Pension contribution rates rise for 94K Pennsylvania school employees
The Associated Press
HARRISBURG= Pension contribution rates for tens of thousands of public school employees in Pennsylvania rose on Thursday, amid a federal investigation into some of the pension system s actions and calls for firings.
The increases took effect for about 94,000 school employees, all hired in 2011 or after. Most will see their contribution rate rise by 0.5% of their salary, while a smaller number of them will see their contribution rate rise by 0.75% of their salary.
The board of the $64 billion Public School Employees’ Retirement System revealed in March that it was investigating a consultant’s calculation about the fund’s long-term investment performance that helps determine the balance of payments into the system by taxpayers and school employees.
Pension Contribution Rates Increase For Around 94K Public School Employees In Pennsylvania
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Pension contribution rates rise for 94K PA school employees
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Pension Contribution Rates Rise For 94K School Employees
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Delco teacher files suit against investing consultants to PSERS Joseph N. DiStefano, The Philadelphia Inquirer © TYGER WILLIAMS / Staff Photograp PSERS executive director Glen Grell listens during a meeting in the main boardroom at the fund s offices in Harrisburg.
Lawyers for a Delaware County public school teacher have filed a lawsuit over problems at Pennsylvania’s largest pension fund, alleging that poor advice from highly paid outside consultants has cost the retirement plan billions and forced 100,000 teachers to pay millions in extra pension contributions.
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The complaint says two consultants were “grossly negligent” in their dealings with the $67 billion PSERS plan but does not identify the fund itself as a defendant. Legal experts say the big retirement plan is generally protected from liability under the state’s Sovereign Immunity Act.