A brief presentation that includes changes in net position, contributions, balances, returns, etc.
A fact sheet that includes up-to-date information on the number of participants, contributions, and more.
A lengthy, detailed report that provides SERS' audited financial statements and a wealth of information about the fund's holdings, asset allocations, returns, investment managers, fees, and other data; published by June 30 of each year.
A thorough analysis prepared each year by SERS' independent actuary that provides detailed data about SERS' current membership, explains assumptions underlying our pension system's calculations, projects future cash flow, and reports our liabilities and funded status.
|2011||2010||2009 | Supplement|
|2008||2007||2006 | Supplement|
A thorough analysis prepared each year by SERS' independent actuary that provides detailed data about the Benefits Completion Plan, which is an IRC section 415(m) plan established by Act 2002-234.
An in-depth report prepared every five years by SERS' independent actuary which documents, analyzes, and checks the system's assumptions against the actual patterns of service, compensation, employment, mortality and other factors specific to SERS members during the preceding five years.
|2015 - 2019||2011 - 2015||2006 - 2010|
A preliminary, unaudited report prepared early each year prior to the completion of our annual independent audit and financial statements that provides information on SERS members, investment professionals, and operations as part of the General Assembly's budgeting process.
|2023 | Budget Handout||2022 | Budget Handout||2021 | Budget Handout|
|2020 | Budget Handout||2019 | Budget Handout||2018 | Budget Handout|
This document spells out our agency vision, mission, strategic priorities, and guiding principles, and lists specific goals for what we intend to do through FY 2023 and how we intend to do it.
Pension Review Commission Report
A comprehensive report prepared by SERS' independent actuary in response to Actuarial Standards of Practice (ASOP) No. 51 and Public Pension Management and Asset Investment Review Commission (PPMAIRC) recommendations. The report identifies and assesses major factors that contribute to the risk that the actual future value of benefits paid from the SERS Defined Benefit Plan will differ from the estimated value provided by the annual actuarial valuation and the actuarially determined contributions. This report includes an analysis of “What if?” scenarios to determine the effect on future employer contributions and the availability of assets to pay benefits when due to members. These “What if?” scenarios are referred to as stress tests or scenario tests. The “What if?” scenarios are illustrative and do not represent current expectations of future experience or recommendations for changes in current policies. In each scenario, the effect on the actuarially determined contribution (ADC) and funded ratio are projected over a period of 20 years and compared to the baseline expectations. The report covers a wide range of investment-related, demographic-related and contribution-related risks that could affect the long-term health and stability of the SERS fund.
In Dec. 2020, the SERS Board engaged Funston Advisory Services LLC to conduct a review of the board’s performance of its duties in four task areas (non-economic investment requirements, the asset liability matching process, legislative positioning: reactive and proactive, and investment manager selection/due diligence/monitoring/termination) and to assist the board in its review and assessment of its performance and identify subject areas that may be appropriate for educational/training sessions. The final 2021 report from Funston accepted by the board at its meeting on April 28, 2021, details the results of the reviews and followed an initial review of board’s policies and governance structure conducted in late 2015 and detailed in a final report issued in March 2016.
In Sept. 2015, the SERS Board engaged Funston Advisory Services LLC to identify ways to improve the effectiveness of the board to better serve the needs of SERS members and employers, with corresponding benefits for the taxpayers of Pennsylvania. The final 2016 report from Funston, accepted by the board at its meeting on April 27, 2016, became the basis for the comprehensive SERS board Governance Policy Manual, first published in late 2018, and continuously updated since then.