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Pension calculation error raises contributions for 100,000 Pennsylvania teachers | News, Sports, Jobs

The Center Square The Public School Employees’ Retirement System (PSERS) voted this week to raise contribution rates for about 100,000 workers in Pennsylvania. The 12-1 vote comes after miscalculations in its investment portfolio performance over the last nine years were made public. The change means employees hired in 2011 or later will see rates increase on July 1. In December, the board agreed to keep contributions flat after an analysis of the system’s rate of return over the last nine years averaged 6.38%. State law mandates that contributions increase when that figure falls below 6.36%. Unnamed consultants alerted PSERS last month to miscalculations in the rate that put the average return closer to 6.34%, triggering a contribution increase.

United statesPublic school employee retirement systemMarket streetஒன்றுபட்டது மாநிலங்களில்பொது பள்ளி ஊழியர் ஓய்வு அமைப்புசந்தை தெரு

Pensions board votes to raise rates for 94K Pennsylvania school employees | News, Sports, Jobs

Apr 20, 2021 HARRISBURG (AP) The board of Pennsylvania’s largest public pension system on Monday night voted to raise contribution rates for tens of thousands of public school employees, part of the fallout from what system officials have called a mistake in calculating the fund’s long-term investment performance. However, there is doubt about the legality of the move by the $64 billion Public School Employees’ Retirement System board, which comes as system officials answer questions from federal investigators about the calculation and other matters. If the increases take effect, contribution rates would rise starting next July 1 for about 94,000 public school employees, all hired in 2011 or after.

United statesStacy garrityPat browneSenate appropriations committeePublic school employee retirement systemAssociated pressTreasurer stacy garrityTom wolfPensions board votes to raise rates for 94k pennsylvania school employeespa newsPensions board votes to raise rates for 94k pennsylvania school employeesஒன்றுபட்டது மாநிலங்களில்நிலைத்தன்மை ஆடைபேட் பிரவுன்பொது பள்ளி ஊழியர் ஓய்வு அமைப்புதொடர்புடையது ப்ரெஸ்பொருளாளர் நிலைத்தன்மை ஆடை

Under FBI probe, pension fund hires manager to oversee Pa s highest paid government employee

Under FBI probe, pension fund hires manager to oversee Pa s highest paid government employee
pennlive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pennlive.com Daily Mail and Mail on Sunday newspapers.

United statesElizabethtown collegeJames grossmanJoe torsellaGlen grellFrank ryanArthur steinbergJosephn distefanoChris santa mariaPublic school employee retirement systemAmerican federation of teachersUs attorney officePennsylvania school employee retirement systemPhiladelphia inquirerVerus investmentsAmerican federation

PA pensions: Public School Employees Retirement System to raise rates

PA pensions: Public School Employees Retirement System to raise rates
goerie.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from goerie.com Daily Mail and Mail on Sunday newspapers.

United statesErie countyStacy garrityPat browneMark levySenate appropriations committeePublic school employee retirement systemAssociated pressUnited wayTreasurer stacy garrityTom wolfஒன்றுபட்டது மாநிலங்களில்இரீ கவுண்டிநிலைத்தன்மை ஆடைபேட் பிரவுன்குறி வசூல் செய்தல்

Pa pensions board votes to raise rates for 94K school employees

TribLIVE s Daily and Weekly email newsletters deliver the news you want and information you need, right to your inbox. HARRISBURG The board of Pennsylvania’s largest public pension system on Monday night voted to raise contribution rates for tens of thousands of public school employees after a mistake in a calculation of the fund’s long-term investment performance was revealed last month. The board of the $64 billion Public School Employees’ Retirement System voted to raise pension contribution rates starting next July 1 for about 94,000 public school employees all hired in 2011 or after as it works to straighten out what it has called a consultant’s mistake that also has drawn queries from federal investigators.

United statesPat browneSenate appropriations committeePublic school employee retirement systemஒன்றுபட்டது மாநிலங்களில்பேட் பிரவுன்பொது பள்ளி ஊழியர் ஓய்வு அமைப்பு