary
Please be wary of financial planners who present themselves as experts about your SERS retirement benefits. In many cases, their goal is to sell you an investment product.

Unless an e-mail comes from SERS or Empower, the third-party administrator of the Defined Contribution Plan and the Deferred Compensation Plan, be very wary.

Compare Fees
If you are considering an investment product, be sure to compare the fees for that product to those offered through the SERS Deferred Compensation Plan. In most cases, the deferred comp fees will be lower because they have been professionally negotiated for a large employer-based investment pool.

Retirement Plan Questions?
If you have questions about your SERS retirement plans, contact a plan specialist:

Defined Benefit Plan (pension) – ra-sersretc@pa.gov  or 1.800.633.5461 Defined Contribution Plan (personally selected investments) - Participant_services@empower.com or 1-866-737-7457 Deferred Compensation Plan (voluntary, supplemental plan) - Participant_services@empower.com or 1-866-737-7457


06/10/2022
Penn SERS Board Reduces Investment Return Assumption
Approves $200 Million in New Investments, Announces First Quarter 2022 Investment Returns

The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, lowered the investment return assumption, approved $200 million in new investments, and announced first quarter 2022 investment returns.  

06/08/2022
Empower Harrisburg Office Temporarily Closed Beginning June 8

The Empower Harrisburg office will be closed June 8 – through the end of the month, for restoration. While the office is closed, Empower staff will continue to serve participants while working remotely, without disruption. Please visit: http://www.sers.pa.gov/Contact-DCP-Plan.html for contact information.

 

05/24/2022
Montoursville Field Office Temporarily Closed Beginning May 31

The Montoursville field office will be closed May 31 - mid-June, for renovations. While the office is closed, SERS staff will continue to serve members while working remotely, without disruption.


05/20/2022
Bensalem Field Office to Closing Early Today

The Bensalem field office will close at 3:00 pm this afternoon, Fri. 05/20/2022, due to severe weather forecast for Bucks County. The office is scheduled to reopen at 8:00 a.m. Mon. 05/23/2022.  

 

05/05/2022
Penn SERS Board Approves Employer Contribution Rate,
Hires Private Equity Investment Consultant, Updates Policies

The Pennsylvania State Employees’ Retirement System Board, meeting here today, certified the employer contribution rate for the upcoming fiscal year, selected a private equity investment consultant and approved several investment-related policies.  


3/22/2022
Active Members: Your 2021 SERS Statement is in the Mail 

Today, we mailed your 2021 statement directly from our print and mail vendor in Claysburg, PA and made it available in your online member services account.

Your statement provides a snapshot of all your SERS retirement plans as of December 31, 2021, whether you have one or multiple SERS retirement plans. The statement lists the number of beneficiaries you have on file for each. Beneficiaries are plan specific, so if you contribute to more than one SERS retirement plan, you will need to name beneficiaries for each plan

Please review your annual statement for accuracy and keep it with your other important financial documents. Your combined statement will help you plan for your retirement.

If you do not receive your member statement by April 1, 2022, please contact a SERS plan specialist at ra-sersretc@pa.gov or 1.800.633.5461.

If you would like to receive member updates directly to your e-mail, sign up here.

 

03/04/2022
Penn SERS Board Calls for Divestment of Russia-Related Investments
Announces 17.24% Return on Investments in 2021, Approves $400 Million in New Investments

The Pennsylvania State Employees’ Retirement System Board, meeting by video conference today, directed staff and hired managers and consultants to take all actions necessary to divest SERS of all Russia-related assets in a prudent manner and within a reasonable time.

 

3/3/2022
Receive a disclosure letter from Empower Retirement?
Want to update or change your e-mail address for your Deferred Comp and/or Defined Contribution Plan?
Get Started

3/2/2022
SERS 2022 Supplemental Budget Book Released

The budget book provides detailed information about the retirement plans SERS administered in 2021 and proposed budgets for commonwealth fiscal year 2022-23. Key data is provided in a budget handout that includes the budget highlights, snapshots of data for each SERS-administered retirement plan, and the 2021 Pension Payments By County map

As in years past, the budget book includes investment performance, member demographics, actuarial information, and employer funding projections for the Defined Benefit Plan; and participant information, and investment options and performance information for the supplemental, voluntary Deferred Compensation Plan. You’ll also find participant information, and investment options and performance information for the Defined Contribution Plan; and participant information for the Hybrid Plan.

1/25/2022 Deferred Comp and Defined Contribution Plan Participants:
Update to Disclosure Letter from Empower Retirement

If you received a disclosure letter from Empower Retirement asking you to verify your e-mail address so that you receive retirement plan statements and other important notices, please note that the instructions to update or change your e-mail address are incomplete on the letter.

To update or change your e-mail address for your Deferred Compensation Plan and/or Defined Contribution Plan account:

  1. Click on your plan in the dark blue bar above.
  1. Click “Account Sign In” in the drop-down menu.
  1. Click your name/initials in the top right corner of your account homepage, then update your Profile with your e-mail address or phone number.

We apologize for any inconvenience caused by the incomplete information in the letter.

If you have any questions, please call 1.866.737.7457.


1/25/2022
Retirees: Your Annual Statement Is in the Mail

Today, we mailed your Personal Statement of Pension Payments, featuring the 2022 payment calendar, directly from our print and mail vendor in Claysburg, PA. A copy of your statement is available in your online member services account.   If you would like to receive retiree updates directly to your e-mail, sign up here.

1/14/2022
Retirees: 1099-R Tax Documents Are in the Mail

Today, we mailed your 1099-R tax documents directly from our print and mail vendor in Claysburg, PA. Your forms will be available in your online member services account on Tuesday, January 18. If you do not receive your 1099-R tax documents by January 28, 2022, please contact a SERS Defined Benefit Plan Specialist at 1.800.633.5461.

You can expect your account statement, featuring the 2022 payment calendar, in about a week. It, too, will be mailed from Claysburg and available in your online member service account shortly thereafter.


01/14/2022
Penn SERS Board Holds Committee Organizational Meetings
Committee Chairs Elected and Assistant Chairs Appointed

The Board of the Pennsylvania State Employees’ Retirement System held organizational committee meetings today to elect committee chairs, who then appointed assistant chairs. Both committee positions are for a period of two years.


12/08/2021
Penn SERS Board Selects New Executive Director, Announces Third Quarter Pension Fund Investment PerformanceCommits $350 million to New Investments, and Conducts Other Business  

The Pennsylvania State Employees’ Retirement System Board, meeting here today, selected SERS Deputy Executive Director Joseph A. Torta as the agency’s next Executive Director, to assume duties when current Executive Director Terrill J. Sanchez retires later this month.


09/29/2021
Penn SERS Board Approves 2021 Stress Testing Report;
Announces Second Quarter Investment Performance, Approves Investments of $225 Million

The Pennsylvania State Employees’ Retirement System Board, meeting here today, approved its third annual Stress Testing and Risk Assessment report, which reviews a wide range of investment-related, contribution-related, and demographic-related risks and “what if” scenarios that could affect the long-term health and stability of the State Employees’ Retirement Fund.


07/28/2021
Penn SERS Board Names James G. Nolan Chief Investment Officer
Maintains 7% Assumed Rate of Return; Adjusts Defined Benefit Plan’s Policy Target Asset Allocation

The Pennsylvania State Employees’ Retirement System Board, meeting here today, named Acting Chief Investment Officer James G. Nolan to the position permanently.


07/01/2021
Penn SERS 2020 Financial Report Available

The Pennsylvania State Employees’ Retirement System today announced
the release of its 2020 Annual Comprehensive Financial Report (ACFR), previously referred to as the Comprehensive Annual Financial Report, for the calendar year ended Dec. 31, 2020.


06/08/2021 & 06/09/2021
After the board meeting on 06/09/2021, meeting materials, including a press release announcing board actions, materials for any new investments approved by the board, and video from the meetings will be available in the About SERS section. In addition, minutes from the meetings will be available after they are approved by the respective committee or full board at a future meeting.


06/09/2021
Penn SERS Board Approves $50 Million Investment, Announces First Quarter Pension Fund Investment Performance; Addresses Other Retirement Plan Business

The Pennsylvania State Employees’ Retirement System Board, meeting here today, approved a $50 million private equity investment for the pension plan investment fund and announced a first quarter 3.52% net-of-fees return for the fund.

06/04/2021
Our phone system will be unavailable beginning at 4:30 p.m. Friday June 4 through Sunday June 6. The disruption is due to planned electrical maintenance in the building housing the phone system.

If you need to contact your SERS plan specialist or any SERS employee before a Monday morning meeting, please know that e-mail service will be available. Phone service is expected to be available before Monday June 7.


04/28/2021
Penn SERS Board Approves Employer Contribution Rate, Accepts Report on Board Governance Recommendations,
Invests $50 Million in Private Equity

The Pennsylvania State Employees’ Retirement System Board, meeting by videoconference today, certified the employer contribution rate for the commonwealth’s 2021-22 fiscal year, accepted a report summarizing results from a board governance and self-assessment review, approved a $50 million private equity investment, and addressed other business.


03/25/2021
Penn SERS Board Approves Establishing A Formal Fee Policy and Fee and Expense Changes for
the Deferred Compensation Plan

The Pennsylvania State Employees’ Retirement System Board, meeting here today, approved establishing a formal fee policy for the Deferred Compensation Plan and approved fee and expense changes to be effective July 1, 2021.


3/23/2021
Today, we mailed your 2020 statement directly from our print and mail vendor in Claysburg, PA and made it available in your online member services account.

Your statement provides a snapshot of all your SERS retirement plans as of December 31, 2020, whether you have one or multiple SERS retirement plans. The statement lists the number of beneficiaries you have on file for each. Beneficiaries are plan specific, so if you contribute to more than one SERS retirement plan, please review your annual statement for accuracy and keep it with your other important financial documents. Your combined statement will help you plan for your retirement.

If you do not receive your member statement by April 1, 2021, please contact a SERS plan specialist at ra-sersretc@pa.gov or 1.800.633.5461.

If you would like to receive member updates directly to your e-mail, sign up here.


03/08/2021
SERS 2021 Supplemental Budget Book Released
The budget book provides detailed information about the retirement plans SERS administered in 2020 and proposed budgets for 2021. Key data is provided in a budget handout that includes the budget highlights, snapshots of data for each SERS-administered retirement plan, and the 2020 Pension Payments By County map.  

As in years past, the budget book includes investment performance, member demographics, actuarial information, and employer funding projections for the Defined Benefit Plan; and participant information, and investment options and performance information for the supplemental, voluntary Deferred Compensation Plan. You’ll also find participant information, and investment options and performance information for the Defined Contribution Plan; and participant information for the Hybrid Plan.


02/24/2021
Penn SERS Board Approves Advance Funding Agreement with Employer;
Announces Fourth Quarter Investment Performance, Approves $625 Million in New Investments, and Extends Investment Consulting Services Contract

The Pennsylvania State Employees’ Retirement System Board, meeting here today, approved an $825 million advance funding agreement with the Pennsylvania State System of Higher Education, announced fourth quarter 2020 investment performance, approved $625 million in new investments, and extended the current contract for private equity investment consulting services, and addressed other agency business.


02/16/2021
Penn SERS Investments Earned More Than 11% Return In 2020
Returns Added Approximately $3.4 Billion to Fund assets

Pennsylvania State Employees’ Retirement System investments generated an 11.11% net-of-fees return in 2020, adding approximately $3.4 billion to the fund’s assets for the year, the agency announced today.


1/21/2021
Today, we mailed your Personal Statement of Pension Payments, featuring the 2021 payment calendar, directly from our print and mail vendor in Claysburg, PA. A copy of your statement will be available in your online member services account on Monday.  


1/15/2021
Today, we mailed your 1099-R tax documents directly from our print and mail vendor in Claysburg, PA. Your forms will be available in your online member services account on Tuesday, January 19. If you do not receive your 1099-R tax documents by January 25, 2021, please contact a SERS Defined Benefit Plan Specialist at 1.800.633.5461.

You can expect your account statement, featuring the 2021 payment calendar, in about a week. It, too, will be mailed from Claysburg and available in your online member service account shortly thereafter.

Additional News