Press Releases

You are welcome to sign up to have SERS' press releases and board meeting agendas automatically emailed to you.

If you are a member of the media working on a story, email your questions to phile@pa.gov or call our communications office at 717.787.9657. It's helpful to let us know if you're working on a deadline and which media outlet you represent.

 

10/26/2018
SERS Executive Director and CIO Provided Testimony Before Pension Review Committee
Yesterday, SERS Executive Director Terri Sanchez and SERS Chief Investment Officer Bryan Lewis testified before the Public Pension Management and Asset Investment Review Commission in Harrisburg regarding the system's operations, cost saving initiatives, and proposed legislative assistance to help improve efficiencies and reduce costs for the system.   

"We offered a number of positive, workable suggestions to ensure the ongoing health and integrity of the system, explained SERS Executive Director Terri Sanchez." These included suggestions to help us streamline administrative functions and increase capabilities to allow us to continue with the cost-saving improvements that are already underway, and to add specialized staff in the investment and investment accounting areas that will help us to improve our investment and financial operations and audit capabilities. Most importantly, we requested the Governor and General Assembly to consider enacting a state constitutional amendment guaranteeing payment of actuarially required contributions to the pension funds on an ongoing basis (as has been done for the past three  years).

"We look forward to working with the Governor and the General Assembly to review and discuss whatever suggestions and proposals the Pension Fund Review Commission and its consultants present."

10/24/2018
PA SERS Board Moves to Establish Independent Legal Office
Approves $660 Million in Investments

The board of the Pennsylvania State Employees' Retirement System today moved to establish an independent legal office and approved $660 million in investments.

09/21/2018
SERS Corrects Inaccurate Radio Mention
This morning on his WHP radio program, RJ Harris spoke at length about the recent purchase of the former Patriot-News building by a Pennsylvania retirement system. Mr. Harris incorrectly identified that retirement system as the State Employees’ Retirement System (SERS). For purposes of clarification, the transaction was made by the Public School Employees’ Retirement System (PSERS). SERS is not involved in any way in that real estate transaction.

09/12/2018
PA SERS Board Approves Policies for Governance Manual 
Approves Investment Policy for Soon-to-Launch Defined Contribution Plan, Invests $175 Million in New Investments, Announces Investment Performance

The board of the Pennsylvania State Employees' Retirement System, during its meeting today, approved several key policies for a comprehensive governance manual, and approved the investment policy and default investment option for the defined contribution plan to launch in 2019.

07/25/2018
PA SERS Maintains Current Investment Return Assumption 
Invests $550 Million in New Investments, Selects Providers for New Defined Contribution Plan, Approves Contract for Voluntary Deferred Compensation Plan

The board of the Pennsylvania State Employees' Retirement System meeting here today, moved to maintain the system's current 7.25% investment return assumption.

06/21/2018
Penn SERS 2017 Financial Reports Available
The Pennsylvania State Employees' Retirement System today released its 2017 Comprehensive Annual Financial Report (CAFR) for the calendar year ended Dec. 31, 2017.

06/13/2018
PA SERS Hires Third-Party Administrator for Deferred Compensation and Defined Contribution Plans 
Invests $125 Million, Reports First Quarter Investment Returns, and 
Receives 2017 Actuarial Report

The board of the Pennsylvania State Employees' Retirement System today hired a third-party administrator for the voluntary-participation deferred compensation plan and the newly established, defined contribution plan to launch Jan. 1, 2019.

04/25/2018
PA SERS Board Announces Lower Employer Rate Next Fiscal Year 
Reviews Key Results of 2017 Actuarial Valuation; Approves New Investment Plan, $250 million in New Investments, and Portfolio Adjustments
 
The Board of the Pennsylvania State Employees' Retirement System today announced a lower composite employer contribution rate for the commonwealth's 2018-19 fiscal year.

04/06/2018
Pennsylvania SERS Board Hires New Executive Director, Invests $25 Million in Real Estate
The Pennsylvania State Employees' Retirement System today hired Terrill J. Sanchez as the system's next Executive Director.

03/27/2018
Pennsylvania SERS Announces 15.1% Return on Investments in 2017, Projects Savings for Employers 
The Pennsylvania State Employees' Retirement System today announced that it earned a 15.1% net-of-fees return on investments that added $3.9 billion in investment income to the fund last year.

1/31/2018
Pennsylvania SERS Board Approves $675 Million in New Investments 
The Board of the Pennsylvania State Employees’ Retirement System today approved $675 million in new investments.

12/06/2017
Pennsylvania SERS Announces Investment Returns, Approves $175 million in New Investments 
The Pennsylvania State Employees' Retirement System today announced a 3.7% return for the third quarter of 2017, resulting in an 11.2% net-of-fees return on investments that added nearly $2.9 billion in earnings to the SERS Fund during the first nine months of the year.

11/01/2017
Pennsylvania SERS Approves $225 Million in New Investments, Hires Investment Consultant for Future Defined Contribution Plan 
The Pennsylvania State Employees' Retirement System today approved up to $225 million in new commitments for the state's defined benefit pension plan and hired an investment consultant for the state's future defined contribution plan.

09/13/2017
Pennsylvania SERS Announces Investment Returns, Approves $700 million in New Investments, Establishes Transition Manager Pool
The Pennsylvania State Employees' Retirement System today announced a 3.3% return for the second quarter of 2017, resulting in a 7.2% net-of-fees return on investments that added nearly $1.9 billion in earnings to the SERS Fund during the first half of 2017. For the one-year period ended June 30, 2017, the SERS Fund earned 12% net of fees.

08/24/2017
Pennsylvania SERS Announces Mid-Year Investment Returns
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated nearly $1.9 billion in net-of-fees earnings, or a 7.1% return, during the first two quarters of 2017. For the trailing 12 months, the system achieved an estimated 11.9% return net of fees.

08/10/2017
SERS’ Recent Governance Work and Fee Reduction Efforts Validated by State Auditors
The Pennsylvania State Employees’ Retirement System today received the final report on the performance audit of the system conducted by the Department of the Auditor General.

08/07/2017
PA SERS Releases 2016 Comprehensive Annual Financial Report
The Pennsylvania State Employees' Retirement System (SERS) today released its 2016 Comprehensive Annual Financial Report (CAFR) that details the audited financial statements of the system for the year, as well as investment, actuarial, and statistical information.

07/26/2017
Pennsylvania SERS Approves $250 Million in New Investments, 
Selects Stable Value Fund Program Manager for Deferred Compensation Program

The Board of the Pennsylvania State Employees' Retirement System today approved up to $250 million in new commitments for the state's pension system and hired a Stable Value Fund program manager for the state's voluntary Deferred Compensation Program.

06/14/2017
Pennsylvania SERS' Portfolio Added Nearly $1 Billion During First Quarter;
Board Receives 2016 Actuarial Valuation Report; Approves Nearly $300 Million in Private Equity Commitments
 
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated nearly $1 billion in net-of-fees earnings, or a 3.7% return, during the first quarter of 2017.

06/12/2017
2017 Pension Reform Legislation

On June 12, 2017, Governor Wolf signed into law Act 2017-5. This law fundamentally changes retirement options for most new hires beginning January 1, 2019. In addition, the legislation allows current members to opt-in to one of the three new options between January 1, 2019, and March 31, 2019. 

The choice is irrevocable and would go into effect on July 1, 2019. 

Retired Member?

As a retired member, this legislation does not impact your pension.

Active Member?

As an active member, you will have the option to switch to one of three new retirement options created by Act 2017-5, or to stay in your current class of service and continue accruing service credit toward your SERS pension just as you are now. You do not make your choice until early 2019.

While you don't have to make your choice until early 2019, here is a little about the three new options.

Two of the new options will feature a "hybrid" defined benefit pension/defined contribution plan. 
That means that a portion of the retirees' benefit will be based on a calculation that takes into consideration their years of service and salary that will be paid in monthly payments for their lifetime, and a portion of their retirement benefit will be based on the amount of money they accumulate through their personal investment choices.

The third option is a straight defined contribution plan. 
That means the retirees' benefit is based on the amount of money they accumulate through their personal investment choices.

A-3 or A-4 Member? (joined SERS after 1/1/11)
Act 2017-5 allows you to withdrawal your contributions and interest at retirement - that option currently is not available to you.

In the future, additional information will be sent to members who have decisions to make about their benefit.

For more information about the Act, see legislation.

04/26/2017
Pennsylvania SERS Reduces Investment Return and Inflation Assumptions, 
Continues Restructuring Public Markets Portfolio
 
The Board of the Pennsylvania State Employees' Retirement System today reduced the long-term investment rate of return and the inflation assumptions, continued restructuring the public markets portfolio by shifting $2.1 billion into passive investments, and approved three alternative investments totaling up to $300 million.

03/08/2017
Pennsylvania SERS Announces Investment Returns, 
Hires Real Estate Consultant, and Retools Public Markets Portfolio
 
The Pennsylvania State Employees’ Retirement System today announced a 6.5% net-of-fees return on investments during 2016 that produced earnings of $2.1 billion for retirement benefits.

2/22/2017
SERS Officials Discuss Agency Budget and Operations During Budget Hearing 
Releases 2017 Supplemental Budget Book
Testifying before the State House Appropriations Committee today, SERS Board Chairman David R. Fillman, Executive Director David E. Durbin, and Chief Investment Officer Bryan Lewis will discuss the agency's budget, operations, and investments.

In conjunction with the budget hearing, SERS released detailed information about the fund's 2016 investment performance, member demographics, actuarial information, and employer funding projections in its 2017 Supplemental Budget Book. Key data is provided in a budget handout that includes the budget highlights, Snapshot2016 retirement payments by county map, and funding explanation.

1/25/2017
Pennsylvania SERS Directs $100 million to Small Private Equity Funds
Amends General Investment Consulting Contract

The Board of the Pennsylvania State Employees' Retirement System today committed up to $100 million to Horizon Impact Fund, L.P. (Class B) as a follow-on investment managed by HarbourVest Partners.

12/07/2016
Pennsylvania SERS Announces Strong Investment Returns; Approves $100 Million Private Equity Investment
The Pennsylvania State Employees' Retirement System today announced a 3.4% return on investments for the third quarter of 2016, resulting in a 5.4% return and earnings of $1.8 billion net of fees for retirement benefits for the calendar year ended September 30.

10/26/2016
Pennsylvania SERS Approves $275 million in New Investments; Restructures U.S. Equity Portfolio 
The Board of the Pennsylvania State Employees' Retirement System today approved up to $275 million in new private equity investments and approved restructuring the fund’s U.S. Equity portfolio.

9/14/2016
Pennsylvania SERS Announces Positive Earnings; Approves $250 Million in Private Equity Investments, Extends Deferred Comp Administrator Contract 
The Pennsylvania State Employees' Retirement System today announced a 1.2% return for the second quarter of 2016, resulting in a 2% return and earnings of $500 million net of fees for retirement benefits during the first half of the fund's fiscal year.

7/27/2016
Pennsylvania SERS to Begin Performance Audit Work
The board of the Pennsylvania State Employees' Retirement System today directed staff to begin preparations for a cooperative performance audit by the state's auditing agency.

7/22/16
Statement from David R. Fillman, Chairman, State Employees' Retirement Board:

"Recent news accounts have associated the State Employees' Retirement System (SERS) with the indictment of Richard W. Ireland through his relationship with former Treasurer and ex-officio SERS Board Member, Rob McCord. 

The indictment alleges that Mr. McCord, by virtue of his position on the SERS Board, had influence over SERS investment decisions and that Mr. Ireland sought for Mr. McCord to use that influence in his favor.   It is important to note that the indictment does not actually allege that any influence was successful. 

Further, there are no claims that any other SERS staff or board members were involved in, or had knowledge of, the conduct underlying the allegations.

Based upon a thorough review, SERS has found no direct holdings or investments with any companies that are known to be owned or operated by Mr. Ireland.

SERS members and the general public can rest assured that all investments are made according to SERS' Strategic Investment Plan, and opportunities are evaluated using a strict due diligence process - including an extensive third-party review - and are voted upon by the collective 11-member SERS Board.  No one board member can unilaterally make an investment decision."

6/8/2016
Pennsylvania SERS Portfolio Earned $176 Million During First Quarter;
Board Receives 2015 Actuarial Valuation Report
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated $176 million in net-of-fees earnings, or 0.7%, during the first quarter of 2016.

5/5/2016
PA SERS Board Hires Illinois State Universities Retirement 
System Official as Chief Investment Officer

The Board of the Pennsylvania State Employees' Retirement System today announced that it has hired Bryan Lewis as the system's chief investment officer. Lewis has been tapped to run the system's $25 billion fund, serving more than 236,000 members.

4/27/2016
PA SERS Board Adopts Employer Contribution Rate
Reviews Key Results of 2015 Actuarial Valuation; Accepts Governance Review Report; 
and Approves Actuary and Auditor Contracts 
The Board of the Pennsylvania State Employees' Retirement System today formally adopted the composite employer contribution rate set by current law at 29.5% of payroll for the commonwealth's 2016-17 fiscal year.

3/09/2016
SERS Portfolio Earned $116 Million in 2015
Board Retains Return Assumption, Adjusts Salary and Demographic Assumptions
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated $116 million in earnings, net of fees in 2015. According to staff and investment consultant RVK, the SERS portfolio returned 0.9% net of fees for the fourth quarter, resulting in a 0.4% net-of-fees return for the calendar year.

3/7/2016
SERS Officials Discuss Agency Budget and Operations During Budget Hearings 
Releases 2016 Supplemental Budget Information Book
Testifying before the State House Appropriations Committee today, SERS Board Chairman David R. Fillman, Executive Director David E. Durbin and Chief Investment Officer Thomas F. Brier will discuss the agency's budget, operations and investments.

In conjunction with the budget hearings, SERS released detailed information about the fund's 2015 investment performance, member demographics, actuarial information and employer funding projections in its 2016 Supplemental Budget Information Book. Key data is highlighted in a budget handout including a Snapshot, funding explanation and map showing SERS' 2015 retirement payments by county

02/02/2016
SERS Submits Tax Qualification 
SERS has long been treated by the IRS as a qualified plan under the Internal Revenue Code. To preserve that favorable tax treatment, SERS, like many other governmental pension plans across the country, has filed a renewed submission for qualified status with the IRS.

01/27/2016
PA SERS Board Approves $250 million in New Investments;
Updates Policy Statements, Extends Deferred Compensation Contract
The Board of the Pennsylvania State Employees' Retirement System today approved up to $250 million in investments within the private equity asset class.

12/09/2015
PA SERS Approves Two-Year Strategic Investment Plan; 
Reports Investment Performance 

The Board of the Pennsylvania State Employees' Retirement System today approved a new two-year investment plan and reported the fund's investment performance through September 30.

10/28/2015
PA SERS Board Amends DCP Policy
Announces 2016 Meeting Dates 

The Board of the Pennsylvania State Employees' Retirement System today approved an amended Statement of Investment Policy for the Commonwealth's $3 billion voluntary Deferred Compensation Program.

9/16/2015
PA SERS Approves New Investments
Reports Quarterly Investment Performance

The Board of the Pennsylvania State Employees' Retirement System today approved four investments and announced the fund's investment performance through June 30.

6/10/2015
PA SERS Reports First Quarter Investment Performance;
Receives 2014 Actuarial Valuation

The Pennsylvania State Employees' Retirement System today announced that investments generated $512 million
in net-of-fees earnings during the first quarter of 2015, a 1.9% return on investments for the quarter.

4/29/2015
PA SERS Board Adopts Employer Contribution Rate;
Reviews Key Results of 2014 Actuarial Valuation 

The Board of the Pennsylvania State Employees' Retirement System, meeting here today, formally adopted the employer contribution rate set by current law at 25% of payroll as the composite employer contribution rate for the commonwealth's 2015-16 fiscal year.

3/23/2015
SERS Officials Discuss Agency Budget and Operations During Budget Hearings 
Releases 2015 Supplemental Budget Information Book

Testifying before the State Senate and House Appropriations Committees today, SERS Board Chairman Glenn E. Becker, Executive Director David E. Durbin and Chief Investment Officer Thomas F. Brier will discuss the agency's budget, operations and investments.

In conjunction with the budget hearings, SERS released detailed information about the Fund's 2014 investment performance, member demographics, actuarial information and employer funding projections in its 2015 Supplemental Budget Information book. Key data is highlighted in a "Snapshot", funding explanation and map showing SERS' 2014 retirement payments by county.

3/11/2015
Investments Earned $1.7 billion for the SERS Fund in 2014;
SERS Board Invests $50 Million in Alternatives

The Pennsylvania State Employees' Retirement System today announced that investment earnings generated $1.7 billion in investment earnings net of fees in 2014, despite a difficult second half of the year.

1/21/2015
PA SERS Board Approves $50 Million Investment;
Extends Investment Advisory and Management Services Contracts and Approves CIO Salary

The Board of the Pennsylvania State Employees' Retirement System meeting here today, committed up to $50 million within the alternative investment portfolio, extended two investment service contracts, and approved the new CIO's salary.

 

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