SERS News & Updates (2007 - present)

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03/14/2014
Active Member Update:
Your 2013 Statement Has Mailed

Your commonwealth pension is a valuable part of your employment compensation. Even if you’re many years away from retirement, it’s important to understand your benefit and how it grows. Your member statement can help you do just that and your 2013 statement was mailed to you yesterday from Claysburg, PA ...


03/12/2014
PA SERS Reports Strong Investment Performance
Discusses Assumed Rate of Return; Addresses Personnel and Administrative Matters

The Pennsylvania State Employees’ Retirement System today announced earning a net-of-fees return of 4.5% for the fourth quarter of 2013, resulting in a return of 13.6% for the calendar year, which added more than $3.3 billion to the fund ...


02/18/2014
SERS Officials Discuss Agency Budget and Operations During Budget Hearings
Release 2014 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 Deputy Chief Investment Officer Thomas F. Brier will discuss the agency’s budget, operations and investments ...


01/29/2014
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2013 Pension Payments
Statement Includes 2014 Payment Calendar

Yesterday, SERS mailed your Personal Statement of 2013 Pension Payments, which includes a 2014 Retirement Payment Calendar ...


01/22/2014
PA SERS Board Changes Leadership
Preliminary 2013 Return Discussed; Several Administrative Matters Addressed

The Board of the Pennsylvania State Employees’ Retirement System meeting here today transitioned to new leadership, heard an early report of estimated 2013 investment performance, and addressed a number of administrative matters ...


01/17/2014
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2013, either as a retiree, survivor annuitant, beneficiary or alternate payee, should receive a 1099-R form indicating the total benefit received from the Fund and other tax information ...


01/16/2014
Board Update:
Governor Corbett Appoints Glenn Becker as SERS Chairman

Yesterday, Governor Corbett announced the appointment of Mr. Glenn Becker as Chairman of the State Employees’ Retirement Board ...


01/07/2014
Annuitant Update:
Watch your mail in the coming weeks for your 1099-R tax documents and annual statement

SERS is preparing to mail your 2013 1099-R tax documents in mid-January and follow shortly thereafter with your Personal Statement of 2013 Pension Payments ...


12/11/2013
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

The Pennsylvania State Employees’ Retirement System today announced earning a net-of-fees return of 4.2% for the third quarter of 2013, resulting in an 8.7% return for the calendar year through Sept. 30, 2013, and an 11.1% return for the one-year period ended Sept. 30, 2013 ...


12/06/2013
Member Update:
Appeal of SERS’ Response to Right-to-Know Request for Home Addresses

On August 23, SERS received a Right-to-Know Law request for the names and home addresses of the majority of SERS members. In our response we declined to provide a number of home addresses. The requester has appealed our decision and is seeking that we be ordered to disclose the addresses that we have declined to provide ...


12/04/2013
Member Update:
Watch for your next member newsletter

You should soon receive your fall/winter 2013 SERS News -- the newsletters were mailed out of Claysburg yesterday ...


11/26/2013
Member Update:
Clarifying Current Right-to-Know Appeals Related to Home Addresses

In the Spring edition of SERSnews, we published an article reminding you that the courts had recently ruled that home addresses are generally considered to be public information under Pennsylvania’s right-to-know law ...


11/19/2013
Member Update:
Appeal of SERS’ Response to Right-to-Know Request for Home Addresses

Several weeks ago, the State Employees’ Retirement System informed our members that, on August 23, we received a Right-to-Know Law request for the names and home addresses of all active, inactive and vested SERS members ...


10/23/2013
PA SERS Board Directs $200 million to Private Equity
The Pennsylvania State Employees’ Retirement System today approved $200 million in new private equity commitments within the alternative investments asset class ...


09/13/2013
Member Update:
Right-to-Know Request Referenced in Home Address Letter

On August 23, the State Employees’ Retirement System received a properly filed request that seeks the names and home/mailing addresses of almost all SERS members. SERS must grant or deny the request by September 30 ...


09/11/2013
PA SERS Board Reports Investment Performance
Approves $100 Million in Investments

The Pennsylvania State Employees’ Retirement System today announced earning a net-of-fees return of 0.7% for the second quarter of 2013, resulting in a 4.3% return in the first half of 2013, and a 10.3% return for the one-year period ended June 30, 2013 ...


09/10/2013
Member Update:
Home Addresses Are Public Information

In the spring/summer edition of SERS’ News , there was an article reminding you that the courts have recently ruled that home addresses are generally considered to be public information under Pennsylvania’s right-to-know law ...


07/19/2013
Member Update:
Watch for your next member newsletter

You should soon receive your spring/summer 2013 SERS News -- the newsletters were mailed out of Claysburg today ...


07/17/2013
PA SERS Board Approves $70 Million in New Investments
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, moved to commit up to $70 million in new investments, subject to successful contract negotiations ...


06/24/2013
PA SERS Releases Comprehensive Annual Financial Report for 2012
The Pennsylvania State Employees' Retirement System (SERS) today released its 2012 Comprehensive Annual Financial Report (CAFR) that details the audited financial statements of the system for the year, as well as investment, actuarial and statistical information ...


06/05/2013
PA SERS Board Reports Positive First Quarter Investment Performance
Approves $160 Million in Investments

The Pennsylvania State Employees’ Retirement System today announced earning a net-of-fees return of 3.6% on investments during the first quarter, contributing approximately $926 million to the Fund ...


04/24/2013
PA SERS Board Adopts Employer Contribution Rate and Approves Key Results of 2012 Actuarial Valuation;
Approves $625 Million in Investments

The Board of the Pennsylvania State Employees’ Retirement System today adopted the composite employer contribution rate of 16% of payroll for fiscal year 2013-14. Sixteen percent is the rate established by a 2010 law known as “Act 120” ...


03/27/2013
Active Member Update:
Your 2012 Statement Has Mailed

Your commonwealth pension is a valuable part of your employment compensation. Even if you’re many years away from retirement, it’s important to understand your benefit and how it grows. Your member statement can help you do just that and your 2012 statement was mailed to you yesterday from Claysburg, PA ...


03/06/2013
PA SERS Reports Positive Investment Performance
Approves $700 Million in Investments

The Pennsylvania State Employees’ Retirement System today announced positive fourth quarter 2012 returns that helped the Fund achieve a 12% net-of-fees return on investments for calendar year 2012 and add more than $2.9 billion to the Fund ...


02/27/2013
SERS Officials Discuss Agency Budget and Operations During Budget Hearings
Release 2013 Supplemental Budget Information Book

Testifying before the State Senate and House Appropriations Committees today, SERS Board Chairman Nicholas J. Maiale, Executive Director David E. Durbin and Chief Investment Officer Anthony S. Clark will discuss the agency’s budget, operations and investments ...


02/05/2013
Member Update:
Possible Benefit Changes Mentioned In Governor’s Budget Address

Today, the Governor discussed specific changes to the state’s two largest pension systems – including SERS – in his annual budget address.  SERS professionals are starting to analyze this proposal; we were not familiar with the assumptions the proposal was based on and it will take some time to perform an accurate, in-depth review ...


02/01/2013
Member Update:
Updated SERS Snapshot and Retirement Payment Map Available

The fall/winter edition of the SERS News included a host of basic information about the State Employees’ Retirement System and the benefits it provides ...


01/28/2013
Annuitant Update:
Mailing Information for the 1099-R Federal Tax Forms

Members who receive multiple 1099-R Forms can request a copy from their Regional Retirement Counseling Center or SERS’ website beginning January 28, 2013 ...


01/25/2013
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2012 Retirement Benefits
Statement Includes 2013 Payment Calendar

Yesterday, SERS mailed your Personal Statement of 2012 Retirement Benefits , which includes the 2013 Retirement Payment Calendar ...


01/23/2013
PA SERS Commits $150 million to Diversifying Assets Portfolio
Reports Preliminary 2012 Performance; Increases CIO Compensation

The Pennsylvania State Employees’ Retirement System meeting here today approved a $150 million commitment to a custom, event-driven equity investment within its new Diversifying Assets portfolio ...


01/17/2013
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2012, either as a retiree, Survivor Annuitant, Beneficiary or Alternate Payee, should receive a 1099-R form indicating the total benefit received from the Fund and other tax information ...


01/03/2013
Member Update:
Watch for your next member newsletter

You should soon receive your fall/winter 2012 SERS News -- the newsletters were mailed out of Harrisburg earlier today ...


12/06/2012
Pittsburgh Area Member Update:
Intermittent Problems With Phone System

The Pittsburgh regional counseling center is experiencing intermittent problems with its telephone system – calls are unexpectedly disconnected ...


12/05/2012
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 ...


11/01/2012
Updated 11:30 a.m. - Bensalem Regional Retirement Counseling Center Closed
The Bensalem Counseling Center is closed today, November 1, 2012, due to the loss of electricity ...


10/24/2012
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 ...


10/03/2012
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.  Proposals from qualified firms will be accepted through November 7, 2012, at 3:00 p.m. ...


09/12/2012
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 ...


08/10/2012
Member Update:
Watch for your next member newsletter

You should soon receive your spring/summer 2012 SERS News -- the newsletters were mailed out of Harrisburg earlier today ...


07/25/2012
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 ...


06/26/2012
PA SERS Releases Comprehensive Annual Financial Report for 2011
The Pennsylvania State Employees' Retirement System (SERS) has released its 2011 Comprehensive Annual Financial Report...


06/13/2012
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 ...


05/02/2012
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%...


03/16/2012
Active Member Update:
Your 2011 Statement Has Mailed

Your commonwealth pension is a valuable part of your employment compensation. Even if you’re many years away from retirement, it’s important to understand your benefit and how it grows. Your member statement can help you do just that and your 2011 statement was mailed to you yesterday from Claysburg, PA ...


03/07/2012
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...


02/23/2012
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...


02/14/2012
Phone System Maintenance
SERS’ member number 800-633-5461 will be temporarily unavailable on Wednesday, February 15, 2012, between the hours of...


01/26/2012
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2011 Retirement Benefits
Statement Includes 2012 Payment Calendar

Yesterday, SERS mailed your Personal Statement of 2011 Retirement Benefits, which includes the 2012 Retirement Payment Calendar...


01/25/2012
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...


01/19/2012
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2011, either as a retiree, Survivor Annuitant, Beneficiary or Alternate Payee, should receive a 1099-R form indicating the total benefit received from the Fund and other tax information...


01/12/2012
Phone and Computer System’s Restored
The comprehensive system maintenance has been completed...


01/12/2012
Temporary Interruption to Systems Today
SERS’ phone and computer systems will be temporarily unavailable today beginning at noon for comprehensive system maintenance...


12/09/2011
Member Update – Retired Corrections Officers:
Your Annuity Payments Could Change Beginning in January

The amount of your January Annuity payment might change because of the collective bargaining agreement reached in June between the Commonwealth and the Pennsylvania State Corrections Officers Association...


12/07/2011
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...


10/26/2011
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...


09/28/2011
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...


09/16/2011
SERS Board Meeting has been Rescheduled
The SERS Board meeting originally scheduled for this past Wed. has been rescheduled for Wednesday, September 28, 2011, at 9:30 a.m.


07/25/2011
Pittsburgh Area Member Update:
Phone Services Restored

The phone cable failure in the Pittsburgh area that impacted service to the Pittsburgh Regional Retirement Counseling Center last week has been fixed.  For retirement counseling services ...


07/20/2011
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 ...


07/08/2011
Temporary Interruption to Phone System
SERS’ phone system will be unavailable at 4:30 p.m. on Friday, July 8, in order to relocate computer equipment operating the system.  While the bulk of the outage is expected to occur after normal business hours, callers will be unable ...


06/24/2011
PA SERS Releases Comprehensive Annual Financial Report for 2010
The Pennsylvania State Employees' Retirement System (SERS) has released its 2010 Comprehensive Annual Financial Report.  The report is available on...


06/08/2011
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...


04/28/2011
Power Outage will Cause Temporary Interruption to some Services
Power will be shut down at SERS Central Office in Harrisburg over the weekend in order to install a new transformer.  As a result, SERS’ phone system will be unavailable...


04/27/2011
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%...


04/19/2011
Member Update:
Harrisburg Offices Closed

Commonwealth of Pennsylvania offices in downtown Harrisburg, including SERS' headquarters, are closed today, April 19, 2011, due to municipal water-supply issues ...


03/21/2011
Member Update:
SERS Releases 2011 Supplemental Budget Information
Prepares for Budget Hearings

SERS has released its 2011 Supplemental Budget Information book which includes information on Fund performance for 2010 and updated information on SERS’ investments, member demographics and actuarial information, including future projected employer funding obligations often referred to as the “rate spike” or more accurately the plateau...


03/17/2011
Active Member Update:
Your 2010 Statement Has Mailed

Your personal 2010 Statement of Account was mailed today from Claysburg, PA...


03/09/2011
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...


02/15/2011
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...


01/26/2011
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...


01/25/2011
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2010 Retirement Benefits
Statement Includes 2011 Payment Calendar

Yesterday, SERS mailed your Personal Statement of 2010 Retirement Benefits, which includes the 2011 Retirement Payment Calendar. If you are an Annuitant (a member receiving monthly retirement payments from SERS)...


01/19/2011
Annuitant Update:
New IRS Tax Tables Increase Withholding For Many Annuitants

The Internal Revenue Service recently issued new Federal Income Tax tables for 2011.  The new tables change the amount of money SERS withholds from your monthly Annuity payments for Federal Income Tax, in many cases increasing the amount withheld...


01/19/2011
Member Update:
SERS Mourns Loss of Past Executive Director Robert Cusma, II

As Executive Director of SERS from late 1979 through late 1984, Bob Cusma led SERS to increased financial oversight, including establishing the internal audit function and the requirement for annual independent audits...


01/19/2011
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2010, either as a retiree, Survivor Annuitant, Beneficiary or Alternate Payee, should receive a 1099-R form indicating the total benefit received from the Fund...


01/19/2011
SERS Seeking IRS Determination Letter
SERS has long been treated by the IRS as a qualified plan under the Internal Revenue Code, as indicated in the Member Handbook and in other materials.  In order to preserve that favorable tax treatment, SERS, like many other governmental pension plans across the country, is...


01/07/2011
Annuitant Update:
Watch your mail in the coming weeks for your 1099-R tax documents and annual statement

SERS is preparing to mail your 2010 1099-R tax documents in mid-January and follow shortly thereafter with Annuitants’ Personal Statement of 2010 Retirement Benefits...


12/08/2010
PA SERS Board Reports Positive Third-Quarter Earnings;
Approves three follow-on commitments

The State Employees' Retirement System today reported earning 5.2%, or $1.2 billion, in the quarter ended September 30. The results put the SERS Fund in positive territory for the year...


11/24/2010
Member Update:
Governor Signs Pension Reform Legislation

On November 23, 2010, the Governor signed HB 2497 into law as Act 120. This legislation preserves all the benefits now in place for all current members but mandates a number of benefit reductions for future members effective January 1, 2011...


11/16/2010
Member Update:
PA House Passed Pension Legislation;
Bill Now Moves to the Governor for Final Approval

Late yesterday afternoon the Pennsylvania House of Representatives concurred in the Senate amendments to HB 2497, moving the bill to the Governor for final approval...


10/27/2010
PA SERS Board Launches CIO Search
Approves $300 Million in Global Fixed Income Investments

The Pennsylvania State Employees' Retirement Board, meeting here today, said it has launched a search for a new Chief Investment Officer to succeed John C. Winchester...


10/25/2010
Member Update:
Pennsylvania Senate Amends and Passes Pension Reform Legislation

On June 16, 2010, the Pennsylvania House of Representatives passed pension reform legislation that would both address pension funding and provide a reduced benefit for future members only.

After passage in the House of Representatives, the legislation – HB 2497 – was sent to the Pennsylvania Senate for its consideration. The Senate took action...


09/15/2010
PA SERS Board approves new investments
Reports quarterly performance

The Board of the Pennsylvania State Employees' Retirement System today authorized four investments and released the SERS Fund’s investment performance...


07/26/2010
PA SERS Issues Supplement to the 2009 Actuarial Report;
Reflects Changes Dictated by Act 2010-46

As a result of the funding change dictated by Act 2010-46, the Pennsylvania State Employees' Retirement System today released a Supplement to the 2009 Actuarial Report...


07/20/2010
Member Update:
Watch Your Mail for a Change of Address Letter

If you have recently changed your address with the US Postal Service, you should soon receive a letter from SERS with instructions on how to update your address in SERS’ records.  SERS cannot change your address in our records until you...


07/07/2010
Employer Update:
Composite Employer Rate Reduced to 5%

The Legislature has passed and the Governor has signed into law, legislation that has lowered the SERS composite employer contribution rate for the 2010-11 fiscal year from the 5.64% rate the SERS Board originally certified to 5.00% ...


06/22/2010
PA SERS Releases Comprehensive Annual Financial Report for 2009
The Pennsylvania State Employees' Retirement System (SERS) has released its 2009 Comprehensive Annual Financial Report.  The report is available on...


06/16/2010
Member Update:
State House Passes Pension Reform Legislation;
Includes Benefit Rollback Provisions For Future Members Only

Earlier today, the Pennsylvania House of Representatives passed pension reform legislation that would both address pension funding and provide a reduced benefit for future members only, effective January 1, 2011 (except that the effective date is the expiration of collective bargaining agreements for State Police Troopers, Capitol Police and Park Rangers, and December 1, 2010 for legislators newly elected in November) ...


06/09/2010
PA SERS Board approves $20 million investment
The Board of the Pennsylvania State Employees’ Retirement System today moved to invest up to $20 million in Artiman Ventures III, L.P. as a...


04/28/2010
PA SERS Board raises employer contribution rate; 1.64% increase for 2010-11 called first step toward 2012 spike
Board also authorizes investment actions

The Board of the Pennsylvania State Employees' Retirement System today established the composite employer contribution rate for the 2010-11 fiscal year at 5.64%, up from the current 4%, and cautioned that much steeper increases are projected for future years.




04/21/2010
PA SERS Testifies At Congressional Hearing On
Corporate Governance and Shareholder Empowerment

At a Congressional hearing in Washington D.C. earlier today, the Pennsylvania State Employees’ Retirement System provided testimony supporting corporate governance proposals aimed at making corporate boards...


04/19/2010
Member Update:
SERS’ Counseling Center Service Areas Adjusted

SERS has seven Regional Retirement Counseling Centers throughout the state serving Active Members based on their work location, and Retirees and Survivor Beneficiaries based on where they reside ...


04/06/2010
SERS Participates In House Hearing On Pension Funding
SERS today participated with PSERS (Public School Employees' Retirement System) in a House Finance Committee hearing to discuss the pension funding challenge ...


03/24/2010
Active Member Update:
Your 2009 Statement Has Mailed; Now Available Online

Your personal 2009 Statement of Account was mailed on March 23, 2010 from Claysburg and is now available...


03/24/2010
SERS Participates In Joint House and Senate Hearing On Pension Funding
SERS today participated in a hearing of the joint House and Senate Republican Policy Committees to discuss the pension funding challenge facing the Commonwealth.  You can view ...


03/10/2010
PA SERS Reports 2009 Investment Performance
Aided by strong fourth quarter, annual earnings exceed target
Board also authorizes additional investments

Strong fourth quarter performance helped the Pennsylvania State Employees' Retirement System exceed its assumed rate of return for 2009 and leaves the SERS Fund well-positioned to benefit if the economy continues to recover, officials told the SERS Board today. 




02/03/2010
Member Update:
SERS Releases 2010 Supplemental Budget Information
Prepares for Budget Hearings

SERS has released its 2010 Supplemental Budget Information book which includes information on Fund performance for 2009 and updated information on SERS’ investments, member demographics and actuarial information, including future projected employer funding obligations...


01/27/2010
PA SERS Board approves $25 million investment
The Board of the Pennsylvania State Employees’ Retirement System today approved an investment in a private equity fund, agreeing to commit up to $25 million to Oaktree Power Opportunities Fund III, L.P.


01/22/2010
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2009 Retirement Benefits
Statement Includes 2010 Payment Calendar

SERS mailed your Personal Statement of 2009 Retirement Benefits, which includes the 2010 Retirement Payment Calendar, today. If you are an Annuitant...


01/19/2010
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2009, either as a retiree, Survivor Annuitant, Beneficiary or Alternate Payee, should receive a 1099-R form indicating the total benefit received from the Fund...


12/23/2009
Member Update:
Website Redesigned
Part of the Commonwealth's website software conversion project

SERS launched a redesigned website today as part of the state's website software conversion project ...


12/16/2009
SERS Participates In Senate Hearing On Pension Funding
SERS today participated with PSERS (Public School Employees' Retirement System) in a Senate Finance Committee hearing to discuss the pension funding challenge facing the Commonwealth.  Click here to...


12/09/2009
PA SERS reports third-quarter earnings;
Fund gained 7.1% or $1.6 billion in three months

The State Employees' Retirement System today reported earning 7.1%, or $1.6 billion, in the quarter ended Sept. 30.  The results mark a second consecutive quarter of gains and put the SERS Fund in positive territory for the year, officials said.


11/10/2009
Alert To Members Considering Retirement:
Carefully Research Solicitations To Invest Your Accumulated Deductions
Securities Commission and Insurance Department Provide Valuable Resources

SERS joins the Pennsylvania Securities Commission and Insurance Department in alerting retiring members to carefully research all solicitations to withdraw your Accumulated Deductions and invest them in a particular investment product.


10/21/2009
PA SERS Board Approves Investments In Fixed Income
The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, moved to expand the fixed income portfolio by allocating up to $100 million each to three investment managers ...


09/16/2009
PA SERS reports second quarter investment earnings
Performance turns positive with 5.6%, $1.1 billion gain

Earnings on the Pennsylvania State Employees' Retirement System’s investments returned to positive territory in the second quarter of 2009, with the pension fund gaining 5.6% – approximately $1.1 billion – in three months, raising the total fund value to $22.6 billion as of June 30.


07/21/2009
Annuitant Update:
SERS Annuity Payments Unaffected By State Budget Impasse;
Payments Will Be Issued As Scheduled

SERS' July Annuity payments will be issued as scheduled on July 30, 2009.


06/24/2009
PA SERS Releases Comprehensive Annual Financial Report for 2008
The Pennsylvania State Employees' Retirement System (SERS) has released its 2008 Comprehensive Annual Financial Report. The report is available on ...


06/03/2009
PA SERS Reports Performance, Releases 2008 Actuarial Valuation
The Board of the Pennsylvania State Employees' Retirement System today received reports on the $22 billion Fund’s performance through the first quarter of this year, and reports on the performance of the Fund’s private equity/venture capital and real estate allocations in 2008.


04/29/2009
PA SERS Board maintains 4% employer contribution rate, lowers assumed rate of return on investments to 8%
The Pennsylvania State Employees' Retirement Board, meeting here today, voted to maintain the current floor employer contribution rate of 4% for the coming state fiscal year, and voted to reduce its assumed rate of return on investments to 8%.


04/21/2009
Annuitant Update:
New IRS Tax Tables To Change Amount Withheld From Monthly Annuities
Many Annuitants' Monthly Payments Will Increase

The Internal Revenue Service recently issued new Federal Income Tax withholding tables as part of the American Recovery and Reinvestment Act of 2009. The new tables require SERS to change the amount of money withheld from monthly Annuity payments for Federal Income Tax. In many cases, the change will result in less money being withheld.


04/08/2009
Active Member Update:
Your 2008 Statement Has Mailed; Is Available Online

Your personal 2008 Statement of Account was mailed on March 24, 2009 and is available for review in the secure Online Member Services area of this site.


02/17/2009
Member Update:
SERS Releases 2009 Supplemental Budget Information
Prepares for Budget Hearings

SERS has released its 2009 Supplemental Budget Information book which includes information on Fund performance for 2008 and updated information on SERS’ investments, member demographics and actuarial information, among other topics.


01/27/2009
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2008 Retirement Benefits
Statement Includes 2009 Payment Calendar

SERS mailed your Personal Statement of 2008 Retirement Benefits, which includes the 2009 Retirement Payment Calendar, out of Harrisburg today ...


01/22/2009
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Recipients of benefits from SERS in 2008, either as a retiree, Survivor Annuitant, Beneficiary or Alternate Payee, should receive a 1099-R form indicating the total benefit received from the Fund and other tax information ...


11/25/2008
PA SERS reports negative performance through Sept. 30
Losses mirror other large pension funds

The global economic downturn has had a serious adverse impact on the Pennsylvania State Employees’ Retirement System, just as it has other large public pension funds, officials said today as they reported SERS’ investment performance through the first three quarters of the year.


11/10/2008
PA SERS Announces RFI for Real Estate Investment Consulting Services
The Pennsylvania State Employees' Retirement System today announced that it will issue a Request for Information (RFI) on November 21, seeking information on firms potentially interested in providing SERS with real estate investment consulting services. Responses from qualified firms will be accepted through January 12, 2009 at 4:30 p.m. Eastern Time.


10/22/2008
PA SERS Board Announces Actions
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved one new investment, authorized extension of one contract and renewal of two, and agreed to offer a new optional service to participants in the state’s deferred compensation program.


09/18/2008
Your SERS Fund and Wall Street’s Troubles
A member update by Executive Director Leonard Knepp

When financial markets enter a period of downturn or turmoil, SERS inevitably hears from members who are concerned about what effect Wall Street’s troubles may have on the SERS Fund and on members’ retirement benefits. If you’ve been asking yourself such questions in light of this week’s news, this update is intended to provide you with some answers.


09/12/2008
Temporary Interruption in Website Services
SERS has been notified that on Friday September 12, from 5:00 p.m. until 8:00 p.m., maintenance work on the Commonwealth's Internet systems will interrupt ...


09/10/2008
PA SERS investment performance tops peers but lags target
The Pennsylvania State Employees’ Retirement System is outperforming its peers by a wide margin, but the “extremely difficult” global economic climate makes it unlikely the $33 billion fund will be able to meet its own performance goals this year, officials said today.


07/16/2008
PA SERS Board Approves Investments;
Retains Rocaton as General Investment Consultant

The board of the Pennsylvania State Employees’ Retirement System, meeting here today, authorized five new investments and voted to retain its general investment consultant.


06/25/2008
SERS Releases Comprehensive Annual Financial Report for 2007
The Pennsylvania State Employees' Retirement System (SERS) has released the SERS Comprehensive Annual Financial Report for 2007. The report is available on the SERS website through the Publications link.


06/04/2008
PA SERS Releases Actuarial Valuation Report for 2007, Reports First Quarter Investment Performance
Board Also Approves New Investments

The board of the Pennsylvania State Employees’ Retirement System, meeting here today, authorized five new investments and voted to retain its general investment consultant.


05/09/2008
Employer Update:
4% Employer Contribution Rate Continues

SERS today notified its employers of the employer contribution rates for each class of service in the system for the upcoming 2008-09 Fiscal Year -- separate rates that reflect a 4% composite employer rate.


04/30/2008
PA SERS Board Approves Investments
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, approved investments totaling up to $130 million in four funds.


04/03/2008
Active Member Update:
2007 Statements Available Online

Your 2007 Statement of Account is available for review in the secure Online Member Services area of this site.


03/31/2008
PA SERS Issues RFI for General Investment Consulting Services
The Pennsylvania State Employees' Retirement System today announced in a Request for Information (RFI) that it is seeking information on firms potentially interested in providing SERS with general investment consulting services.


03/20/2008
Active Member Update:
Watch Your Mail for Your 2007 Statement of Account

Your 2007 Statement of Account was mailed out of Harrisburg yesterday, and soon will be available in the secure Online Member Services area of this site.


03/12/2008
PA SERS’ 2007 investment return of 17.2% attributed to diversification and strong performance across asset classes
The board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a briefing on the key contributors to the SERS Fund’s strong 17.2% investment return in 2007.


02/27/2008
Member Update:
SERS Mourns Loss of Longtime Retirement Counselor Bob Kercher

Bob Kercher, Manager of SERS Hazleton Regional Retirement Counseling Center died Sunday February 24, 2008 from injuries he sustained in a tragic car accident on icy roads early this month.


02/27/2008
PA SERS earned $5.2 billion in 2007
17.2% return ranks in top 5% of all large public pension funds in U.S.

The Pennsylvania State Employees’ Retirement System earned more than $5.2 billion on its investments last year, posting a 17.2% return that nearly doubled the median return for large public pension plans nationwide.


01/24/2008
PA SERS Retains Deferred Compensation Administrator, Authorizes Additional Investments
The Pennsylvania State Employees' Retirement Board yesterday (Jan. 23) voted to retain the current third-party administrator for the Commonwealth's Deferred Compensation Program.


01/18/2008
Annuitant Update:
Annual 1099-R Federal Tax Forms Mailed

Each tax year SERS issues a 1099-R federal tax form to its Annuitants who received benefit payments from the Fund during that year, including retirees, alternate payees and beneficiaries.


01/07/2008
Annuitant Update:
Watch Your Mail For Your Personal Statement of 2007 Retirement Benefits

Statement Includes 2008 Payment Calendar

SERS mailed the second annual Personal Statement of Retirement Benefits, which includes the 2008 Retirement Payment Calendar, out of Harrisburg today.


12/06/2007
PA SERS names Executive Director and Chief Investment Officer
Acting officials Knepp, Winchester promoted to permanent posts

Following a national search, the Pennsylvania State Employees' Retirement System Board has chosen two senior staff members to fill the positions of executive director and chief investment officer.


11/05/2007
Notice to Annuitants with Direct Deposit to a PSECU Account:
If you established direct deposit of your annuity to your PSECU account and later changed your PSECU account number from the originally assigned number to a different number, you may have received a letter ...


10/24/2007
PA SERS Board Approves Investments
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, approved the following investments:


09/18/2007
PA SERS helping protect members, public from investment fraud
Adds website links to resources for retirement-age investors

With federal authorities growing increasingly concerned over investment fraud targeting retirees, the Pennsylvania State Employees' Retirement System has added a financial education page to its website...


09/12/2007
PA SERS earnings Top 22% for year ended June 30
Board authorizes additional investments

The $34 billion Pennsylvania State Employees' Retirement System had a return on investment of 11.4 percent in the first six months of this year, and 22.2 percent over the 12-month period ended June 30...


08/15/2007
Member Update:
SERS Reports Progress in Processing Flood of Retirements

Approximately 96% of June Applications Processed

SERS received nearly 3,500 applications for retirement benefits in June, but has already processed approximately 96% of those applications -- much quicker progress than originally expected.


07/24/2007
Member Update:
SERS Reports Progress in Processing Flood of Retirements

Nearly 1,500 Members Have Received Their First Payment Sooner Than Expected

The State Employees’ Retirement System received nearly a year’s worth of applications for retirement benefits last month, but has already processed nearly half of those applications in nearly half the time originally predicted.


07/18/2007
PA SERS Board Authorizes Investments
The Pennsylvania State Employees' Retirement Board, meeting here today, approved the following ...


07/05/2007
Notice to Members:
General Fund budget impasse would NOT affect SERS operations

News coverage of a possible impasse regarding the state’s General Fund budget, and potential layoffs of certain state employees, has caused some SERS members to express concern that SERS services might be disrupted. That is not the case.


06/28/2007
4% Employer Contribution Rate Established; New Composite Rate Becomes Effective July 1, 2007
SERS has notified its employers that yesterday the Governor signed into law HB 876 (Act 2007-8), establishing a composite minimum employer contribution rate of 4% for the Fiscal Year 2007-08.


06/27/2007
SERS Releases Comprehensive Annual Financial Report for 2006
The Pennsylvania State Employees' Retirement System (SERS) has released the SERS Comprehensive Annual Financial Report for 2006. The report is available online.


06/06/2007
PA SERS launches national search for top positions; Names interim Executive Director and CIO as Henry, Gilbert depart
In two unrelated developments, both the Executive Director and the Chief Investment Officer of the State Employees' Retirement System are leaving to pursue new opportunities. The SERS Board accepted both resignations today “with deep regret,” commended both for their service and launched national searches for successors.


05/31/2007
Peter M. Gilbert Named Chief Investment Officer for Lehigh University
This is a Lehigh University News Release
Peter M. Gilbert, who has overseen investments and policy for the Pennsylvania State Employees’ Retirement System (SERS) for the past 14 years, has been named chief investment officer for Lehigh University’s Endowment Fund.


05/15/2007
SERS Issues RFI for General Investment Consulting Services
The Pennsylvania State Employees' Retirement System today announced in a Request for Information (RFI) that it is seeking information on firms potentially interested in providing SERS with general investment consulting services.


04/25/2007
PA SERS’ projected 2012 employer rate spike drops by a third; Actuaries credit investment returns for steep reduction in projected cost
Legislation could keep future rates in single digits, officials say

The projected 2012 “spike” in the rates employers pay to the Pennsylvania State Employees' Retirement System has been slashed by a third as a result of continued strong investment performance, SERS officials said today.


04/10/2007
SERS Prepares For Retirement Rush;
Posts “Tips” to help members through the retirement process

The Pennsylvania State Employees' Retirement System is preparing to handle a rush of retirements this May and June, when approximately 4,000 members are expected to retire, due in large part to recent employee contract changes.


04/03/2007
Active Member Update:
2006 Statements Available Online

Your 2006 Statement of Account is available for review in the secure Online Member Services area of this site.


03/26/2007
SERS Issues RFP for Alternative Investment Consulting Services
The Pennsylvania State Employees' Retirement System today announced that it is accepting proposals for alternative investment consulting services. Proposals from qualified firms will be accepted through May 4, 2007.


03/21/2007
Active Member Update:
2006 Statements Available Soon

Your 2006 Statement of Account is scheduled to mail this week, and will be available in the secure Online Member Services area of this site shortly thereafter.


03/15/2007
PA SERS Board Approves Investments
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, authorized investments in four alternative investment funds and one real estate fund, and the hiring of a new inflation-protection manager.


03/12/2007
Member Update:
Temporary Changes in Retirement Counseling Services Announced

Prompted by Expected Increase In Retirements

SERS is anticipating a large number of member retirements between now and June 30, 2007 because of recent employee contract changes.


03/05/2007
SERS Releases Budget Testimony
Posts Detailed Information on Website

Officials of the Pennsylvania State Employees' Retirement System appeared before the House Appropriations Committee today to present testimony and answer questions regarding the system’s budget request for the 2007-08 fiscal year, and to discuss the system’s operations and projected funding needs.


03/02/2007
Temporary Interruption in Website Services
SERS has been notified that on Sunday March 4, from 12:00 a.m. until noon, maintenance work on the Commonwealth's Internet systems will interrupt ...


02/20/2007
PA SERS 2006 Investments earn more than $4.5 billion
16.4% return ranks in top 25% nationwide

The Pennsylvania State Employees' Retirement System earned 16.4% – more than $4.5 billion – on its investments in 2006, once again placing it among the top-performing large public pension funds in the nation.


01/24/2007
PA SERS Board Approves Investments
The Board of the Pennsylvania State Employees' Retirement System, meeting here today, approved the following investments in the “alternative investment” (private equity and venture capital) sector of the $30 billion fund’s portfolio ...


01/23/2007
Annuitant Update:
First-Ever Personal Statement of Retirement Benefits and Annual 1099-R Tax Forms Mailed

SERS mailed annuitants their first-ever Personal Statement of Retirement Benefits on Thurs. Jan. 18, 2007; and followed the next day, Fri. Jan. 19, 2007, with annuitants’ annual 1099-R federal tax forms. Both mailings were sent ...


01/18/2007
Active Member Update:
Your Online Personal Account Has Been Updated with 2006 Information

SERS has updated your online personal account information, which contains the contributions you made in 2006, and the ...


01/12/2007
Member Update:
SERS Harrisburg Offices Will Be Closed Tue. Jan. 16

SERS Harrisburg offices, including the Harrisburg Regional Retirement Counseling Center, will be closed Tue. Jan. 16, 2007, due to traffic restrictions and parking difficulties associated with …


01/11/2007
Active Member Update:
Updating SERS Member Accounts

If you view your personal account through the Account Login button, please be aware that it may not currently accurately reflect the service credit you have earned as a SERS member.



Archive  News & Updates Archive (prior to January 1, 2007)