PSERSPublic School Employees' Retirement System (Pennsylvania)
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The other testimony criticizing the PSERS and SERS actuarial reports came from the Laura and John Arnold Foundation, a conservative think tank that has a long history of attacking the retirement plans of public sector workers.
For example, for fiscal year 2010-11, the commonwealth's General Fund contributed $518 million in state taxpayer dollars to SERS and PSERS.
Implement procedures for reviewing all salary and contribution reports, in order to ensure that only eligible wages are being reported to PSERS for retirement contributions,
Wagner referred his findings to multiple state and federal government agencies, including PSERS, the Pennsylvania Department of Education, the Pennsylvania Department of Revenue, and the Internal Revenue Service, for whatever further action they deem appropriate.
Cordisco continues, "The Pennsylvania State Treasurer sits on the board of both SERS and PSERS, which collectively manage over $100 billion for our state employees' and teachers' retirement funds.
In the late 1990s and early 2000s, the employer contribution to PSERS dropped to virtually nothing (less than 2% of payroll in 2002, 2003 and 2004) at a time when the stock market plummeted and the fund needed the employer contributions more than ever.
He added, "For over two-and-a-half years, I have sought a resolution that would allow the Department of the Auditor General, with an outside expert and the funds' cooperation, to examine the operations of PSERS and SERS.
In a letter to the House Committee on State Government, Casey said that he is strongly opposed to sections of House Bill 2109 which would single out PSERS and SERS and afford them "the special privilege of operating largely beyond the reach of the Right-to-Know Law.
For months, State Treasurer Barbara Hafer, Chair of the PSERS Board of Trustees and a member of the SERS Board, has argued that the Auditor General lacks the legal authority to conduct performance audits of PSERS and SERS.