Press Releases

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.

03/03/2020
SERS 2020 Supplemental Budget Book Released
The budget book provides detailed information about the retirement plans SERS administered in 2019 and proposed budgets for 2020. Key data is provided in a budget handout that includes the budget highlights, snapshots of data for each SERS-administered retirement plan, and the 2019 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. New this year, you’ll also find participant information, and investment options and performance information for the new Defined Contribution Plan; and participant information for the new Hybrid Plan.

2/26/2020
PA SERS Investments Earn Nearly 19% Return In 2019
SERS Board Approves Up To $500 Million In New Investments

The board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a report on year-end investment returns of 18.8% net of fees for calendar year 2019 and moved to commit up to $500 million in new investments.

01/24/2020
Retirees: Your Annual Statement Is in the Mail
Today, we mailed your Personal Statement of Pension Payments, featuring the 2020 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.  

01/16/2020
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 tomorrow. If you do not receive your 1099-R tax documents by Jan 31, 2020, please contact a SERS Retirement Counselor at 1.800.633.5461.

12/4/2019
SERS’ Board Takes “Significant Steps” Toward Improved Transparency and Stress Testing
Announces 12.39% YTD Investment Return, $150 Million in New Commitments; Approves Search Firm for CIO Recruitment, New Investment Policy and Asset Allocation Plan

The Pennsylvania State Employees’ Retirement System (SERS) board today announced significant steps in its ongoing efforts to address a number of the transparency and stress testing-related objectives outlined in last year’s Public Pension Management and Asset Investment Review Commission (PPMAIRC) final report.

09/25/2019
PA SERS’ Board Announces 12% YTD Investment Returns
Approves Proxy Voting Service Provider; Unveils New Strategic Planning Initiative
Confirms Continuing Progress on Pension Review Commission Recommendations

The Pennsylvania State Employees’ Retirement Board today announced year-to-date investment returns of 12.02% and second quarter returns of 3.45% for the periods ending June 30, 2019.

07/31/2019
PA SERS’ Board Approves Over $285 Million in New Commitments
Approves Changes to Deferred Compensation Plan Investment Lineup, Confirms Acting Chief Investment Officer

The Pennsylvania State Employees’ Retirement Board, meeting here today, announced new commitments of up to $175 million in private equity investments, as well as €100 million (approximately $111 million USD) to targeted real estate funds.

07/16/2019
SERS' Investment Committee Recommends Appointment of James G. Nolan as Acting Chief Investment Officer
At a special meeting of the Pennsylvania State Employees' Retirement Board Investment Committee, committee members moved to recommend that the full board appoint Deputy Chief Investment Officer James G. Nolan as Acting Chief Investment Officer, effective August 3, 2019, with all the powers and duties of the Chief Investment Officer, until such time as the board appoints a new Chief Investment Officer.

06/21/2019
Penn SERS 2018 Financial Reports Available
The Pennsylvania State Employees’ Retirement System today announced its 2018 Comprehensive Annual Financial Report (CAFR) for the calendar year ended Dec. 31, 2018.

06/14/2019
PA SERS Board Reduces Assumed Rate of Investment Return,
Approves Asset Allocation Adjustments and $75 Million Private Equity Investment, Receives 2018 Actuarial Report

The Pennsylvania State Employees' Retirement Board, meeting here today, approved several actions designed to enhance the long-term health and viability of the system, including the adoption of specific recommendations from last year’s public pension review commission report.

05/29/2019
PA SERS Board Announces Action
The Pennsylvania State Employees’ Retirement Board approved a re-budget of the agency’s fiscal year 2019-20 Administrative Budget and held educational and informational sessions for board members and designees during its special meeting here today.

04/24/2019
PA SERS Board Announces Employer Contribution Rate, Approves $975 Million in Investments,
Rebalances Equity Exposure, Approves Consultant Contract Extension and Professional Membership

HARRISBURG – The board of the Pennsylvania State Employees’ Retirement System, meeting here today, certified the employer contribution rate for the commonwealth’s 2019-20 fiscal year and approved $975 million in investments.

03/15/2019
PA SERS Board Engages Consultant to Explore Investment Function Consolidation Opportunities,
Acts on Public Pension Review Commission Recommendations

HARRISBURG – The board of the Pennsylvania State Employees’ Retirement System, meeting here today, engaged a consultant to explore investment function consolidation opportunities with Pennsylvania PSERS and directed staff to begin work to meet the objectives outlined in recommendations from the state’s Public Pension Management and Asset Investment Review Commission.

02/28/2019
PA SERS Invests Up to $625 million
Announces Fourth Quarter and Year-End 2018 Investment Returns

HARRISBURG – The board of the Pennsylvania State Employees’ Retirement System, meeting here today, moved to invest up to $625 million for the SERS Defined Benefit Plan.

12/05/2018
PA SERS Hires General Investment Consultant
Selects Annuity Provider for Soon-to-Launch Defined Contribution Plan, Announces Quarterly Investment Returns, Adds to Its Comprehensive Board Governance Manual,

The board of the Pennsylvania State Employees' Retirement System today hired a general investment consultant for its three retirement benefit plans and selected the annuity option provider for the soon-to-launch defined contribution plan.  

11/19/2018
PA SERS Board Approves Key Documents for Comprehensive Governance Manual
The board of the Pennsylvania State Employees’ Retirement System today approved several key documents as part of its comprehensive governance manual.

10/26/2018
SERS Executive Director and CIO Provided Testimony Before Pension Review Committee
Yesterday, SERS Executive Director Terri Sanchez and SERS Chief Investment Officer Bryan Lewis testified before the Public Pension Management and Asset Investment Review Commission in Harrisburg regarding the system's operations, cost saving initiatives, and proposed legislative assistance to help improve efficiencies and reduce costs for the system.   

"We offered a number of positive, workable suggestions to ensure the ongoing health and integrity of the system, explained SERS Executive Director Terri Sanchez." These included suggestions to help us streamline administrative functions and increase capabilities to allow us to continue with the cost-saving improvements that are already underway, and to add specialized staff in the investment and investment accounting areas that will help us to improve our investment and financial operations and audit capabilities. Most importantly, we requested the Governor and General Assembly to consider enacting a state constitutional amendment guaranteeing payment of actuarially required contributions to the pension funds on an ongoing basis (as has been done for the past three  years).

"We look forward to working with the Governor and the General Assembly to review and discuss whatever suggestions and proposals the Pension Fund Review Commission and its consultants present."

10/24/2018
PA SERS Board Moves to Establish Independent Legal Office
Approves $660 Million in Investments

The board of the Pennsylvania State Employees' Retirement System today moved to establish an independent legal office and approved $660 million in investments.

09/21/2018
SERS Corrects Inaccurate Radio Mention
This morning on his WHP radio program, RJ Harris spoke at length about the recent purchase of the former Patriot-News building by a Pennsylvania retirement system. Mr. Harris incorrectly identified that retirement system as the State Employees’ Retirement System (SERS). For purposes of clarification, the transaction was made by the Public School Employees’ Retirement System (PSERS). SERS is not involved in any way in that real estate transaction.

09/12/2018
PA SERS Board Approves Policies for Governance Manual 
Approves Investment Policy for Soon-to-Launch Defined Contribution Plan, Invests $175 Million in New Investments, Announces Investment Performance

The board of the Pennsylvania State Employees' Retirement System, during its meeting today, approved several key policies for a comprehensive governance manual, and approved the investment policy and default investment option for the defined contribution plan to launch in 2019.

07/25/2018
PA SERS Maintains Current Investment Return Assumption 
Invests $550 Million in New Investments, Selects Providers for New Defined Contribution Plan, Approves Contract for Voluntary Deferred Compensation Plan

The board of the Pennsylvania State Employees' Retirement System meeting here today, moved to maintain the system's current 7.25% investment return assumption.

06/21/2018
Penn SERS 2017 Financial Reports Available
The Pennsylvania State Employees' Retirement System today released its 2017 Comprehensive Annual Financial Report (CAFR) for the calendar year ended Dec. 31, 2017.

06/13/2018
PA SERS Hires Third-Party Administrator for Deferred Compensation and Defined Contribution Plans 
Invests $125 Million, Reports First Quarter Investment Returns, and 
Receives 2017 Actuarial Report

The board of the Pennsylvania State Employees' Retirement System today hired a third-party administrator for the voluntary-participation deferred compensation plan and the newly established, defined contribution plan to launch Jan. 1, 2019.

04/25/2018
PA SERS Board Announces Lower Employer Rate Next Fiscal Year 
Reviews Key Results of 2017 Actuarial Valuation; Approves New Investment Plan, $250 million in New Investments, and Portfolio Adjustments
 
The Board of the Pennsylvania State Employees' Retirement System today announced a lower composite employer contribution rate for the commonwealth's 2018-19 fiscal year.

04/06/2018
Pennsylvania SERS Board Hires New Executive Director, Invests $25 Million in Real Estate
The Pennsylvania State Employees' Retirement System today hired Terrill J. Sanchez as the system's next Executive Director.

03/27/2018
Pennsylvania SERS Announces 15.1% Return on Investments in 2017, Projects Savings for Employers 
The Pennsylvania State Employees' Retirement System today announced that it earned a 15.1% net-of-fees return on investments that added $3.9 billion in investment income to the fund last year.

1/31/2018
Pennsylvania SERS Board Approves $675 Million in New Investments 
The Board of the Pennsylvania State Employees’ Retirement System today approved $675 million in new investments.

 

Additional Press Releases