What is Public School Employees Retirement System mean? The Public School Employees’ Retirement System (PSERS) is a pension fund for public school employees in the Commonwealth of Pennsylvania. Eligible members include all full-time public school employees, part-time hourly public school employees who render at least 500 hours of service in the school year, and part-time per diem public school employees who render at least 80 days of service in the school year in any of the 775 reporting entities in Pennsylvania.
As of June 30, 2020, the System had nearly 256,000 active, 240,000 retired, and 26,000 vested inactive members, with an estimated annual active payroll of $14 billion. The annuitant membership as of June 30, 2020 is over 240,000 retirees and beneficiaries who receive over $530 million in pension and healthcare benefits each month. The average yearly benefit paid to annuitants is $25,753.
Under the Internal Revenue Service (IRS) Code, the PSERS pension plan is classified as a 401(a), governmental defined benefit plan. A defined benefit plan means that your retirement benefit is determined by a formula which includes a retirement factor, years of credited service, and the final average salary.
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Posted on 26 Apr 2022, this text provides information on Community related to Miscellaneous in Community. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.