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April 4, 2012, 12:19 pm
The House State Government Committee this morning held an informational meeting with representatives of SERS and PSERS to learn about the status of the state’s two largest pension funds and explore options to reduce the costs of the plans. The executive directors of each plan provided an overview of the status of the plans and address the significant changes made by Act 120 of 2010. It was noted the systems have a combined debt of approximately $40 billion, which will need to be paid. Members ask questions to ascertain what changes can be made to decrease the employer contribution rate, but were largely told little can be done unless a very large infusion of cash is made to the systems.
Look for the complete story in the Capitol Toolbox later today.
February 23, 2012, 11:43 am
The leadership of the Public School Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS) responded to questions from the members of the Senate Appropriations Committee on a variety of topics. Lawmakers were interested in the financial status of the two systems, the impact of the Act 120 reforms, the possibility of a COLA for retirees and the Administration’s proposed abolishment of the Public Employee Retirement Commission. Check the Capitol Toolbox later today for the full story.
September 28, 2011, 4:01 pm
The Senate Finance Committee today met with the state’s major public pension agencies to discuss the status of Pennsylvania’s public pension funds and explore options to create a sounder footing for them. It was emphasized that changing benefits for current members or switching from a defined benefit to a defined contribution plan are not viable options. Instead, several speakers indicated exploring cash balance design may be promising.
Look for the complete story in the the Capital Toolbox later today.
March 21, 2011, 3:17 pm
Senior staff from both the State Employee and Public School Employee Retirement Systems (SERS & PSERS) testified before the House Appropriations Committee this afternoon on their 2011-12 budgets and the issues facing their investment plans. Discussion largely focused on the impact on the systems of the various global events, including Sudan and Iran divestiture legislation enacted last year. Both assured the members that they are continually assessing the global markets and adjustments are made as needed. Members also explored options to reduce costs in the system, but were continually stymied by the constitutional prohibition on reducing benefits of current members.
Check the Capitol Toolbox later for the full story.
March 21, 2011, 12:14 pm
Representatives from both the State Employee and Public School Employee Retirement Systems (SERS & PSERS) testified before the Senate Appropriations Committee this morning on their 2011-12 budgets and the issues facing their investment plans. Both indicated that while pension reforms passed last session were helpful and that returns are above current benchmarks, an unfunded liability of more than $3 billion still looms.
Check the Capitol Toolbox later for the full story.
October 12, 2010, 11:43 am
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.
September 9, 2010, 1:12 pm
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.
June 15, 2010, 11:18 am
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.
May 27, 2010, 1:25 pm
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.
April 6, 2010, 1:02 pm
The House Finance Committee heard testimony from PSERS and SERS today regarding the history, root causes, and possible solutions to the pension spike. Representatives from the two systems performed a power point presentation and then received questions from the members. Check the Capitol Toolbox later for the full story.
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