Established in 1923, SERS is one of the nation’s oldest and largest statewide retirement plans for public employees and ranks among the top pension plans in the nation. SERS administers both a defined benefit plan and a defined contribution plan. The defined benefit plan is funded through a combination of employee contributions, employer contributions and investment earnings. The defined contribution plan (Commonwealth of Pennsylvania Deferred Compensation Program) is funded by voluntary employee contributions and investment earnings. This Member Handbook addresses the major provisions of the SERS defined benefit plan.