Act 100 of 2016 transferred the responsibility to provide actuarial notes for legislation that proposes changes to public employee pension or pension plans to the Independent Fiscal Office (IFO). The IFO’s current Pension Analysis Policies is available here: http://www.ifo.state.pa.us//Resources/Documents/IFO_Pension_Analysis_Policy_2026.pdf
All actuarial notes issued by the IFO are posted on this website and available in the “Actuarial Notes” link below. The IFO also publishes statutory and special reports on pension issues in the Commonwealth available in the “Special Reports” link.
The IFO published a new research brief that provides a summary of investment performance and funded status for the two state pension systems. The brief shows that SERS and PSERS have out-performed their investment return assumptions over 3-, 5- and 10-year periods and increased their respective funded status to nearly 70% (SERS) and 67% (PSERS). The document also provides an update on active membership by pension plan type following the enactment of Act 5 of 2017.
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the State Employee Retirement System’s (SERS) recent stress test report. Based on SERS baseline projections, the IFO projects that over the next 20 years, Commonwealth agencies will use $22.0 billion in General Fund revenues (1.7%) for employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of baseline assumptions.
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS’ baseline projections, the IFO projects that from FY 2025-26 to FY 2053-54, the Commonwealth will use $50.8 billion in General Fund revenues (2.3%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of assumptions.
The IFO will begin to project a five-year General Fund cost estimate as part of its pension analysis. This document uses proposed legislation from the 2023-2024 legislative session to detail the methodology used for those projections.
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the State Employee Retirement System’s (SERS) recent stress test report. Based on SERS baseline projections, the IFO projects that over the next 20 years, Commonwealth agencies will use $22.0 billion in General Fund revenues (1.8%) for employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of baseline assumptions and the issuance of an 8.3% cost-of-living adjustment (equal to a 13th monthly annuity each year).
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS’ baseline projections, the IFO projects that from FY 2024-25 to FY 2051-52, the Commonwealth will use $53.0 billion in General Fund revenues (2.7%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of assumptions.
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the State Employee Retirement System’s (SERS) recent stress test report. Based on SERS baseline projections, the IFO projects that over the next 20 years, Commonwealth agencies will use $24.9 billion in General Fund revenues (2.0%) for employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of baseline assumptions and the issuance of an 8.3% cost-of-living adjustment (equal to a 13th monthly annuity each year).
Fiscal Analyst Mathieu Taylor made a presentation to the House Local Government Committee regarding House Bill 1379, P.N. 1539. The bill would provide cost-of-living adjustments for certain retired municipal police officers and firefighters.
Tags: pension, presentation
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS baseline projections, the IFO projects that from FY 2023-24 to FY 2050-51, the Commonwealth will use $46.5 billion in General Fund revenues (2.3%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of baseline assumptions.
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the State Employee Retirement System’s (SERS) recent stress test report. Based on SERS baseline projections, the IFO projects that over the next 20 years, Commonwealth agencies will use $17.8 billion in General Fund revenues (1.5%) for employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance and member salary growth to exceed and fall short of baseline assumptions.