January 29, 2016
PSERS Tax Qualification
An application is to be made to the Internal Revenue Service for an advance determination on the qualification of the following employee pension benefit plan.
The application will be filed on or before February 1, 2016 for an advance determination as to whether PSERS meets the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended, with respect to the qualification of PSERS.
You may submit to the Internal Revenue Service, either individually or jointly with other interested parties, your comments as to whether PSERS meets the qualification requirements of the Internal Revenue Code.
January 21, 2016
Form 1099-R Mailings
Forms 1099-R are mailed by PSERS by the last business day of January. Due to volumes, not all Forms 1099-R are mailed the same day. To allow for mail delivery time, it is requested that you wait until February 10 to contact PSERS if you have not received your Form 1099-R. If you have received payments from PSERS and do not receive your Form 1099-R by February 10, you can contact PSERS for a duplicate copy of your Form 1099-R or you can obtain a copy through Interaction (the secure member login portion of the PSERS website). Forms 1099-R will be available on Interaction on February 2. More information regarding Form 1099-R can be found here: http://www.psers.state.pa.us/retired/taxesonbene2.htm
January 15, 2016
Election of School Boards Representative to PSERB
The PSERS Board of Trustees is conducting a Special Election for the seat that is elected by the members of Pennsylvania’s public school boards. This election will be for a term on the PSERS Board for the remainder of 2016 through December 31, 2017.
School board members who desire to run must:
Submit nominating petitions with 25 signatures of school board members from at least five different school districts;
Submit a completed biographical form and candidate affidavit.
To receive a nomination packet and more information on the duties and responsibilities of Board members, interested school board members may write to:
PSERS Election Coordinator
5 N. 5th Street
Harrisburg, PA 17101-1905
Via email: firstname.lastname@example.org
Your completed affidavit, nominating petition(s) and biographical form must be returned to Ms. Koch at the above address by 4:30PM on March 1, 2016.
Late receipt will disqualify any candidate from the election ballot.
December 17, 2015
Attention PSERS Members:
Legislative Update: This pension reform proposal was defeated in the House (52-149) on December 19, 2015. PSERS staff will continue to closely monitor pension legislation and provide updates.
A public hearing was held today and an actuarial note was issued on Senate Bill 1082, proposed pension reform legislation. While you may have many questions and concerns about how additional pension reform may impact you, nothing is confirmed at this time and it remains unclear if this legislation will be passed by the House and Senate and signed into law by the Governor.
The proposed legislation as currently drafted includes the following:
· Retired members: No changes
· Current members: Primarily impacts the withdrawal of contributions and interest that are earned AFTER July 1, 2016 by current members. The proposed legislation does NOT impact benefits and service already earned. Current members will also share in the investment gains and losses of the System.
· New members hired after July 1, 2017: Creates a new hybrid retirement plan for new members hired after July 1, 2017 that includes a smaller defined benefit pension AND a 401k-style defined contribution benefit
This proposed legislation is subject to change. We encourage you to continue to monitor PSERS’ website for further updates and more information should any pension reform legislation be enacted.
December 8, 2015
PSERS Certifies Employer Contribution Rate for FY 2016-2017
PSERS Board of Trustees met today and certified an annual employer contribution rate of 30.03 percent for fiscal year (FY) 2016-2017, which begins on July 1, 2016. The certified rate meets the actuarially required rate and the Act 120 rate collars no longer apply.
November 6, 2015
Attention PSERS members:
PSERS’ Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015 has been posted. We are pleased to present this detailed financial report to our members, employers, and stakeholders. PSERS’ staff continues to achieve the highest standard of financial reporting. As a result of operational efficiencies, the CAFR is being released two weeks earlier than last year and we are among the first public pension plans in the country to release its June 30, 2015 CAFR.
October 6, 2015
Press Release: PSERS Reports Investment Performance for the Fiscal Year ended June 30, 2015; Fund also receives independent auditor’s report and announces a reduction in investment manager fees for second year
August 10, 2015
Attention All PSERS Members: Notice of Telephone Scam
A member reported that he received a recorded call purportedly from the Premium Assistance unit saying he won a $100 gift card and that after the recording a representative came on the line and told him that the gift card was from PSERS and all he had to do was pay $1 with his credit card. Please note that PSERS does not award $100 gift cards. If you get such a call, try to acquire any potential identifying information such as what number were you called from if you have Caller ID. You should then report the call and any identifying information to the Federal Trade Commission (FTC) at 1-888-382-1222.
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