Attempted Wire Fraud via Email Requests
We have received reports of fraudsters sending payment requests and requests to update payment instructions from email accounts that appear to be from inside a clients' organization or from a known external partner. The fraudulent "from" email address is typically a slight variation on the legitimate email address, which can trick the recipient into believing the fraudulent communication is legitimate.
- Be vigilant when reviewing and confirming payment requests, especially those requesting changes to beneficiary names, banks, and/or bank accounts.
- Be suspicious of requests purporting to be from a person of authority, or requests to initiate "emergency" payments, make urgent changes to payment instructions, or bypass your established procedures. Fraudsters will often create a sense of urgency to get you to act quickly or to avoid you questioning the request.
- Confirm verbally with the requestor or another trusted party any requests for changes to payment instructions or any usual payment requests. Confirmation should be either in-person or by telephone; do not attempt to confirm the instructions via email.
Message from PSERS
Remember that in order for PSERS to update your banking information and authorized users for making payments to PSERS, all schools are required to complete the Authorization Agreement for Restricted (ACH) Debits form (PSRS-610). This protects schools from fraudulent changes to banking information and authorized users.
The Employer Workshops for Spring 2014 have come to conclusion. If your schedule didn’t permit you to attend or you would like to review any information covered during the session, please click on the links below:
- Spring 2014 Employer Workshop
- Comparison Emp Contrib to MemSav Handout
- POS Qual SOAD Handout
- Send Secure Emp Instructions Handout
- Work Status Game Handout
- Work Status Game Key
2013 Premium Assistance Verification
The Premium Assistance Verification will commence this week as reports are being mailed to the Business Managers of Commonwealth School Employers. As in the past, these listings represent the monthly Premium Assistance payments made to retirees as a reimbursement of premiums paid to your health insurance plan for their personal coverage. The Internal Revenue Service requires PSERS to verify that premiums were actually paid by retirees receiving this reimbursement. PSERS is requesting that employers verify premiums paid during the 2013 calendar year. In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2014. Calls regarding the 2013 Premium Assistance verification should be directed to the Premium Assistance Unit at 1.866.483.5509. Your assistance in verifying these payments is greatly appreciated.
Employer Contribution Rate for Fiscal Year 2014-2015
The employer contribution rate for fiscal year 2014-2015 will be
21.40%. The rate applies to salary and wages earned from July 1, 2014,
through June 30, 2015. This rate was determined by PSERS’ actuary and
reflects the rate caps established by Act 120 of 2010. The
rate was certified by PSERS Board of Trustees at its meeting on
December 10, 2013. In addition, the employer contribution rate may
change if pension legislation is enacted prior to June 30, 2014. The
employer contribution rate for fiscal year 2014-2015 consists of 20.50%
for pension costs and 0.90% for premium assistance payments. The
projection for the employer contribution rate for fiscal year 2014-2015,
prior to the rate caps being established with Act 120 of 2010 was 33.83%