Press Releases

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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.

03/08/2017
Pennsylvania SERS Announces Investment Returns,
Hires Real Estate Consultant, and Retools Public Markets Portfolio

The Pennsylvania State Employees’ Retirement System today announced a 6.5% net-of-fees return on investments during 2016 that produced earnings of $2.1 billion for retirement benefits.

1/25/2017
Pennsylvania SERS Directs $100 million to Small Private Equity Funds
Amends General Investment Consulting Contract

The Board of the Pennsylvania State Employees' Retirement System today committed up to $100 million to Horizon Impact Fund, L.P. (Class B) as a follow-on investment managed by HarbourVest Partners.

12/07/2016
Pennsylvania SERS Announces Strong Investment Returns; Approves $100 Million Private Equity Investment
The Pennsylvania State Employees' Retirement System today announced a 3.4% return on investments for the third quarter of 2016, resulting in a 5.4% return and earnings of $1.8 billion net of fees for retirement benefits for the calendar year ended September 30.

10/26/2016
Pennsylvania SERS Approves $275 million in New Investments; Restructures U.S. Equity Portfolio
The Board of the Pennsylvania State Employees' Retirement System today approved up to $275 million in new private equity investments and approved restructuring the fund’s U.S. Equity portfolio.

9/14/2016
Pennsylvania SERS Announces Positive Earnings; Approves $250 Million in Private Equity Investments, Extends Deferred Comp Administrator Contract
The Pennsylvania State Employees' Retirement System today announced a 1.2% return for the second quarter of 2016, resulting in a 2% return and earnings of $500 million net of fees for retirement benefits during the first half of the fund's fiscal year.

7/27/2016
Pennsylvania SERS to Begin Performance Audit Work
The board of the Pennsylvania State Employees' Retirement System today directed staff to begin preparations for a cooperative performance audit by the state's auditing agency.

7/22/16
Statement from David R. Fillman, Chairman, State Employees' Retirement Board:

"Recent news accounts have associated the State Employees' Retirement System (SERS) with the indictment of Richard W. Ireland through his relationship with former Treasurer and ex-officio SERS Board Member, Rob McCord. 

The indictment alleges that Mr. McCord, by virtue of his position on the SERS Board, had influence over SERS investment decisions and that Mr. Ireland sought for Mr. McCord to use that influence in his favor.   It is important to note that the indictment does not actually allege that any influence was successful. 

Further, there are no claims that any other SERS staff or board members were involved in, or had knowledge of, the conduct underlying the allegations.

Based upon a thorough review, SERS has found no direct holdings or investments with any companies that are known to be owned or operated by Mr. Ireland.

SERS members and the general public can rest assured that all investments are made according to SERS' Strategic Investment Plan, and opportunities are evaluated using a strict due diligence process - including an extensive third-party review - and are voted upon by the collective 11-member SERS Board.  No one board member can unilaterally make an investment decision."

6/8/2016
Pennsylvania SERS Portfolio Earned $176 Million During First Quarter;
Board Receives 2015 Actuarial Valuation Report
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated $176 million in net-of-fees earnings, or 0.7%, during the first quarter of 2016.

5/5/2016
PA SERS Board Hires Illinois State Universities Retirement
System Official as Chief Investment Officer

The Board of the Pennsylvania State Employees' Retirement System today announced that it has hired Bryan Lewis as the system's chief investment officer. Lewis has been tapped to run the system's $25 billion fund, serving more than 236,000 members.

4/27/2016
PA SERS Board Adopts Employer Contribution Rate
Reviews Key Results of 2015 Actuarial Valuation; Accepts Governance Review Report;
and Approves Actuary and Auditor Contracts
The Board of the Pennsylvania State Employees' Retirement System today formally adopted the composite employer contribution rate set by current law at 29.5% of payroll for the commonwealth's 2016-17 fiscal year.

3/09/2016
SERS Portfolio Earned $116 Million in 2015
Board Retains Return Assumption, Adjusts Salary and Demographic Assumptions
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated $116 million in earnings, net of fees in 2015. According to staff and investment consultant RVK, the SERS portfolio returned 0.9% net of fees for the fourth quarter, resulting in a 0.4% net-of-fees return for the calendar year.

3/7/2016
SERS Officials Discuss Agency Budget and Operations During Budget Hearings
Releases 2016 Supplemental Budget Information Book
Testifying before the State House Appropriations Committee today, SERS Board Chairman David R. Fillman, Executive Director David E. Durbin and Chief Investment Officer Thomas F. Brier will discuss the agency's budget, operations and investments.

In conjunction with the budget hearings, SERS released detailed information about the fund's 2015 investment performance, member demographics, actuarial information and employer funding projections in its 2016 Supplemental Budget Information Book. Key data is highlighted in a budget handout including a Snapshot, funding explanation and map showing SERS' 2015 retirement payments by county.

02/02/2016
SERS Submits Tax Qualification
SERS has long been treated by the IRS as a qualified plan under the Internal Revenue Code. To preserve that favorable tax treatment, SERS, like many other governmental pension plans across the country, has filed a renewed submission for qualified status with the IRS.

01/27/2016
PA SERS Board Approves $250 million in New Investments;
Updates Policy Statements, Extends Deferred Compensation Contract
The Board of the Pennsylvania State Employees' Retirement System today approved up to $250 million in investments within the private equity asset class.

12/09/2015
PA SERS Approves Two-Year Strategic Investment Plan;
Reports Investment Performance

The Board of the Pennsylvania State Employees' Retirement System today approved a new two-year investment plan and reported the fund's investment performance through September 30.

10/28/2015
PA SERS Board Amends DCP Policy
Announces 2016 Meeting Dates

The Board of the Pennsylvania State Employees' Retirement System today approved an amended Statement of Investment Policy for the Commonwealth's $3 billion voluntary Deferred Compensation Program.

9/16/2015
PA SERS Approves New Investments
Reports Quarterly Investment Performance

The Board of the Pennsylvania State Employees' Retirement System today approved four investments and announced the fund's investment performance through June 30.

6/10/2015
PA SERS Reports First Quarter Investment Performance;
Receives 2014 Actuarial Valuation

The Pennsylvania State Employees' Retirement System today announced that investments generated $512 million
in net-of-fees earnings during the first quarter of 2015, a 1.9% return on investments for the quarter.

4/29/2015
PA SERS Board Adopts Employer Contribution Rate;
Reviews Key Results of 2014 Actuarial Valuation

The Board of the Pennsylvania State Employees' Retirement System, meeting here today, formally adopted the employer contribution rate set by current law at 25% of payroll as the composite employer contribution rate for the commonwealth's 2015-16 fiscal year.

3/23/2015
SERS Officials Discuss Agency Budget and Operations During Budget Hearings
Releases 2015 Supplemental Budget Information Book

Testifying before the State Senate and House Appropriations Committees today, SERS Board Chairman Glenn E. Becker, Executive Director David E. Durbin and Chief Investment Officer Thomas F. Brier will discuss the agency's budget, operations and investments.

In conjunction with the budget hearings, SERS released detailed information about the Fund's 2014 investment performance, member demographics, actuarial information and employer funding projections in its 2015 Supplemental Budget Information book. Key data is highlighted in a "Snapshot" , funding explanation and map showing SERS' 2014 retirement payments by county.

3/11/2015
Investments Earned $1.7 billion for the SERS Fund in 2014;
SERS Board Invests $50 Million in Alternatives

The Pennsylvania State Employees' Retirement System today announced that investment earnings generated $1.7 billion in investment earnings net of fees in 2014, despite a difficult second half of the year.

1/21/2015
PA SERS Board Approves $50 Million Investment;
Extends Investment Advisory and Management Services Contracts and Approves CIO Salary

The Board of the Pennsylvania State Employees' Retirement System meeting here today, committed up to $50 million within the alternative investment portfolio, extended two investment service contracts, and approved the new CIO's salary.

 

Additional Press Releases