21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Pennsylvania Retirement Benefits Plan
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The minimum retirement age for service retirement for most members is 50 years with five years of service credit. The more service credit you have, the higher your retirement benefits will be. There are three basic types of retirement: service, disability, and industrial disability.
The law mandates that all service and benefits payable to a PSERS member be forfeited if the member is found guilty of, or enters a plea of guilty or nolo contendere to, any crime identified in the Forfeiture Act, when the crime is committed through the member's position as a public employee or official or when the ...
Pennsylvania fully exempts all income from Social Security, as well as payments from retirement accounts, like 401(k)s and IRAs. It also exempts pension income for seniors age 60 or older. While its property tax rates are higher than average, the average total sales tax rate is among the 20 lowest in the country.
Employees may begin collecting full benefits at age 65 if they have completed 10 years of service. Those with 35 years of completed service may retire as soon as the sum of their age and years of service total 92. Employees are required to contribute 6.25 percent of their salaries each year to the plan.
Age 65 with at least three (3) years of credited service, or any age/service combination that totals 92 (?Rule of 92?) with a minimum of 35 years of service.
On December 16, 2022 the PSERS Board of Trustees certified an employer contribution rate of 34.00% for fiscal year (FY) 2023/2024, which begins July 1, 2023. The 34.00% rate is composed of a 0.64% rate for health insurance premium assistance, 0.27% for Act 5 Defined Contribution, and a pension rate of 33.09%.
Basic Formula For most SERS members, that's 2.5% of their final average salary for each year of credited service, but this can change depending on your class of service.
In most cases, yes. The PSERS pension monthly income provides you with consistent lifetime income. This is a great benefit, but it will lose value over time due to inflation.
