Now, arecertificationof the member contribution rate will mean thousands of teachers will have to pay more in employee contributions this year. The pension fund said an outside consultant has admitted to the error, though leaders have not named the consultant. Last week, a lawsuit was also file...
“The board regrets the uncertainty and confusion caused by these errors,” PSERS said in a statement, adding that it “will begin work immediately to notify state school employees and school employers.” Contribution rates were raised for several classes of employees, which are based on when th...
Understanding PSERS and the Employer Contribution Rate Presentation to PASA Public School Employees’ Retirement System January 11, 2008 January 11, 2008 PASA 2 Agenda PSERS’ Overview PSERS’ Health Programs Investment Update Employer Contribution Rate and the Pending Rate Spike What is the Current ...
The miscalculation forced the boardto recertifythe member contribution rate, which led to thousands of teachers having to pay more in employee contributions. As a result, the board of trusteeshired two law firmsto investigate the misstatement. After the error came to light, both CIO Jim Grossman...
Morgan Lewis as special counsel to assist through an additional independent opinion letter relative to federal tax qualification issues involved with the shared risk calculation. The firm will also provide guidance on the advisability and process to recertify the member shared risk contribution rate. ...