Accessing and Understanding Your Retirement 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!

 

Understanding Your Retirement Benefit

Foundations For Your Future 

The PSERS Foundations For Your Future (FFYF) programs are designed to provide you an overview of your retirement benefits. These programs offer general information about PSERS’ benefits and services. Attendance at a FFYF program will help you begin to plan for your retirement early in your career. Each program lasts approximately 90 minutes. These programs are provided solely for the education of members of PSERS.

A PSERS Retirement Counselor will cover topics such as benefit options, withdrawal of contributions, rollovers, taxes, and legislative actions affecting PSERS.  PSERS recommends that all active members attend an FFYF seminar, particularly if you are planning to retire within the year.

ALL FFYF programs are cancelled through August 2020 due to the COVID-19 pandemic.

The FFYF presentation is available online on PSERS website.

 

COVID-19 and your Pension

PSERS has prepared an FAQ regarding COVID-19 and your PSERS benefits.  Information for PSERS Members COVID 19

Exit Counseling

Employees who are retiring should schedule an Exit Counseling session with PSERS. Employees should contact PSERS the PSERS online contact form to schedule a PSERS counseling session or to check on the status of a session that they are attending.

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 ClassContinuous Employment PeriodVesting PeriodContribution RateRetirement AgeDefine Contribution Account
T-CPrior to July 22, 1983Vesting Chart5.25%62N/A
T-COn or After July 22, 1983Vesting Chart6.25%62N/A
T-DPrior to July 22, 1983Vesting Chart6.50%62N/A
T-DOn or After July 22, 1983Vesting Chart7.50%62N/A
T-EOn or After July 1, 2011Vesting Chart7.50% with “Shared Risk”65N/A
T-FOn or After July 1, 2011Vesting Chart10.30% with “Shared Risk"65N/A
T-GOn or After July 1, 2019Vesting Chart8.25% with “Shared Risk"67Voya
T-HOn or After July 1, 2019Vesting Chart7.50% with “Shared Risk"67Voya
DCOn or After July 1, 2019Vesting Chart7.50% with “Shared Risk"67Voya
MEMBERSHIP CLASSEMPLOYMENT PERIODVESTING
T-CPrior to July 22, 1983You are age 62 or older with at least one year of service at termination of employment.
T-COn or after July 22, 1983You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001
T-DPrior to July 22, 1983You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001
T-DOn or After July 22, 1983You have at least five (5) years of service with at least one (1) year of qualifying service rendered after July 1, 2001
T-EOn or After July 1, 2011You 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-FOn or After July 1, 2011You 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-GOn or After July 1, 2019For 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-HOn or After July 1, 2019For 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.
DCOn or After July 1, 2019You 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 ClassEligibility 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 ClassEligibilityAmount
T-C*5 years of serviceThe 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-D5 years of serviceThe 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-E10 years of serviceThe 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-F10 years of serviceThe 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 serviceSame 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 serviceSame 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.