Welcome to PSERS!
August 19, 2016
Attention PSERS Members:
We have become aware that a number of PSERS members have received the Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Expenses, and Settlement Hearing ("Notice") in the action pending against Bank of America in the United States District Court for the Southern District of New York. Such members received the Notice because of the likelihood that those members had invested in the Bank of America securities that are the subject of the action and may be entitled to submit a proof of claim pursuant to the Notice. The Notice is not related to individual membership in PSERS. If you received the Notice you may be entitled to share in the settlement fund.
Questions concerning the Notice may be answered by accessing the website maintained by the Claims Administrator, www.BoASecuritiesSettlement.com, or from Lead Counsel’s website, www.barrack.com, or by calling (inside the US and Canada) 1-800-644-7835, (outside the US and Canada) 1-215-845-4405, or emailing BoASecuritiesSettlement@HefflerClaims.com. You may also contact the Claims Administrator by mail at:
Bank of America Securities Settlement
c/o Heffler Claims Group,
P.O. Box 360
Philadelphia, PA 19105-0360
Inquiries may also be made to Lead Counsel: BARRACK, RODOS & BACINE, Mark R. Rosen (firstname.lastname@example.org), Jeffrey A. Barrack (email@example.com), Jeffrey B. Gittleman (firstname.lastname@example.org), 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, (215) 963-0600.
Please do not contact PSERS with inquiries about the Notice because, as the court-appointed Lead Plaintiff, PSERS cannot provide you with any advice or further information regarding this matter.
August 5, 2016
Attention PSERS Members:
On Monday July 25th, the Pennsylvania Department of the Auditor General announced it will conduct a performance audit of PSERS. The last performance audit occurred in 2006.
The entrance interview for the audit took place, August 4th, at PSERS headquarters. The stated scope of the audit will include: (1) Pension Forfeiture Act compliance; (2) Governance and oversight of investment operations; (3) Procurement of external advisors and investment fees; and (4) Risk Management strategies included in our asset allocation. We anticipate the audit will be completed in 2017.
We welcome any recommendations that will continue PSERS’ ongoing efforts to improve efficiency and transparency of the System. PSERS already provides numerous resources financial reports, detailed investment data, and investment manager hiring presentations on our website.
July 20, 2016
Important Notice for Members in Allegheny, Fayette, Green, and Washington counties:
On August 30, 2016, PSERS Southwest Regional Office will relocate to:
New Phone Number (Local): 412.920.2014
New Fax Number: 412.920.2015
July 18, 2016
FFYF Date Change in Lehigh County
Please note the date of the upcoming Foundations for Your Future meeting in Lehigh County has been changed. It was previously scheduled for July 28th but has been rescheduled for Friday July 29, 2016. The location and time are remaining the same.
June 10, 2016
The Public School Employees' Retirement System (PSERS) Board of Trustees met today. Ms. Virginia Lastner, of Devon, Chester County, was elected to PSERS Board. PSERS Board also adopted new demographic and economic assumptions from its Five-Year Experience Study
March 18, 2016
PSERS HOP Invitation for Application – IFA 2016-01
PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2017 Health Options Program. A nonbinding letter of intent to apply is due April 15, 2016. The fully completed application is due May 13, 2016. Proposed rates for 2017 are due June 8, 2016. There are five Parts to the Invitation for Application, plus one attached Form. Instructions are included in the various documents. Please click on each link to download the document:
Part I – General
Part II – Contractor Requirements and Vendor Qualification
Part III – Application
Part IV – Contract Document
Part V – Commonwealth Standard Contract Terms
Form A – Trade Secret Confidential Proprietary Information Notice Form
March 11, 2016
PSERS holds annual organizational meeting - Melva S. Vogler re-elected Chairman and James M. Sando re-elected Vice Chairman of PSERS’ Board of Trustees.
March 8, 2016
Attention PSERS members:
PSERS’ House Appropriations budget hearing took place on March 7, 2016. PSERS On Point - Budget Report Highlights and the FY 2016-2017 Budget Hearing Report have been posted to PSERS’ website. We are pleased to present these detailed reports to our members, employers, and stakeholders.
March 7, 2016
Attention All PSERS Members: Notice of Email Scam
It has been brought to the Public School Employees’ Retirement System’s (PSERS) attention that there is a fraudulent email claiming to originate from “PSERS Retirement System”.
The subject line of the email indicates "3 PSERS Retirement System Alerts". The narrative of the email provides supposed alerts regarding funds at risk due to stock market declines, scholarship program availability and scheduling a retirement planning session with PSERS. There are various links to click throughout the email relating to the individual topics that are presented. Those links redirect the user to websites not affiliated with PSERS or the Commonwealth of PA.
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
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