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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | August 28, 2023 04:44 PM |
|---|---|
| From: | Senator John DiSanto and Sen. Vincent J. Hughes |
| To: | All Senate members |
| Subject: | Recognizing the 100th Anniversary of the State Employees' Retirement System (SERS) |
| 2023 marks the 100th anniversary of the Pennsylvania State Employees’ Retirement System (SERS). Governor Gifford Pinchot signed into law Act 331 (Public Law 858) creating SERS on June 27, 1923. During that first year, 1,822 members contributed to the plan. Today, SERS serves nearly 240,000 members, including more than 96,000 active employees who contributed to their pension last year and nearly 136,000 retirees and beneficiaries who received a benefit from the system in 2022. SERS also serves more than 7,000 inactive members, former commonwealth employees who have earned a pension but haven’t yet applied to receive it. From a solely defined benefit plan at its inception, SERS has, as a result of legislative action, expanded over the years to include a deferred compensation program and a defined contribution plan, as well as a hybrid plan combining a defined benefit and a defined contribution component, providing additional retirement planning options and flexibility for participants. Please join us in this resolution celebrating SERS’ 100th anniversary in 2023. We recognize its century-long importance to the Commonwealth and the retirement security of the employees who work in state government and wish support for its continued evolution and success. |
Introduced as SR152
Memo Updated: August 28, 2023 04:45 PM