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The Public Employee Retirement Commission (PERC) held its annual meeting with the Municipal Employee Pension Advisory committee and the Municipal Pension Advisory Committee. Discussed were a review of PERC’s legislative activity and a municipal pension update. Also discussed was a report on cities in crisis presented by the Pennsylvania League of Cities and Municipalities. More will be available later in the Stories and Press Conferences section of the Capitol Toolbox. Posted by Jason | Tags: pensions, PERC | Category: PERC, Public/Informational Committee Hearing | Comments are closed | Share:
The Public Employee Retirement Commission this morning discussed the actuarial impact of A09615 to HB 2497. It was concluded that the amendment would save the retirement systems approximately $3 billion over the next 30 years. Look for the complete story with an overview of the amendment and its projected savings in the Capitol Toolbox this afternoon. Posted by Kim | Tags: pensions, PSERS, SERS | Category: Committee Voting Meeting, PERC | Comments are closed | Share:
PERC met this morning to review the actuarial note for SB 566, which creates a new state pension system based on defined contribution benefits. The review pointed out several omissions in the bill and discussed the merit of transferring the risk to employees. The commissioners also heard from representatives of SERS on the system’s 2009 actuarial valuation. Among the details discussed, it was revealed that the fund had a rate of return of 9.1% for 2009. Look for the complete story in the Capitol Toolbox later this afternoon. Posted by Kim | Tags: defined contribution, PSERS, SERS | Category: Committee Voting Meeting, PERC | Comments are closed | Share:
The Public Employee Retirement Commission met this morning to discuss the actuarial note for Amendment A07493 to HB 2497, which provides for extensive revisions to the state’s two major pension systems–SERS and PSERS. The commission reviewed the changes contained in the amendment and policy considerations for the General Assembly and Governor to consider. Look for the complete story in the Capitol Toolbox this afternoon. The Public Employee Retirement Commission met this morning to consider four actuarial notes to four bills. Two of the bills would revise Scranton’s pensions systems to enable employees to purchase military time no matter when they served. Currently there is a three-year window. The other two notes discussed were to bills that would extensively revise the state’s public pension systems. The commissioners discussed the actuarial implications of such overhauls and made recommendations to fix drafting errors in the bills. Look for the complete story in the Capitol Toolbox later this afternoon. Posted by Kim | Tags: pensions, PSERS, SERS | Category: PERC | One comment - (Comments are closed) | Share:
The Public Employee Retirement Commission (PERC) held its first meeting of the year this morning. At the meeting, the commission appointed Anthony Salomone as its new Chairman with Carville Foster stepping down from that post. Also, in light of the retirement of Dr. Richard Aronson, the commission greeted Ureneus Kirkwood as a new member of the commission. After reviewing an actuarial note, the commission discussed the pension crisis with representatives of PSERS. Check the Capitol Toolbox later for the full story. Posted by Jason | Tags: Public School Employees' Retirement Board | Category: PERC, Public/Informational Committee Hearing | Comments are closed | Share:
The commission met with its Municipal Pension Advisory Committee and Municipal Employee Pension Advisory Committee. Commission staff provided a review of legislative activity during the current session of the General Assembly and a detailed report on the provisions in Act 51 and Act 44 of 2009. They also provided a municipal pension update. Check the Capitol Toolbox later today for complete story. Posted by Jeff | Category: PERC, Public/Informational Committee Hearing | Comments are closed | Share:
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