Daily News | PSERS members could save if fund hits 10-year target, but measurement woes grind on
the question of what went wrong last time, after acknowledging conflicts between statements made to different lawyers by senior PSERS staff.Assuming this year’s report, due in December, doesn’t have to be revised like the last one, more than 100,000 Pennsylvania school workers hired since 2011 will learn if they’ll get a break, trimming half a percentage point from the roughly 8% of their paychecks they are required to contribute to the retirement plan.
Every three years PSERS and its sister agency for state workers, the State Employees’ Retirement System, review past investment profits and determine whether public workers hired since 2011 ought to pay more, less, or about the same, toward their pensions, for the next three years. When PSERS missed its long-term goal last time, teachers hired since 2011 were hit with a half-percent surcharge, boosting their pension payroll deduction to that average 8%.
On the other hand, if their investment performance comes in lower, teachers and other school staff would keep paying the higher rates. PSERS says it won’t publish last year’s results until later this year. But, for the first nine years, the system has reported an average of roughly 7.3% annual returns per year, matching its long-term target.
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