12/12/2023
Penn SERS Announces Investment Returns; Approves $220 Million in New Investments
HARRISBURG – The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a report on pension fund investment performance showing the fund has earned more than 5% through Sept. 2023.
09/26/2023
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a report on investment returns for the second quarter and first half of calendar year 2023, and approved the 2023 Stress Testing and Risk Assessment Report and joining the National Conference on Public Employee Retirement Systems’ Securities Fraud Recovery Services pilot project.
09/01/2023
Retirees: SERS Member Data Not Exposed In PBI Software Vulnerability
A number of retirees have reported receiving a letter from PBI (Pension Benefit Information, LLC), indicating that personal information about the retiree was on a server that had been exploited by an unauthorized third party.
Please know that SERS does not make use of the servers involved.
PBI provides audit and address research services for insurance companies, as well as pension funds and other organizations. While we do contract with PBI for their audit services, we do not make use of the company’s MOVEit Transfer servers.
08/17/2023
Regional Office In-Person Services Interrupted, Staff Remain Available While Working Remotely
SERS regional offices will be closed to in-person visits over the next few weeks to allow for tech system maintenance, as listed in the following schedule:
Bensalem: 8/22/2023 State College: 8/24/2023 Wilkes-Barre: 8/24/2023
Staff will continue to help members while working remotely.
You can contact a Defined Benefit Plan (pension) specialist at ra-SERSretc@pa.gov or 1.800.633.5461.
You can reach a Defined Contribution Plan or Deferred Compensation Plan specialist at 1.866.737.7457.
08/03/2023
Regional Office In-Person Services Interrupted, Staff Remain Available While Working Remotely
SERS regional offices will be closed to in-person visits over the next few weeks to allow for tech system maintenance, as listed in the following schedule:
Seneca: 8/9/2023
Pittsburgh: 8/10/2023
Staff will continue to help members while working remotely.
You can contact a Defined Benefit Plan (pension) specialist at ra-SERSretc@pa.gov or 1.800.633.5461.
You can reach a Defined Contribution Plan or Deferred Compensation Plan specialist at 1.866.737.7457
07/25/2023
The Board of the Pennsylvania State Employees’ Retirement System, meeting at the AFSCME 13 Conference Center earlier today, approved a strategic plan to expand retirement service delivery options.
07/25/2023
Partial-Day Closing Friday
SERS offices will be closing at noon on Friday, July 28, 2023, for necessary building HVAC repairs. The repairs require a power outage in SERS Central Office, impacting our data systems. During the repair work, the phone system also will be unavailable.
07/17/2023
Emergency Closing - Harrisburg:
Due to an issue with the HVAC system at 30 North Third Street, SERS’ building will be closed tomorrow, Tuesday, July 18, 2923, and our field offices will not have access to our systems. Scheduled board committee meetings will all be held virtually through Microsolft Teams.
06/28/2023
Retired Members: Did you choose a pension payment option that provides a monthly payment to someone after your death?
If so, and that person died, or you divorced or married on or before 8/20/2016, a deadline is nearing!
The payment option you selected on your pension application is final and binding, except in very limited circumstances. Those circumstances include the death of the individual you named as your “survivor” (someone who will receive monthly payments after your death), your marriage, or your divorce.
If any of those events occurred on or prior to Aug. 20, 2016, the deadline in which you may change your pension payment option is nearing.
You have until Aug. 20, 2023, or seven years from the “qualifying event” (survivor’s death, your marriage or divorce), whichever is later, to submit your option change application.
That means if you experience a qualifying event in the future or experienced a qualifying event after Aug. 20, 2016, you have seven years in which you may change your pension payment option.
Please keep in mind that choosing a new payment option requires the recalculation of your pension. A recalculation is likely to reduce your monthly payments; however, your life situation may make the decrease worth it. For example, having the opportunity to provide monthly payments for another person after your death.
If you have a qualifying event, please contact your Defined Benefit Plan Specialist for more information and the proper forms.
This limited right to change your pension payment option is detailed in 4 Pa. Code §247.5a.
06/15/2023
Penn SERS 2022 Financial Reports Available
The Pennsylvania State Employees’ Retirement System today announced the release of its 2022 Annual Comprehensive Financial Report for the calendar year ended Dec. 31, 2022.
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.
06/13/2023
Penn SERS Board Receives First Quarter Investment Performance Reports, Accepts Independent Audits
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a report on first quarter investment performance.
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, certified the employer contribution rates for the upcoming fiscal year and approved several policies.
04/21/2023
An incorrect telephone number was published on page three of the recently distributed SERS News (spring/summer 2023 edition), in the article titled “IRS Released New Form W-4P for 2023.” We have not changed our telephone number. To obtain a copy of the new W-4P form, please call us at 1.800.633.5461, press 1 for retired members and press 2 for forms. The phone number has been corrected in the archived copy on our website.
We apologize for any inconvenience and frustration.
03/21/2023 Active Members: Your 2022 SERS Statement is in the Mail
Today, we mailed your 2022 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, 2022, whether you have one or multiple SERS retirement plans. The statement lists the number of beneficiaries you have on file for each plan. 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 4, 2023, 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.
03/02/2023
SERS 2023 Supplemental Budget Book Released
The budget book provides detailed information about the retirement plans SERS administered in 2022 and proposed budgets for commonwealth fiscal year 2023-24. Key data is provided in a budget handout that includes the budget highlights, snapshots of data for each SERS-administered retirement plan, and the 2022 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.
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved extending its current general investment consultant contracts, announced fourth quarter and year-end 2022 investment performance, and approved a $75 million investment.
1/26/2023
Retirees: Your Annual Statement Is in the Mail
Today, we mailed your Personal Statement of Pension Payments, featuring the 2023 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.
1/25/2023
Winter Storm Closes Regional Offices
The State College, Pittsburgh, Seneca, and Wilkes-Barre regional offices will be closed to in-person services today.
Plan specialists and other staff will be working remotely.
1/23/2023
Icy Weather Closes Wilkes-Barre Regional Office
The Wilkes-Barre regional offices will be closed to in-person services today.
Plan specialists and other staff will be working remotely.
1/17/2023
Icy Weather Closes State College Office
The State College regional office will be closed to in-person services today.
Plan specialists and other staff will be working remotely.
1/13/2023
Retired Members: 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 are also available in your online member services account. If you do not receive your 1099-R tax documents by January 27, 2023, please contact a SERS Defined Benefit Plan Specialist at 1.800.633.5461.
You can expect your account statement, featuring the 2023 payment calendar, in about a week. It, too, will be mailed from Claysburg and available in your online member service account shortly thereafter.
If you would like to receive retiree updates directly to your e-mail, sign up here.
12/27/2022
A Broken Water Line Closes SERS Regional Office
The Pittsburgh regional office will be closed to in-person services today. Plan specialists and other staff will be working remotely.
12/23/2022
Icy Weather Closes SERS Regional Offices
Plan specialists and other staff will be working remotely. Our regional offices are scheduled to reopen to in-person services at 8:00 a.m., Tue. Dec. 27, 2022.
12/22/2022
Icy/ Snowy Weather Closes Regional Offices
The State College regional office will be closed to in-person services today.
Plan specialists and other staff will be working remotely.
12/12/2022
Penn SERS Approves $100 million Investment
Reviews Investment Performance
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved $100 million investment, and received a report on third quarter and year-to-date investment performance.
10/14/2022
Field Offices To Close For Equipment Upgrades, Staff Remain Available While Working Remotely
Five field offices will be closed to in-person visits on one or two days over the next two weeks to allow for equipment installation, as listed in the following schedule:
Bensalem: 10/17 & 10/18
Montoursville: 10/19 & 10/20
Wilkes-Barre: 10/20
Seneca: 10/24 & 10/25
Pittsburgh: 10/26 & 10/27
Staff will continue to help members while working remotely.
You can contact a Defined Benefit Plan (pension) specialist at ra-SERSretc@pa.gov or 1.800.633.5461.
You can reach a Defined Contribution Plan or Deferred Compensation Plan specialist at Participant_services@empower.com or 1.888.773.7748.
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
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.
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.
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:
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.
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.
12/12/2022
Penn SERS Approves $100 million Investment
Reviews Investment Performance
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved $100 million investment, and received a report on third quarter and year-to-date investment performance.
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.
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.
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.
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.
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.
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.
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.
06/09/2021
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.
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.
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.
12/02/2020
Penn SERS Board Redefines Fixed Income Allocations
Acts on Outstanding Pension Review Commission Recommendation
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, redefined the fixed income allocations for the SERS Defined Benefit Plan fund, moving toward a liability-driven benchmark, and acted on the last outstanding public pension review commission recommendation, among other business actions.
9/30/2020
Penn SERS Board Approves 2020 Stress Testing Report;
Announces Investment Performance, New Investments and Rebalancing Plans, Continues Ongoing Steps Toward Increased Transparency and Best-In-Class Service
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved its second annual stress test and risk assessment report, and numerous actions that continue to move the agency toward greater transparency and best-in-class services for its members, participants and stakeholders.
7/29/2020
Penn SERS Board Reduces Investment Return and Inflation Assumptions;
Approves Up to $125 Million in New Investments,
Per-Participant Charge for the Commonwealth’s Defined Contribution Plan, Livestreaming of Board Meetings
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, reduced the investment return assumption and rate of inflation used in valuing the Defined Benefit Plan.
7/6/2020
Penn SERS 2019 Financial Reports Available
– The Pennsylvania State Employees’ Retirement System today announced its 2019 Comprehensive Annual Financial Report (ACFR) for the calendar year ended Dec. 31, 2019.
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 new Defined Contribution Plan that opened on Jan. 1, 2019.
6/10/2020
Penn SERS Stress Testing Praised as “Leading Example”
SERS Board Receives Year-End Financial Reports, First Quarter Investment Performance Reports, Continues Working Through Pension Review Commission Recommendations
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, learned that its recently expanded stress testing was praised as a "leading example," received year-end financial reports, a report on first quarter investment performance, and directed staff to act on several pension review commission recommendations.
5/1/2020
Penn SERS Board Approves Temporary Benefit Administration Rule Change
During a telephonic meeting earlier today, the board of the Pennsylvania State Employees’ Retirement System moved to temporarily pause the 95-day per year limit on the time that retirees may work for the state to perform COVID-19 emergency-related services without jeopardizing their monthly pension payments.
4/21/2020
SERS Employer Contribution Rate to Drop Slightly Next Fiscal Year
The board of the Pennsylvania State Employees’ Retirement System, meeting by phone today, certified the employer contribution rate for the commonwealth’s 2020-21 fiscal year, approved a new private equity commitment, temporarily expanded the delegation of authority to the system’s Chief Investment Officer, and approved an agreement with The Pennsylvania State University to pre-fund a portion of its pension liabilities.
4/03/2020
PA SERS Board Approves COVID-19-Related Distribution Provision In Deferred Compensation Plan
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, moved to allow COVID-19-related distributions from SERS Deferred Compensation Plan accounts, consistent with the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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.
01/24/2020irees: 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.
01/16/2020ees: 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 pension plan specialist 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 (ACFR) 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.
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.
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 (ACFR) 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.
12/06/2017
Pennsylvania SERS Announces Investment Returns, Approves $175 million in New Investments
The Pennsylvania State Employees' Retirement System today announced a 3.7% return for the third quarter of 2017, resulting in an 11.2% net-of-fees return on investments that added nearly $2.9 billion in earnings to the SERS Fund during the first nine months of the year.
11/01/2017
Pennsylvania SERS Approves $225 Million in New Investments, Hires Investment Consultant for Future Defined Contribution Plan
The Pennsylvania State Employees' Retirement System today approved up to $225 million in new commitments for the state's defined benefit pension plan and hired an investment consultant for the state's future defined contribution plan.
09/13/2017
Pennsylvania SERS Announces Investment Returns, Approves $700 million in New Investments, Establishes Transition Manager Pool
The Pennsylvania State Employees' Retirement System today announced a 3.3% return for the second quarter of 2017, resulting in a 7.2% net-of-fees return on investments that added nearly $1.9 billion in earnings to the SERS Fund during the first half of 2017. For the one-year period ended June 30, 2017, the SERS Fund earned 12% net of fees.
08/24/2017
Pennsylvania SERS Announces Mid-Year Investment Returns
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated nearly $1.9 billion in net-of-fees earnings, or a 7.1% return, during the first two quarters of 2017. For the trailing 12 months, the system achieved an estimated 11.9% return net of fees.
08/10/2017
SERS’ Recent Governance Work and Fee Reduction Efforts Validated by State Auditors
The Pennsylvania State Employees’ Retirement System today received the final report on the performance audit of the system conducted by the Department of the Auditor General.
08/07/2017
PA SERS Releases 2016 Comprehensive Annual Financial Report
The Pennsylvania State Employees' Retirement System (SERS) today released its 2016 Comprehensive Annual Financial Report (ACFR) that details the audited financial statements of the system for the year, as well as investment, actuarial, and statistical information.
07/26/2017
Pennsylvania SERS Approves $250 Million in New Investments,
Selects Stable Value Fund Program Manager for Deferred Compensation Program
The Board of the Pennsylvania State Employees' Retirement System today approved up to $250 million in new commitments for the state's pension system and hired a Stable Value Fund program manager for the state's voluntary Deferred Compensation Program.
06/14/2017
Pennsylvania SERS' Portfolio Added Nearly $1 Billion During First Quarter;
Board Receives 2016 Actuarial Valuation Report; Approves Nearly $300 Million in Private Equity Commitments
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated nearly $1 billion in net-of-fees earnings, or a 3.7% return, during the first quarter of 2017.
06/12/2017
On June 12, 2017, Governor Wolf signed into law Act 2017-5. This law fundamentally changes retirement options for most new hires beginning January 1, 2019. In addition, the legislation allows current members to opt-in to one of the three new options between January 1, 2019, and March 31, 2019. The choice is irrevocable and would go into effect on July 1, 2019.
As a retired member, this legislation does impact your pension.
As an active member, you will have the option to switch to one of three new retirement options created by Act 2017-5, or to stay in your current class of service and continue accruing service credit toward your SERS pension just as you are now. You do not make your choice until early 2019.
While you don't have to make your choice until early 2019, here is a little about the three new options.
That means that a portion of the retirees' benefit will be based on a calculation that takes into consideration their years of service and salary that will be paid in monthly payments for their lifetime, and a portion of their retirement benefit will be based on the amount of money they accumulate through their personal investment choices.
That means the retirees' benefit is based on the amount of money they accumulate through their personal investment choices.
(joined SERS after 1/1/11)
Act 2017-5 allows you to withdrawal your contributions and interest at retirement - that option currently is not available to you.
In the future, additional information will be sent to members who have decisions to make about their benefit.
For more information about the Act, see legislation.
04/26/2017
Pennsylvania SERS Reduces Investment Return and Inflation Assumptions,
Continues Restructuring Public Markets Portfolio
The Board of the Pennsylvania State Employees' Retirement System today reduced the long-term investment rate of return and the inflation assumptions, continued restructuring the public markets portfolio by shifting $2.1 billion into passive investments, and approved three alternative investments totaling up to $300 million.
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.
2/22/2017
SERS Officials Discuss Agency Budget and Operations During Budget Hearing
Releases 2017 Supplemental Budget Book
Testifying before the State House Appropriations Committee today, SERS Board Chairman David R. Fillman, Executive Director David E. Durbin, and Chief Investment Officer Bryan Lewis will discuss the agency's budget, operations, and investments.
In conjunction with the budget hearing, SERS released detailed information about the fund's 2016 investment performance, member demographics, actuarial information, and employer funding projections in its 2017 Supplemental Budget Book. Key data is provided in a budget handout that includes the budget highlights, Snapshot, 2016 retirement payments by county map, and funding explanation.
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.
12/10/14
PA SERS Board Unanimously Selects New Chief Investment Officer;
Reports Investment Performance
Following a national search conducted over the last several months, the board of the Pennsylvania State Employees' Retirement System today announced the selection of Thomas F. Brier as the Chief Investment Officer.
10/29/2014
PA SERS Board Approves $200 Million in New Investments;
Several Administrative Matters Addressed
The Board of the Pennsylvania State Employees' Retirement System meeting here today, approved up to $200 million for four new investments split between two asset classes, and addressed a number of administrative matters.
09/17/2014
PA SERS Receives Reports on Independent Investigation and Second Quarter Investment Performance;
Commits $100 Million to Alternatives
The Board of the Pennsylvania State Employees' Retirement System meeting here today, received a report on the independent investigation of allegations involving the system's former CIO and a report on the fund's second quarter investment performance, and approved $100 million in alternative investments.
07/23/2014
PA SERS Dircts $75 Million to Alternative Investments
The Pennsylvania State Employees' Retirement System today approved #75 million in alternative investments, subject to successful contract negotiations.
07/10/2014
PA SERS Selects Firm for Chief Investment Officer Search
Korn/Ferry International Win Competitive Bid.
06/24/2014
PA SERS Releases Comprehensive Annual Financial Report for 2013
SERS invites you to review our latest comprehensive annual financial report that presents the system's 2013 audited financial statements and provides a wealth of investment, actuarial, and statistical detail.
06/13/2014
Member Update: Hazleton Regional Counseling Center Has Moved
After many years at the same location, we've moved our region 5 counseling center from Hazleton to Wilkes-Barre.
06/11/2014
PA SERS Reports First Quarter Investment Performance
Directs $50 million to Alternative Investments
The Pennsylvania State Employees' Retirement System announced earning a net-of-fees return of 2.7% on investments for the first quarter of 2014, which added approximately $726 million to the fund.
April 30, 2014
PA SERS Adopts Employer Contribution Rate
Reviews Key Results of the 2013 Actuarial Valuation and Investment Allocation Targets
March 12, 2014
PA SERS Reports Strong Investment Performance
Discusses Assumed Rate of Return; Addresses Personnel and Administrative Matters
January 22, 2014
PA SERS Board Changes Leadership
Preliminary 2013 Return Discussed; Several Administrative Matters Addressed
December 11, 2013
PA SERS Board Reports Positive 3rd Quarter Investment Performance
Approves $185 Million in Investments; Authorizes Independent, Comprehensive Assessment of Allegations and Review of Investment Processes
October 23, 2013
PA SERS Board Directs $200 million to Private Equity
September 11, 2013
PA SERS Board Reports Investment Performance
Approves $100 Million in Investments
July 17, 2013
PA SERS Board Approves $70 Million in New Investments
June 5, 2013
PA SERS Board Reports Positive First Quarter Investment Performance
Approves $160 Million in Investments
April 24, 2013
PA SERS Board Adopts Employer Contribution Rate
Approves Key Results of 2012 Actuarial Valuation; Approves $625 Million in Investments
March 6, 2013
PA SERS Reports Positive Investment Performance
Approves $700 Million in Investments
January 23, 2013
PA SERS Commits $150 million to Diversifying Assets Portfolio
Reports Preliminary 2012 Performance; Increases CIO Compensation
December 05, 2012
PA SERS Reports Positive Investment Performance
Approves $690 Million in Investments
The Pennsylvania State Employees' Retirement System today announced positive third quarter returns that contributed to a net-of-fees return of 9.6% on investments for calendar year-to-date September 30, 2012.
October 24, 2012
PA SERS Approves $50 million Private Equity Investment
Also Addresses Fixed Income and Diversifying Assets Portfolios
The Board of the Pennsylvania State Employees' Retirement System today approved a $50 million private equity investment and continued implementing its 2012-2013 Strategic Investment Plan related to its fixed income and diversifying assets portfolios.
October 03, 2012
PA SERS Issues RFP For Deferred Compensation Program Third-Party Administrator
The Pennsylvania State Employees' Retirement System today announced that it is accepting proposals for third-party administration of the Commonwealth's Deferred Compensation Program.
September 08, 2012
PA SERS Reports Second Quarter Investment Performance
Approves $60 million in Follow-On Investments; Hires Diversifying Assets Consultant
The Pennsylvania State Employees' Retirement System today announced second quarter returns that contributed to a net-of-fees return of 6% on investments from January 1 through June 30, 2012.
July 25, 2012
PA SERS Board Approves $100 million in Alternative Investments
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, moved to commit up to $100 million to two special situations funds in the alternative investments portfolio.
June 13, 2012
PA SERS Reports Positive First Quarter Investment Performance
Approves $125 million in Investments
The Pennsylvania State Employees' Retirement System today announced earning a net-of-fees return of 6% on investments during the first quarter, contributing approximately $1.5 billion to the Fund.
May 02, 2012
PA SERS Board Reduces Return Assumption, Certifies Employer Contribution Rate;
Approves $825 million in Investments
The Pennsylvania State Employees' Retirement System Board today voted to reduce its actuarial rate of return assumption to 7.5%.
March 07, 2012
PA SERS Reports 2011 Investment Performance
Expands Energy Sector Exposure
The Pennsylvania State Employees' Retirement System today announced a positive fourth quarter 2011 return that helped the Fund achieve a 2.7% net-of-fees return for the year, despite the economic turbulence that weighed heavily on most investors
February 23, 2012
SERS Officials Discuss Agency Budget and Operations During Budget Hearings
Release 2012 Supplemental Budget Information Book
Testifying before the State Senate and House Appropriations Committees today, SERS Board Chairman Nicholas J. Maiale, Acting Executive Director David E. Durbin and Chief Investment Officer Anthony S. Clark will discuss the agency's budget, operations and investments.
January 25, 2012
PA SERS Board Approves Real Estate Investment
The Board of the State Employees' Retirement System, meeting here today, acted to invest $20 million in a new real estate fund.
December 07. 2011
PA SERS Reports Positive Investment Performance Through September
New Program Targets Equity-Like Returns; Acting Executive Director Named
The State Employees' Retirement System today reported earning a net-of-fees 1.9% return on investments from January through September 2011, despite a challenging third quarter for world markets.
October 26, 2011
PA SERS Restructures Assets Within Existing Fixed Income and Equity Portfolios
The Board of the State Employees' Retirement System today moved to restructure assets within the Fund's existing fixed income and global equity portfolios.
September 28, 2011
PA SERS Reports Positive Second Quarter Performance;
Board Hires General and Alternative Investment Consultants
The Pennsylvania State Employees' Retirement System today announced earning a net-of-fees return of 2.1% in the second quarter, the fourth straight quarter of positive returns for the Fund resulting in an 18.8% gain for the year ended June 30.
July 20, 2011
PA SERS Board Approves Investments in Fixed Income and Real Estate
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, moved to commit up to $500 million to a U.S. Treasuries portfolio and up to $25 million to a real estate high yield debt fund.
June 08, 2011
PA SERS Fund Reports 4.7% Return In First Quarter;
Board Approves $45 million in Alternative Investments
The Pennsylvania State Employees' Retirement System today announced earning 4.7% in the first quarter of the year, adding $1.2 billion to the Fund.
April 27, 2011
PA SERS Board Certifies Employer Contribution Rate
Approves Key Results of 2010 Actuarial Report
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, certified the composite employer contribution rate for the 2011-12 fiscal year at 8% of payroll, up from the current 5%.
March 09, 2011
PA SERS Reports 2010 Investment Performance; Fund gains 11.9%; earnings totaled $2.7 billion
Approves three follow-on investments
The Pennsylvania State Employees' Retirement System today announced earning 5.7% in the fourth quarter, bringing annual performance to 11.9%, well above the Fund's 8% long-term assumed rate of return.
February 15, 2011
PA SERS Board Hires PBGC Official As Chief Investment Officer
Following a national search, the Pennsylvania State Employees' Retirement Board today announced that it has hired Anthony S. Clark, CFA, as the System's new chief investment officer.
January 26, 2011
PA SERS Board Approves $50 million In Alternative Investments;
Moves to Align Actuarial Assumptions With Recent Experience
The State Employees' Retirement System Board today approved two private equity investments totaling up to $50 million and moved to adjust actuarial assumptions to more closely align with recent experience.