Understanding Your Retirement and Pension Benefit
The School District of Philadelphia is a participant of the Public School Employees’ Retirement System (“PSERS”). PSERS is an agency of the Commonwealth of Pennsylvania who administers the pension plan for Pennsylvania’s public school employees.
As a PSERS member, you’ll join with over a half million fellow public school employees who are also members. You’ll contribute to your own personal PSERS retirement account and profit from having a safe, secure, and guaranteed benefit payment(s) from one of the largest public pension plans in the nation. PSERS can be contacted at 888-773-7748.
Accessing and Understanding Your Retirement and Pension Information
PSERS is introducing the Member Self-Service (MSS) Portal Register Today at www.psers.pa.gov
• Updating, adding and removing beneficiaries
• Calculating/adjusting tax withholding
• Estimating your retirement benefit
• Electing Class T-F and/or Multiple Service, if eligible
• Viewing documents including Statement of Accounts, PSERS staff-prepared estimates, 1099Rs, income verification, and more!
Click HERE for more information!
COVID-19 and your Pension
PSERS has prepared an FAQ regarding COVID-19 and your PSERS benefits. Information for PSERS Members COVID 19
Learning About Your Retirement Plan and Your Resources
From the first day of employment, all full-time and most part-time employees will contribute a percentage of their salary towards a retirement benefit. PSERS has four membership classes based on your hire date that determine when you become eligible for a monthly retirement benefit (vesting) and your contribution rate.
As a new employee PSERS will mail you several important pieces of information. Look for these in your first 90 days of employment.
Each year in the fall you will receive a statement of account summarizing your total contributions, interest, years of credited service, and an estimate of your monthly retirement benefits (only if eligible will you receive).
The chart below has the breakdown of employee memberships. For more information or verification of your membership, you can contact PSERS at 1-888-773-7748.
| Membership Class | Continuous Employment Period | Vesting Period | Contribution Rate | Retirement Age | Define Contribution Account |
|---|---|---|---|---|---|
| T-C | Prior to July 22, 1983 | Vesting Chart | 5.25% | 62 | N/A |
| T-C | On or After July 22, 1983 | Vesting Chart | 6.25% | 62 | N/A |
| T-D | Prior to July 22, 1983 | Vesting Chart | 6.50% | 62 | N/A |
| T-D | On or After July 22, 1983 | Vesting Chart | 7.50% | 62 | N/A |
| T-E | On or After July 1, 2011 | Vesting Chart | 7.50% with “Shared Risk” | 65 | N/A |
| T-F | On or After July 1, 2011 | Vesting Chart | 10.30% with “Shared Risk" | 65 | N/A |
| T-G | On or After July 1, 2019 | Vesting Chart | 8.25% with “Shared Risk" | 67 | Voya |
| T-H | On or After July 1, 2019 | Vesting Chart | 7.50% with “Shared Risk" | 67 | Voya |
| DC | On or After July 1, 2019 | Vesting Chart | 7.50% with “Shared Risk" | 67 | Voya |
For more information on the “Shared Risk Clause” please click here on our FAQ page
| MEMBERSHIP CLASS | EMPLOYMENT PERIOD | VESTING |
|---|---|---|
| T-C | Prior to July 22, 1983 | You are age 62 or older with at least one year of service at termination of employment. |
| T-C | On or after July 22, 1983 | You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001 |
| T-D | Prior to July 22, 1983 | You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001 |
| T-D | On or After July 22, 1983 | You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001 |
| T-E | On or After July 1, 2011 | You have at least 10 years of qualifying service or you are age 65 or older with at least three (3) years of service at termination of employment. |
| T-F | On or After July 1, 2011 | You have at least 10 years of qualifying service or you are age 65 or older with at least three (3) years of service at termination of employment. |
| T-G | On or After July 1, 2019 | For the DB acct with PSERS: You have at least 10 years of qualifying service. For the DC acct with Voya: You have at least 3 years of qualifying service. |
| T-H | On or After July 1, 2019 | For the DB acct with PSERS: You have at least 10 years of qualifying service. For the DC acct with Voya: You have at least 3 years of qualifying service. |
| DC | On or After July 1, 2019 | You have at least 3 years of qualifying service. |
Normal Retirement
To qualify for normal retirement under the PSERS guidelines, employees must meet certain qualifications:
| Membership Class | Eligibility for an Unreduced DB Benefit |
|---|---|
| T-C | - Age 62, or - Age 60 with 30 years of service, or - 35 years of service regardless of age |
| T-D | - Age 62, or - Age 60 with 30 years of service, or - 35 years of service regardless of age |
| T-E | - Age 65 with a minimum of 3 years of service credit or - Any combination of age and service that totals 92 with at least 35 years of credited service |
| T-F | - Age 65 with a minimum of 3 years of service credit or - Any combination of age and service that totals 92 with at least 35 years of credited service |
| T-G | - Age 67 with a minimum of 3 years of service credit or - Any combination of age and service that totals 97 with at least 35 years of credited service |
| T-H | - Age 67 with a minimum of 3 years of service credit |
Early Retirement
To qualify for early retirement under the PSERS guidelines, employees must meet certain qualifications:
| Membership Class | Eligibility | Amount |
|---|---|---|
| T-C* | 5 years of service | The normal retirement benefit is reduced by an early retirement factor so that the "present value" of the account is actuarially equivalent. The reduction correlates to how far away the member is from superannuation age. In effect, the member receives less each month because the benefit will be received over a longer period of time. |
| T-D | 5 years of service | The normal retirement benefit is reduced by an early retirement factor so that the "present value" of the account is actuarially equivalent. The reduction correlates to how far away the member is from superannuation age. In effect, the member receives less each month because the benefit will be received over a longer period of time. |
| T-E | 10 years of service | The normal retirement benefit is reduced by an early retirement factor so that the "present value" of the account is actuarially equivalent. The reduction correlates to how far away the member is from superannuation age. In effect, the member receives less each month because the benefit will be received over a longer period of time. |
| T-F | 10 years of service | The normal retirement benefit is reduced by an early retirement factor so that the "present value" of the account is actuarially equivalent. The reduction correlates to how far away the member is from superannuation age. In effect, the member receives less each month because the benefit will be received over a longer period of time. |
| T-G** | 10 years of service | Same factors as of above if: (1) retiring between age 62-67; or (2) any age below age 62 if 25 years of service. If retiring prior to age 62 with less than 25 years of service, then the current reduction factor from age 62 to 67 plus a different reduction factor from actual retirement age to age 62. |
| T-H** | 10 years of service | Same factors as of above if: (1) retiring between age 62-67; or (2) any age below age 62 if 25 years of service. If retiring prior to age 62 with less than 25 years of service, then the current reduction factor from age 62 to 67 plus a different reduction factor from actual retirement age to age 62. |
* Special rules apply if you terminated service before July 1, 2001. Contact PSERS for more information.
** Early Retirement applies to only the DB component of a Class T-G or Class T-H member’s benefit.
Disability Retirement
Sometimes illness or other factors prohibit you from performing the work you are hired to do. If this is the case, then you may be eligible to receive a disability benefit. You must meet each criteria below to apply for a disability benefit:
1. Have become disabled while an active member of PSERS
2. Be disabled at the time of application
3. Have at least five years of credited service with PSERS
4. Be physically and/or mentally unable to perform the duties as indicated in your job description
5. Apply for disability retirement benefits within two school years of your last day of service or paid leave, whichever is later.
To apply or for more information, please contact PSERS directly at 1-888-773-7748.
Statement of Accounts
Each year in the fall you will receive a statement of account summarizing your total contributions, interest, years of credited service, and an estimate of your monthly retirement benefits (if eligible)
Alternatively, you may also log on to your member self-service (MSS) portal and use the benefit calculator to determine monthly benefits for the specific time period in which you would like to retire.
Borrowing Against Your Retirement Plan
You may not borrow from your account with PSERS nor VOYA.
Under the law, you must terminate employment with all employers participating in the PSERS retirement plan in order to receive any funds from your account.
403(b) and 457(b) Plans – You may borrow against these accounts if you meet certain criteria. If you are interested in borrowing against your account, please click here for more information.